JIS News

Story Highlights

  • The Bill was tabled by Minister of Justice, Senator the Hon. Mark Golding during a sitting of the Senate in December.
  • The Jamaican law on bankruptcy and insolvency is contained in two pieces of legislation.
  • The Bankruptcy Act dates back to the 1880s and has been the subject of ad hoc amendments over the years.

The Bankruptcy and Insolvency Act, 2013 has been sent to a Joint Select Committee of Parliament for its consideration and report.

The Bill was tabled by Minister of Justice, Senator the Hon. Mark Golding during a sitting of the Senate in December.

Leader of Government Business in the Senate and Minister of Foreign Affairs and Foreign Trade Senator A.J. Nicholson on January 17 informed that the Senate members on the committee would be Senators: Mark Golding, Norman Grant, Imani Duncan Pryce, Sofia Fraser Binns, Alexander Williams and Nigel Clarke. They will sit jointly with members from the House of Representatives.

The Jamaican law on bankruptcy and insolvency is contained in two pieces of legislation. These are the Bankruptcy Act, which covers personal and individual insolvency; and the Companies Act, which deals with the winding up of insolvent corporate bodies.

The Bankruptcy Act dates back to the 1880s and has been the subject of ad hoc amendments over the years. The procedural rules of the Act are not only outdated, but they also conflict with the rules that govern other court proceedings.

The current law also does not address the stigma of personal bankruptcy and does not make provisions for the rehabilitation or the re-organisation of the business affairs of debtors.