Insolvency (Amendment) Bill To Be Tabled

The Insolvency (Amendment) Bill, to allow for the rehabilitation of businesses, where possible, and prevention of insolvency, is to be tabled during the 2022/23 fiscal year, says Governor-General, His Excellency the Most Hon. Sir Patrick Allen.

He was delivering the Throne Speech during the 2022/23 Ceremonial Opening of Parliament at Gordon House on Thursday (February 10).

Outlining legislative priorities to further bolster engagements in industry, investment and commerce, the Governor-General said that among the programmed engagements are amendments to the Companies Act, to strengthen the disclosure of information relating to the beneficial ownership of companies in accordance with the Financial Action Task Force standards to counter money laundering and terrorism financing.

Also to be tabled is the Dangerous Drugs (Cannabis Import, Export, Transit and Transhipment) Regulations, to facilitate the growth of the cannabis industry for medical, therapeutic and scientific purposes by creating a legal framework for import, export, transit and transhipment.

The Governor-General further informed that effective March 27, 2022, Jamaica will accede to the Madrid Protocol following the passage of the Trademarks Act in May 2021.

“This will facilitate international registration of trademarks in up to 126 countries through a single application filed with the Jamaica Intellectual Property Office,” he noted.

Meanwhile, the Governor-General said that the Jamaica National Agency for Accreditation (JANAAC), the only such internationally recognised body in the English-speaking Caribbean, “continues to provide the assurance that people seek” in accessing laboratory services, including for COVID-19 testing.

The Throne Speech was delivered under the theme ‘Building Our Jamaica: Peace, Opportunity and Prosperity’.