Industry, Investment and Commerce Minister, Hon. Anthony Hylton, says critical pieces of legislation, aimed at strengthening the Micro Small and Medium Enterprises (MSME) sector, are to be brought before Parliament this year.
These, he said, are the Secured Transaction Obligations Act and the Insolvency Act.
Minister Hylton was speaking during a recent interview on the Jamaica Information Service’s (JIS) ‘Issues and Answers’ programme with Ian Boyne.
“This year, we are committed to having in Parliament, critical pieces of legislation and I speak here of the Secured Transaction Obligations Act, which will broaden the base of collateral so that we can now rely on things like intellectual property…moveable property as collateral,” he explained.
The introduction of modern insolvency legislation will provide clear rules and procedures for handling corporate and personal insolvencies, including a mechanism in appropriate cases for giving a business a “no adverse action” period in which to attempt to restructure and achieve viability, before the winding up process is embarked upon.
This, Minister Hylton said, will allow for reorganisation of entities without having to go through liquidation and “put people out of jobs and affect branding”.
Minister Hylton said these two pieces of legislation, along with the forthcoming Madrid Protocol and various amendments to the Copyright Act, should bring about some amount of transformation in the MSME sector.
Contact: Chris Patterson