OSI Strengthening Jamaica’s Insolvency Framework Through Professional Development

The Office of the Supervisor of Insolvency (OSI) continues to strengthen Jamaica’s insolvency framework through targeted professional development, highlighted by the successful staging of its Trustees’ Compliance Seminar on March 26.

Held under the theme ‘Trustee Compliance, Bill of Costs, Taxation of Accounts, and Discharge under the Insolvency Act’, the seminar formed part of the OSI’s ongoing education programme for Licensed Trustees regulated under the Insolvency Act.

Licensed Trustees play a central role in administering insolvent estates, including bankruptcies, proposals and receiverships.

The OSI’s continuing education initiative is designed to equip practitioners with the tools necessary to effectively carry out their duties in full compliance with the law.

Deputy Supervisor of Insolvency and Attorney-at-Law, Chevánt Hamilton, underscored the importance of maintaining high professional standards in insolvency administration.

“The OSI remains committed to ensuring that Licensed Trustees operate with technical precision, regulatory awareness and strong professional accountability, which are critical to preserving the integrity of the insolvency system,” he said.

Mr. Hamilton noted that the seminar, which took place at the OSI’s parent ministry, the Ministry of Industry, Investment and Commerce, also highlighted key operational areas that directly impact the integrity of trustees’ work.

“Proper administration of estates, the preparation and justification of bills of costs, the taxation and approval of accounts, and the discharge process are all essential components of a compliant and effective insolvency system,” he indicated.

While primarily tailored for Licensed Trustees, the seminar also attracted participation from Attorneys-at-Law and Accountants, reflecting the growing integration of insolvency practice within Jamaica’s broader commercial and financial landscape.

Presentations were delivered by key OSI personnel, who provided practical, regulation-driven guidance with a focus on documentation standards, statutory timelines, and risk management in insolvency administration.

As the statutory authority responsible for licensing trustees and supervising the administration of insolvent estates, the OSI continues to position itself as a proactive regulator and institutional leader.

Mr. Hamilton emphasised that initiatives such as the seminar are critical to strengthening confidence in Jamaica’s insolvency regime.

“By promoting compliance with the Insolvency Act and advancing best practices among trustees, we are reducing operational and legal risks while reinforcing confidence among creditors, investors and other stakeholders,” he added.

The Trustees’ Compliance Seminar represents a key component of the OSI’s sustained efforts to ensure that Jamaica’s insolvency framework functions not only as a legal structure but as a reliable mechanism for managing financial distress and supporting economic stability.