New insolvency division established at Supreme Court
An insolvency division has been added to the Supreme Court to deal with provisions of the Insolvency Act, Chief Justice Zaila McCalla announced last weekend.
She made the announcement at a training session where members of the judiciary were sensitised on the new provisions of the Act, according to a release from the Court Management Services.
The Insolvency Act makes provision for Jamaicans filing for bankruptcy to benefit from a more business friendly approach to adjudicating those matters.
The Act sets out changes to the application process, the role of the courts, personal and corporate insolvency, specific sections of the Companies Act as well as the role and functions of the Supervisor of Insolvency.
The Chief Justice said “the main objective of modern insolvency laws is rehabilitation of the debtor where it is possible, maximising payments to creditors, distribution of assets fairly and equitably, and penalising persons found culpable in the insolvency.”
Director General in the Ministry of Industry, Commerce, Agriculture and Fisheries Vivian Brown outlined the broader benefits of the Act to Jamaica’s economy, business sector and overall growth.
“The new Insolvency Act and the overall insolvency regime are very important to Jamaica today and our quest to achieve sustainable economic growth and to drive job creation,” he said.
“The fact is that it is a very important component in terms of the business environment reform, reducing the stigma of business failure, encouraging entrepreneurship and releasing reorganised capital for business endeavours and the judiciary has an integral role to play in all of this,” he added.