Wed | Jul 18, 2018

Government makes second attempt to meet IMF deadline on bankruptcy bill

Published:Friday | September 26, 2014 | 9:06 AM

The Government is seeking to assure that it will meet the International Monetary Fund’s (IMF) deadline to have a bankruptcy and insolvency bill tabled.

Under Jamaica's agreement with the IMF, the proposed legislation should be passed by September 30.

The bill was expected to be tabled in the House of Representatives on Tuesday but was not done due to the premature adjournment of Parliament.

In a statement yesterday, the Industry, Investment and Commerce Ministry said the bill will be tabled at the next sitting next Tuesday, the last day of September.

The bankruptcy and insolvency bill was initially tabled in the Senate but was withdrawn earlier this month.

It had to be withdrawn from the Upper House after a joint-select committee, recommended a major overhaul of its framework.

The proposed law seeks to repeal the existing bankruptcy law and create new provisions to govern the regulation of bankruptcy and insolvency in Jamaica.


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