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'Proposed Bankruptcy and Insolvency bill needs a second look'

Published:Thursday | March 20, 2014 | 6:20 PM

Jerome Reynolds, Gleaner Writer



KINGSTON, Jamaica:

The Office of the Trustee in Bankruptcy is urging legislators to take a second look at the proposed Bankruptcy and Insolvency bill.




In its written submission to the Joint Select Committee reviewing the 222-page bill, the Office said the draft legislation fails to meet the desired objectives.



It says the bill is replete with flaws which it believes will undermine its effectiveness.



Among the issues highlighted by the Office are inaccurate references, ambiguities and inconsistencies and impracticality.



It says there are provisions in the bill which do not appear to adequately take into account the time, cost and human and other resources that may be required for implementation.



The Office says the provisions of the bill should be subjected to a thorough review and analysis and all necessary amendments made before it is enacted.



The passage of the Bankruptcy and Insolvency Act is one of the structural benchmarks under the government's agreement with the International Monetary Fund.



The bill should have been passed by end of this month, but Jamaica has been given an extension to April.



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