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Office of the Supervisor of Insolvency


 

The Office of the Supervisor of Insolvency (OSI), a department under the Ministry of Industry, Investment & Commerce, has two main roles:

  1. To regulate the licensing of insolvency practitioners called trustees; and  
  2. To supervise the administration of all insolvent estates and matters to which the Insolvency Act applies, including estates administered by the Government Trustee ;

In carrying out its mandate, the OSI contributes to national growth by ensuring the existence of an efficient regime for insolvency administration thereby promoting investors’ confidence in the economy.

 

Mission

To regulate the insolvency regime of Jamaica, ensuring it is in keeping with international best practices thereby bolstering the economy and strengthening investors’ confidence in the commercial sector of Jamaica.

Vision

To be the provider of world-class service in the regulation and supervision of all insolvency matters in Jamaica

 

The Act provides three (3) different methods for resolving insolvency as follows:

1. Receivership

This occurs when a Receiver is appointed by a secured creditor either pursuant to a security agreement instrument or by application to the Court. The Court may also appoint a Receiver when the Court deems it necessary for the protection of an estate. Only a licensed trustee may act as a Receiver.   

2. Proposal

Provides insolvent persons (individuals and corporations) and imminent insolvent persons (persons who foresee that they may become insolvent within 12 months) the opportunity to come to an agreement with their creditors to reorganise their financial affairs.

3. Bankruptcy

Voluntary bankruptcy occurs when the Court grants a Receiving Order and when the Supervisor of Insolvency issues a Certificate of Assignment on the application of insolvent persons. Involuntary bankruptcy occurs when a proposal fails and when a creditor obtains a Receiving Order from the Court.   

To access the insolvency regime, insolvent persons must obtain consent from a licensed trustee to act.  In the event no licensed trustee consented, the Court and the Supervisor, may appoint the Government Trustee.

 

History/Background

The Office of the Supervisor of Insolvency was established by the Insolvency Act of 2014 which came into operation on January 1, 2015.  What we do is summarised in the objectives of the Act which is to create an environment which aids in:

(a)      The rehabilitation of debtors and the preservation of viable companies, having due regard to the protection of the rights of creditors and other stakeholders; and 

(b)      Fair allocation of costs of insolvency proceedings, with the overriding interest of strengthening and protecting Jamaica’s economic and financial system and the availability and flow of credit within the economy.

 

Here are some of the tasks of the Supervisor

  • Taking actions necessary to protect insolvent estates.
  • Investigating applications for trustee licences to ensure applicants are qualified and issuing licences to successful applicants.
  • Issuing directives to trustees to ensure compliance with the Act and, in the event of non-compliance, cancel or suspend licences.
  • Assessing insolvents unable to find a licensed trustee willing to act in their estates and appointing trustees.
  • Conducting investigations into complaints made and to verify information provided
  • Serving as a repository for insolvency records 
  • Issuing Certificates of Assignment and Discharges
  • Approving Financial Counsellors to provide counselling to first-time bankrupts

 

Insolvency Verification Reports

This service is provided to applicants wishing to verify whether a person has been declared bankrupt. In order to access the service, an application which clearly states the request, a valid ID, TRN and payment of $3,000.00 in cash per search must be submitted to our office for processing.  If you wish to ask someone to conduct business on your behalf, you must provide written authority and identification for that person to do so.

The Real Estate Board

Insolvency verification reports for the Real Estate Board are sent directly to the Board on the 2nd and 4th Tuesday monthly.  The applicant is only issued a receipt for the payment made.

 

Important Information and Documents

Brochures

Forms and Trustee Information

Legal Documents

 

What we can do for you?

An insolvent person is someone who either resides, carries on business or owns property in Jamaica; whose liability is $300,000.00 or more and who is either unable to pay or stopped paying current obligations as they become due or whose net proceeds of assets if disposed of, would not satisfy all obligations.

 

Do you consider yourself insolvent? Or Are you facing imminent insolvency that is, in about a year from now if you do nothing you will be insolvent?

Contact us and we will assess your financial situation and direct you on the best course of action. It could be a proposal or an assignment. Who knows? We do!

Call: 876-929-8332 / 876-619-1475-6 | Email: info.osi@miic.gov.jm

 

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Telephone: 
876 9298332 / 6191475-6
Email Address: 

The Ministry

Welcome to the official website of the Ministry of Industry, Investment and Commerce.

The Ministry of Industry, Investment and Commerce is described as Jamaica's "Business Ministry." It's mandate is to lead the development of policies that will create growth and jobs, while achieving social inclusion and consumer protection. The Ministry, working its stakeholders is primarily responsible for business policy development, monitoring and evaluation, while giving direction and oversight to a cluster of implementing departments and agencies.

We have, therefore, placed much energy and enthusiasm into the development of this website to provide timely information on the Ministry, our agencies and programmes.

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4 St. Lucia Avenue, Kingston 5, Jamaica
Telephone: (876) 968-7116 
Fax: (876) 960-7422 
Email: ps_office@miic.gov.jm

Opening hours: 
Mondays - Thursdays 8:30 a.m. - 5:00 p.m.
Fridays 8:30 a.m. - 4:00 p.m.

 


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