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
Mandate
- To give priority to the restoration and rehabilitation of debtors determined to have reasonable financial viability;
- To ensure the winding up of the affairs of insolvent persons in a manner that is cost-effective and time sensitive, where reorganization is not feasible;
- To ensure that all proceedings adhere to the requirements of the legislative and regulatory framework while balancing the rights of creditors with due consideration to the circumstances of debtors;
- To ensure reputable, trustworthy persons are licensed as insolvency practitioners; and
- To serve as a repository for all insolvency records and the provider of insolvency data
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 encapsulated 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.
The Act stipulates our main functions:
The Supervisor:
- regulates the licensing regime (we are Regulators); and
- supervises all estates and matters which fall under the Act (we are Supervisors).
Some of the tasks as Regulator
- Investigate applications for trustee licences to ensure applicants are qualified
- Issue licences to successful applicants
- Facilitate First Meeting of Creditors at our office and attend the meetings
- Issue directives to trustees to ensure compliance with the Act
- Ensure licensed trustees are acting in compliance with the Act, if not we cancel or suspend their licence
Some of the tasks as Supervisor
- Accept service or delivery of notices, documents, Forms etc.
- Approve or reject applications for extensions of time to file documents
- Issue Certificates of Assignment
- Accept and review trustees reports
- Assess insolvents unable to find a private trustee willing to act in their estates
- Conduct investigations to verify information provided
- Refer suitable applicants to trustees including the government trustee
- Make a determination on matters for which applicants seek intervention
- Determine to which estates Summary Administration applies
- Designate mediators
- Approve Counsellors
- Take actions necessary to protect insolvent estates
- Intervene in Court Proceedings if considered expedient to do so
- Investigate suspected offences committed by any person in connection with any estate or matter under the Act, if it appears that the alleged offence would not be otherwise investigated
- Serve as a tribunal for disputes between interested parties and complaints against trustees for breaches of the Act or Code of Ethics
- Serve as a repository for insolvency records
- Issue Insolvency Status Verification Reports upon payment of relevant fees
- Provide data to relevant agencies
- Issue Certificates of Discharge
- Publish unclaimed dividends on website
- Pay unclaimed dividend to persons who apply for it in writing
- Authorize trustee to destroy books and records before expiry of prescribed time
What we can do for you?
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?
Three Major Enactments and a summary of their provisions:
- The Insolvency Act, 2014 (the Act)
- Establishes the Office of the Supervisor of Insolvency
- Grants the Supervisor regulatory, supervisory and quasi-judicial powers
- Repeals the Bankruptcy Act which governed personal bankruptcy; amends sections of the Companies dealing with winding-up or liquidation as it was called then and brought Personal and Corporate insolvency in one enactment
- Repeals the Office of the Trustee in Bankruptcy and establishes the Office the Government Trustee
- Increases the number of insolvency practitioners by establishing a licensing regime for “private trustees”
- Provides a stronger rehabilitative procedure by introducing:
- a proposal regime
- a summary administration regime
- the imminent insolvent
- an automatic discharge regime
- Aims at changing behaviours by the introduction of mandatory counselling for first time personal bankrupts
- The Insolvency Regulations, 2015 (The Regulations)
- The administrative aspects of the regime; it tells us how to operate the Act and provides:
- a Code of Ethics for trustees
- the qualifications of applicants to become licensed trustees
- a Mediation regime
- a financial counselling regime
- a set of specified forms to be utilized; and
- recognizes cross-border insolvency and foreign proceedings
- The Insolvency Rules, 2015 (the Rules)
- Governs insolvency matters in the Court
List of Licensed Trustees
Forms
Brochures
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