Gov’t committed to proper functioning insolvency ecosystem, says Seiveright

KINGSTON, Jamaica — Minister of State in the Ministry of Industry, Investment and Commerce, Delano Seiveright, has been tasked with leading the Government’s drive to modernise Jamaica’s insolvency ecosystem, boost institutional efficiency and expand public education as the economy becomes more complex and interconnected.

Seiveright recently met the leadership of the Office of the Government Trustee (OGT) and the Office of the Supervisor of Insolvency (OSI), reinforcing the Government’s push.

During discussions with attorney-at-law Elece Campbell, who is the Government trustee, Seiveright was briefed on the OGT’s expanding operational impact, including its role in administering bankrupt estates, conducting investigations into assets, managing distributions to creditors, and providing financial counselling to support rehabilitation and return to productive economic life.

The OGT reported notable service improvements, including achieving ISO 9001:2015 certification, the closure of multiple long-standing bankrupt estates, the granting of discharges and revocation orders by the Supreme Court, and the payment of dividends totalling approximately $21.9 million to 74 creditors across 24 bankruptcy estates.

In the meantime, Supervisor of Insolvency, Fayola Evans Roberts and Deputy Supervisor of Insolvency, Chevánt Hamilton, told Seiveright that the OSI is committed to its core mandate of regulating and licensing trustees, supervising insolvent estates, maintaining Jamaica’s insolvency framework in line with international best practice, and serving as the national repository for insolvency records and data.

The OSI leaders highlighted strong operational momentum over the last financial year, including multiple Cabinet submissions and legislative reviews, the resolution of complaints without formal hearings, trustee compliance activities, more than 1,700 insolvency verification requests processed, millions of dollars collected and administered, the issuance of trustee licences and certificates, and successfully passing the first stage of ISO 9001:2015 audit, signalling steady progress towards world-class regulatory standards.

Seiveright told Observer Online that the engagements underscore the importance of making Jamaica’s insolvency architecture more visible and accessible to the public and business community.

“As our modern economy evolves — with more digital transactions and cross-border commercial activity — it is critical that our insolvency institutions are efficient, transparent and well understood. Public education around insolvency, rehabilitation and creditor protection is essential to resilience, compliance and investor confidence,” said Seiveright.

He added that the meetings form part of the ministry’s wider agenda to improve the ease of doing business, strengthen business protection and recovery, and ensure Jamaica’s regulatory institutions keep pace with a rapidly changing economic landscape.

Source: Jamaica Observer