In making the announcement, Minister of Industry, Investment and Commerce, Hon. G. Anthony Hylton, said the Interim Supervisor of Insolvency was appointed on December 31, 2014 for a period of six months to a year.
He said Justice Anderson, who is no stranger to the legal community, brings a wealth of academic and practical experience to this role. He has extensive experience in commercial law including Revenue Law and International trade and business law, as a member of the bar and a judge of the Revenue and Supreme Courts.
The Supervisor of Insolvency plays an integral role in the implementation of the Insolvency Act, which seeks to encapsulate all provisions relating to the administration of insolvency for individuals and corporate entities into a single legislation.
Minister Hylton said, “this new Insolvency regime provides a modern framework for resolving matters of business insolvency. It provides companies that have either fallen into or are on the brink of insolvency with the opportunity to implement viable turnaround strategies, preserve assets (including Intellectual Property), and ultimately, valuable jobs through business continuation. This is critical to creating an economic environment in which entrepreneurs will not be stigmatized for taking risks, nor left without remedies when normal business failures occur.”
The functions of the Office of the Supervisor of Insolvency are as follows:
- The Office will accept applications from persons who seek to act as trustees for a company. It will also issue licenses to persons that have been approved to provide this function.
- The Office will investigate or request inspections and/or investigations of businesses, companies or assets that would fall under the Insolvency Act.
- The Office will maintain a record of all complaints from creditors and people interested in a company facing financial difficulties.
- The Office will examine trustee accounts through receipts, disbursements of funds and financial statements
- The Office will maintain for the benefit of public records, copies of proposals, bankruptcy orders, licenses issued by the Supervisor and notices sent to the Supervisor.
- The Office will examine the person filing for bankruptcy under oath, before he/she is discharged to assess conduct, the causes of bankruptcy and the nature of the property.
- The Office will investigate the conduct of the person applying for bankruptcy, the causes of bankruptcy, the nature of the property and report the findings to the trustee and the Court.
- The Office of the Interim Supervisor of Insolvency is housed at the former offices of the Trustee in Bankruptcy located at the Caldon Finance Building, 52-60 Grenada Crescent, Kingston 5. .