- Jurisdiction: CountryTrinidad and Tobago
- Website: http://finance.gov.tt
- Company Address:
Level 19, Finance Building, Eric Williams Financial Complex, Independence Square, Port of Spain, Trinidad and Tobago, W.I.
- Scope of Role:
The Bankruptcy and Insolvency Act, 2006 (BIA) was proclaimed on May 23, 2014 and came into effect on May 26, 2014. The Act focuses on the commercial reality that not all businesses can survive during periods of financial difficulties of meeting their debt obligations in the short and long term by the inability to access credit, among other factors.
The Act, therefore provides a statutory framework which would allow companies to pay attention to their financial circumstances and to enter into an arrangement with their creditors, to address these difficulties.
The legislation supporting this important measures for businesses is available to the public.
The OSI has been in operation for almost four years (4) with fourteen (14) companies applying for protection under the BIA. During that time, eight (8) Trustees have been appointed by the Supervisor and the creation of a manual Public Records system.
Presently, the OSI is liaising with the World Bank Group for technical advisory support to enhance the capacity of the Office. A work plan has been designed for future meetings with the wider community to inform about the role of the OSI.
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