THE STRUCTURAL benchmark for the passage of the Bankruptcy and Insolvency Act has been shifted from the end of March to June.
He said the
"It was acknowledged that the pace of these reforms are challenging; that it is causing some difficulties, not in the least the debates, which really should ensue within the Parliament," Hylton said.
The joint select committee, which was holding its second meeting to review the 222-page bill, had set early March for the completion of its work to enable a report to be sent to the
Hylton told the committee that there were benefits in completing their work quickly, but stated that "we don't need to do it at breakneck speed and certainly not to the detriment or the dialogue and the debate that a bill of this scale, scope and impact deserves".
The Bankruptcy and Insolvency Act contains provisions to repeal the current bankruptcy law, and to create the framework for the rehabilitation of an insolvent debtor, as well as provide for corporate and individual insolvency.
Last week, Finance Minister Dr
"The GOJ (Government of
"Further, given the extensive nature of these reforms, time must be allowed for full discussion by all stakeholders," the minister added.
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