Dear Editor,
This letter seeks to clarify information presented in the article, 'Time for Hylton to address bankruptcy laws review' which appeared in the Sunday Observer on Sunday, August 17, 2014. We have noted that some of the information presented as facts are false and seek to elucidate these matters.
The Insolvency Bill is a major priority for the Ministry of Industry, Investment and Commerce as the leading driver of investment and economic development in Jamaica. It is integral to our work in creating an enabling business environment as we move towards a logistics-centred economy. In keeping with this principle, significant time has been allocated for a review of the Bill by both Government and private stakeholders. At this juncture, we would like to address specific issues mentioned in the article.
a. The article mentioned the lack of support by the Private Sector Organisation of Jamaica (PSOJ) for the Barbados model. This is an incorrect statement as the Barbados model was selected based on the recommendation of the PSOJ Insolvency Committee in a report submitted to the minister of industry, investment and commerce.
b. On the issue of excessive number of sittings, the joint select committee (made up of several senators and ministers from both parties) determine the number of sittings required, based on the nature and complexity of the specific Bill being reviewed. Any decision taken is therefore that of the group.
c. The article falsely stated that the joint select committee was given successive extensions to table the Bill. The commitment was to have the Bill tabled by December 2013 and that timeline was met. The updated timeline for the joint select committee report along with proposed amendments to the Bill is September 2014. The committee is currently working with this timeline.
These facts demonstrate that the Ministry of Industry, Investment and Commerce and the joint select committee have been hard at work on the Bankruptcy and Insolvency Bill. In the future, it is requested that the Ministry of Industry, Investment and Commerce be contacted for any information and clarification.
Anthony Hylton
Ministry of Industry, Investment and Commerce
Insolvency Bill a Gov't priority
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This letter seeks to clarify information presented in the article, 'Time for Hylton to address bankruptcy laws review' which appeared in the Sunday Observer on Sunday, August 17, 2014. We have noted that some of the information presented as facts are false and seek to elucidate these matters.
The Insolvency Bill is a major priority for the Ministry of Industry, Investment and Commerce as the leading driver of investment and economic development in Jamaica. It is integral to our work in creating an enabling business environment as we move towards a logistics-centred economy. In keeping with this principle, significant time has been allocated for a review of the Bill by both Government and private stakeholders. At this juncture, we would like to address specific issues mentioned in the article.
a. The article mentioned the lack of support by the Private Sector Organisation of Jamaica (PSOJ) for the Barbados model. This is an incorrect statement as the Barbados model was selected based on the recommendation of the PSOJ Insolvency Committee in a report submitted to the minister of industry, investment and commerce.
b. On the issue of excessive number of sittings, the joint select committee (made up of several senators and ministers from both parties) determine the number of sittings required, based on the nature and complexity of the specific Bill being reviewed. Any decision taken is therefore that of the group.
c. The article falsely stated that the joint select committee was given successive extensions to table the Bill. The commitment was to have the Bill tabled by December 2013 and that timeline was met. The updated timeline for the joint select committee report along with proposed amendments to the Bill is September 2014. The committee is currently working with this timeline.
These facts demonstrate that the Ministry of Industry, Investment and Commerce and the joint select committee have been hard at work on the Bankruptcy and Insolvency Bill. In the future, it is requested that the Ministry of Industry, Investment and Commerce be contacted for any information and clarification.
Anthony Hylton
Ministry of Industry, Investment and Commerce
Insolvency Bill a Gov't priority
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