A bill which provides for the modernization of the law relating to bankruptcy and insolvency of individuals and companies, was passed in the House of Representatives (Lower House of Parliament) on Friday, 19 February.
The Bankruptcy and Insolvency Bill 2016 is based on the Canadian Bankruptcy and Insolvency Act, which has been used as a model in a number of Caribbean countries. It was brought before the House by Leader of Government Business, Hon. Gregory Bowen, who said it will enhance Grenada’s standing with respect to the ease of doing business.
The act provides a comprehensive regime that sets out procedures available to both creditors and debtors.
Among other things, it will ensure that companies and individuals pay their taxes on time, to prevent a declaration of bankruptcy to avoid taxation.
The bill was 1 of 8 passed, and is on the Senate (Upper House of Parliament) Agenda for Tuesday, 1 March 2016.