ST. GEORGE’S, GRENADA, February 24, 2016-GIS: A bill which provides for the modernization of the law relating to bankruptcy and insolvency of individuals and companies has been passed in the House of Representatives.
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 others, it will ensure that companies and individuals pay their taxes on time to prevent a declaration of bankruptcy to avoid taxation.
“The high late, late fee filing and the payment. If you file late, you have a late fee. Pay up front because you have another fee for late payment”, Minister Bowen said.
The bill was one of eight passed on Friday February 19.