Bankruptcy & Insolvency/Security Interests in Movable Property Bills

Two of the most critical areas of legislative improvement which the St. Lucia Chamber of Commerce has been closely monitoring and participating in are (1) The Bankruptcy & Insolvency; and (2) Security Interests in Movable Property. The Government of St. Lucia has engaged, with the assistance of the World Bank, consultants to help in the drafting process and working groups comprising local experts and interested stakeholders have been working towards the development of modern and appropriate legislation.

The Bankruptcy & Insolvency Legislation aims to;

(1) develop a unified insolvency statute that addresses both corporate insolvency and personal bankruptcy;

(2) Provide for a regulator to develop the regulatory framework, license insolvency practitioners and collect data.

(3) Implement a comprehensive reorganization process with a broad moratorium on enforcement by both secured and unsecured creditors that allows the administrator to dispose of encumbered assets free and clear.

Security Interests in Movable Property Legislation will seek to create legislation to  govern security interests in movable property, to provide for the establishment of a Registry of Security Interests in Movable Property

Recognizing the positive impact such modern legislation can have on the Business Community the Chamber invites members to glean more information and a greater appreciation for the objectives and nature of the legislation by registering for an Encounter on Emerging Business Environment Legislation. The National Competitiveness and Productivity Council (NCPC) has been able to secure the Consultant who has been leading the drafting process to share the important information on the Bill with Chamber Members and I urge you to sign up for this most informative "Encounter". Please make a special effort to attend and participate as this is one of the ways that the Chamber ensures that its members are active in the decision making process, so please join us and take your seat at the Table and ensure that your voice is heard.