Insolvency regulator steps up oversight of trustees

The Office of the Supervisor of Insolvency (OSI) is intensifying efforts to strengthen Jamaica’s insolvency framework by tightening compliance standards for licens ed trustees to reduce legal and operational risks and boost confidence in the financial system.

The OSI is a department under the Ministry of Industry, Investment and Commerce responsible for regulating insolvency practitioners (trustees) and supervising the administration of insolvent estates.

The latest initiative was highlighted at the OSI’s Trustees’ Compliance Seminar held on March 26 under the theme ‘Trustee Compliance, Bill of Costs, Taxation of Accounts, and Discharge under the Insolvency Act’. The seminar forms part of the agency’s ongoing education programme for licensed trustees regulated under the Insolvency Act, according to a Jamaica Information Service publication.

Licensed trustees play a central role in administering insolvent estates, including bankruptcies, proposals and receiverships. The OSI says its continuing education programme is designed to equip practitioners with the tools needed to carry out their duties in full compliance with the law.

Deputy Supervisor of Insolvency and Attorney-at-Law, Chevánt Hamilton, underscored the importance of maintaining high professional standards in insolvency administration.

“The OSI remains committed to ensuring that licensed trustees operate with technical precision, regulatory awareness and strong professional accountability, which are critical to preserving the integrity of the insolvency system,” he said.

Hamilton noted that the seminar, held at the Ministry of Industry, Investment and Commerce, focused on key operational areas that directly affect the integrity of trustees’ work.

“Proper administration of estates, the preparation and justification of bills of costs, the taxation and approval of accounts, and the discharge process are all essential components of a compliant and effective insolvency system,” he said.

While primarily aimed at licensed trustees, the seminar also included participation from Attorneys-at-Law and Accountants, reflecting what the OSI describes as growing integration of insolvency practice within Jamaica’s commercial and financial landscape.

Presentations were delivered by OSI personnel and focused on documentation standards, statutory timelines and risk management in insolvency administration.

As the statutory authority responsible for licensing trustees and supervising the administration of insolvent estates, the OSI says it continues to position itself as a proactive regulator.

Hamilton added that such initiatives are critical to strengthening confidence in Jamaica’s insolvency regime.

“By promoting compliance with the Insolvency Act and advancing best practices among trustees, we are reducing operational and legal risks while reinforcing confidence among creditors, investors and other stakeholders,” he said.

- JIS News contributed to this article.

Follow The Gleaner on X, formerly Twitter, and Instagram @JamaicaGleaner and on Facebook @GleanerJamaica. Send us a message on WhatsApp at 1-876-499-0169 or email us at onlinefeedback@gleanerjm.com or editors@gleanerjm.com.