Office of the Supervisor of Insolvency

The Office of the Supervisor of Insolvency (OSI), a department under the Ministry of Industry, Investment & Commerce, has two main roles:

1. To regulate the licensing of insolvency practitioners called trustees; and  
2. To supervise the administration of all insolvent estates and matters to which the Insolvency Act applies, including estates administered by the Government Trustee ;

In carrying out its mandate, the OSI contributes to national growth by ensuring the existence of an efficient regime for insolvency administration thereby promoting investors’ confidence in the economy.

The Act provides three (3) different methods for resolving insolvency as follows:

1. Receivership

This occurs when a Receiver is appointed by a secured creditor either pursuant to a security agreement instrument or by application to the Court. The Court may also appoint a Receiver when the Court deems it necessary for the protection of an estate. Only a licensed trustee may act as a Receiver.   

2. Proposal

Provides insolvent persons (individuals and corporations) and imminent insolvent persons (persons who foresee that they may become insolvent within 12 months) the opportunity to come to an agreement with their creditors to reorganise their financial affairs.

3. Bankruptcy

Voluntary bankruptcy occurs when the Court grants a Receiving Order and when the Supervisor of Insolvency issues a Certificate of Assignment on the application of insolvent persons. Involuntary bankruptcy occurs when a proposal fails and when a creditor obtains a Receiving Order from the Court.   

To access the insolvency regime, insolvent persons must obtain consent from a licensed trustee to act.  In the event no licensed trustee consented, the Court and the Supervisor, may appoint the Government Trustee.

Here are some of the tasks of the Supervisor

• Taking actions necessary to protect insolvent estates.
• Investigating applications for trustee licences to ensure applicants are qualified and issuing licences to successful applicants.
• Issuing directives to trustees to ensure compliance with the Act and, in the event of non-compliance, cancel or suspend licences.
• Assessing insolvents unable to find a licensed trustee willing to act in their estates and appointing trustees.
• Conducting investigations into complaints made and to verify information provided
• Serving as a repository for insolvency records 
• Issuing Certificates of Assignment and Discharges
• Approving Financial Counsellors to provide counselling to first-time bankrupts

Insolvency Verification Reports

This service is provided to applicants wishing to verify whether a person has been declared bankrupt. In order to access the service, an application which clearly states the request, a valid ID, TRN and payment of $3,000.00 in cash per search must be submitted to our office for processing.  If you wish to ask someone to conduct business on your behalf, you must provide written authority and identification for that person to do so.

The Real Estate Board

Insolvency verification reports for the Real Estate Board are sent directly to the Board on the 2^nd and 4^th Tuesday monthly.  The applicant is only issued a receipt for the payment made.

Important Information and Documents

Brochures

• About us and Definition of Important Terms
• Reorganisation, the Proposal Mechanism
• A General Overview of the Insolvency Act
• Frequently Asked Questions