The Jamaica Business Development Corporation (JBDC) is urging members of the micro, small and medium-sized enterprises (MSME) sector to consider Jamaica’s bankruptcy or insolvency framework as a realistic tool for debt recovery and business rehabilitation, particularly in the wake of the devastation caused by Hurricane Melissa.
Harold Davis, acting CEO of the JBDC, said this approach is necessary because entrepreneurs are facing weakened cash flows, damaged assets, weak aggregate demand, slower GDP, and as a result, they are very exposed.
He said timely intervention is necessary while adding that this is why the JBDC is working closely with the Office of Government Trustee.
Director of Insolvency Administration at the Office of Government Trustee, Brithney Savage, noted that the insolvency regime is not there to shame any entrepreneurs, but to help businesses which get into financial difficulties.
SOURCE: RADIO JAMAICA NEWS
