To facilitate a fair and effective insolvency system under which the rights of debtors and creditors are protected and confidence in the business environment is generated.
The Office of the Supervisor of Insolvency (OSI) is a regulatory organization charged with the responsibility of monitoring, protecting and strengthening the insolvency system of the Republic of Trinidad and Tobago.
OSI is guided by the Bankruptcy and Insolvency Act, 2007 (BIA), which was proclaimed on May 23, 2014 and came into effect on May 26, 2014. The Act focuses on the reality that not all businesses and/or individuals can survive during periods of financial difficulties of meeting their debt obligations in the short and long term by the inability to access credit, among other factors.
The Act, therefore provides a statutory framework which would allow companies and/or individuals to pay attention to their financial circumstances and to enter into an arrangement with their creditors, to address these difficulties.
The Office of the Supervisor of Insolvency (OSI) was created to contribute to public confidence in the financial system of Trinidad and Tobago.
Role and Function
The role of the insolvency administration is to provide a fair and effective system for the restoration of assets to productive use, a framework for debtor counselling, a public record of estates, and encouragement for viable businesses to reorganize, and a deterrent to abuse.
This role is carried out jointly with private sector trustees licensed by the Supervisor and with the Courts.
Application for an Individual Trustee Licence, MUST meet the criteria set out in the BIA, Section 180(2) and Part XV of the Regulations. Applicants who wish to pursue a Corporate Trustee Licence MUST adhere to Sections 195 to 198 of the BIA. ALL Trustees are Licensed and are regulated by the Supervisor of Insolvency.
- The Bankruptcy and Insolvency Act, 2007
- The Bankruptcy and Insolvency Regulations, 2014
- Companies Act Chap. 81:01, Act 35 of 1995
The Office of the Supervisor of Insolvency (OSI)
Ministry of Finance
Level 19, Finance Building
Eric Williams Financial Complex
Telephone: (868) 612-9700 exts. 1945-8