According to jamaicaobserver_biz, KINGSTON, Jamaica — Small business owners struggling to meet their financial obligations are being urged to take advantage of the options available under the Government's insolvency regime, which is designed to provide support and relief. Speaking during a hybrid micro, small and Medium-sized Enterprise (MSME) webinar on Monday at the Small Business Association of Jamaica (SBAJ) in Kingston, Supervisor of Insolvency Fayola Evans Roberts explained that insolvency is a legal framework designed to assist individuals and businesses in managing financial distress. She emphasised that the use of this option should not be regarded as a sign of failure, noting that such measures are intended to preserve business value, protect jobs, and promote overall economic stability. "Insolvency options are proactive business recovery tools. We want you to know, as well, that early action is crucial. Identifying the financial issues early and acting early… that's what leads to successful reorganisation," she maintained. Against this background, Evans Roberts advised that the primary objective of the Office of the Supervisor of Insolvency (OSI) and the Office of the Government Trustee (OGT) – joint organisers of Monday's webinar – is to strengthen the MSME sector by helping operators and owners understand how to make effective use of insolvency options. She explained.
Jamaica urges small businesses to use government insolvency regime
Authorities in Kingston are encouraging financially distressed SMEs to utilize the national insolvency framework, aiming to facilitate restructuring rather than liquidation.