The second reading debate of the Rescue, Rehabilitation, and Insolvency (Corporate and Personal) Bill is currently taking place in Parliament today (6). 

The Ministry of Justice has drafted this legislation to amend and consolidate existing laws related to the rescue and rehabilitation of individuals and companies, as well as insolvency procedures.

A key feature of the Bill is the proposed establishment of an Insolvency Regulatory Authority, tasked with executing the powers and functions outlined within the legislation. 

This move aims to uphold professional standards, ensure effective supervision, and bolster public confidence in the insolvency framework.

The Ministry emphasized that the Bill incorporates provisions designed to balance relief measures for debtors with the protection of creditors’ rights. 

Notably, it allows for the issuance of orders to temporarily suspend debt repayments, providing a flexible mechanism to aid distressed entities while safeguarding creditor interests.