Failure to keep proper accounting could result in a company filing for bankruptcy, but keeping good accounting records may also be the saviour during such proceedings.

According to immediate past president of the Jamaican Bar Association and head of litigation at DunnCox — a Kingston based lawfirm — Emile Leiba, bankruptcy signals the end of an insolvency process.

 

In Jamaica’s case, the insolvency regime implemented in 2015 provides businesses with breathing space to pay creditors before their assets are liquidated. Under the regime, individuals or businesses have an initial 14 days to draft a proposal for their creditors to review. The creditors will either accept or reject the proposal. Provisions also allow for an extension of the timeline.

https://www.jamaicaobserver.com/business-report/bankruptcy-not-forever_234904?profile=1056