Minister of Industry, Investment and Commerce, Anthony Hylton, says Cabinet has approved the establishment of a mechanism by which the new Insolvency Act will be implemented.
In October, the House of Representatives passed the Insolvency Bill.
The Bill seeks to consolidate the law relating to bankruptcy, insolvency, receiverships, provisional supervision and winding up.
Its intended to create an environment, which supports the rehabilitation of debtors and the preservation of viable companies.
Anthony Hylton, Minister of Industry, Investments and Commerce.