YTD PERFORMANCE: OFFICE OF THE TRUSTEE IN BANKRUPTCY

The Office of the Trustee in Bankruptcy (OTB) made payments to creditors in the region of $1.3 million during the third quarter in the fiscal year 2005/2006; this is a marked increase from the second quarter’s nearly $97,000 payout.

The OTB continues to offer the Verification of Insolvency Status service which generated an income of $110, 000 for the third quarter and $281,000 year-to-date. This service from the OTB continues to be beneficial to the public; it serves as a good indicator of creditworthiness to facilitate sound commercial transactions and compliance with statutory regulations.

With the OTB assigned as Provisional Liquidator for the failed Dyoll Insurance Company, just over $1.2 billion in assets was identified to benefit creditors.

Through the debt recovery process and the realization of assets, the OTB has successfully generated approximately $128 million in this quarter and $178 million year-to-date. During the quarter, the OTB invested almost $127 million on behalf of insolvent companies and individuals, producing income of just under $10 million for creditors, making a total of approximately $171 million to date.

The OTB continues to work with the Ministry to revise Insolvency Legislation, with a view to equate Jamaica’s legislation with international standards and so assist in strengthening investor confidence.