OFFICE OF THE TRUSTEE IN BANKRUPTCY

The payment of some J$41.489 million to creditors associated to commercial and individuals seeking bankruptcy protection, as well as the verification of   insolvency status in 223 cases were among the highlights reported by the Office of the Trustee in Bankruptcy (OTB) during the 2004-2005 financial year.  The Agency also successfully set aside five (5) bankruptcy orders during that period.

The verification of insolvency generated some $223,000 for this Agency.  An additional $132,000 was earned from the provision of legal services.

During the review period, the OTB traced and recovered some $1.22 million in assets which are to be administered by the Agency. It reported, however, that entities and individuals are becoming more skilled at hiding assets even as they file for bankruptcy, and this trend is proving a hindrance to the OTB in this area of its operation.

The Office of the Trustee in Bankruptcy reported that it received some J$76.5 million in payments from debtors as well as assets realised during the review period.

The OTB further reported that in excess of J$21.71 million in net income from its investment portfolio was allocated to facilitate payments to creditors. At the end of March 2005, the Agency had over J$320.27 million invested on behalf of Bankrupts and Companies in Liquidation.