Bankruptcy Laws To Be Amended

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The government says it will take to the Parliament “as quickly as possible” an amendment to the country’s Bankruptcy Law.

The amendment will allow firms to declare bankruptcy and to seek protection from their creditors for a period of time while they re-organize.

“However, in order to ensure that creditors are not cheated by unscrupulous business owners, safeguards that would prevent the kind of abuse which has taken place in the USA, under its bankruptcy law, would be written into the Antigua and Barbuda amended law,” the government said.

It added that firms seeking to declare bankruptcy would be required to show that they are not seeking to hide valued assets by sale or transfer, in order to deny creditors any opportunity to recover money owed.

3 COMMENTS

    • Antigua can never be America it doesn’t have what it takes to compete with America…..it can however be the Caribbean America the GIANT of the Caribbean…..

      Never AMERICA

  1. The law need to make specific reference to employee’s equity in the company.

    EMPLOYEES NEED PROTECTION TOO. NOT JUST THE WEALTHY BUSINESS OWNERS.

    EMPLOYEES SHOULD HAVE THE POWER TO TAKE CONTROL OF ASSETS TO RECOVER THEIR EQUITY.

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