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Dissolve a Business

The Office of Supervisor of Insolvency (OSI) was established for the purpose of supervising the administration of estates and regulating the licensing of trustees under the Insolvency Act. The OSI functions as a licensing authority for insolvency practitioners, ensures that trustees are acting in compliance with the Insolvency Act and serves as a repository for information relating to insolvency administration.

Choosing to wind-up/liquidate can ensure that all loose ends connected to your company are tied up and a clean break is provided for directors and shareholders upon dissolution. The OSI supervises the winding-up and final dissolution of insolvent companies/estates to ensure the process is done within the best interest of all parties involved.

For more information about how to wind-up your business, see the business process next steps

How to Dissolve a Business

The Process
Process Quick Tips
  1. If a Trustee has not consented to act, the OSI will give your company 14 days to find a private Trustee before one is appointed by the Supervisor of Insolvency (SOI).
  2. On the appointment of a Trustee/Liquidator, for the most part, all the powers of the members/directors shall cease.
  1. Any arrangement entered into between a company about to be, or in the course of being, wound-up and its creditors shall be, subject to the right of appeal under the Act, binding on the company if sanctioned by an extraordinary resolution, and on the creditors if acceded to by three-fourths in number and value of the creditors.
  1. Subject to the Act, a bankrupt company, shall be deemed to be automatically dissolved upon the discharge of the trustee, and such dissolution shall take effect on the expiration of three months from the date of discharge of the trustee.
  1. Upon the application of any person who appears to the Court to be interested, the Court may make an order deferring the date at which the dissolution of the company is to take effect for such time as the Court thinks fit.
  1. Once dissolved, notice must be filed with the Registrar of Companies in order to have the company’s name struck-off the Register of Companies, and a “Notice of Publication” issued. For more information on this process - See "Request Removal for Register".

For more information on this process contact the OSI at info.osi@MICAF.gov.jm