The Insolvency Bill, tabled in Parliament by Prime Minister Hon. Philip J. Pierre on September 16, 2024, establishes a legal framework for Saint Lucians encountering financial difficulties to renegotiate loan payments with creditors, pause foreclosures and hold on to their investments while managing their debts.
Home and property owners deserve a fair chance to protect their investments. The Insolvency Act will modernize the credit sector in Saint Lucia, redefining the relationship between creditors and debtors.
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