Supervisor of Insolvency

The incumbent is responsible for regulating the licensing of trustees and supervise the administration of all estates and matters to which the Insolvency Act applies.

JOB PURPOSE

The incumbent is responsible for regulating the licensing of trustees and supervise the administration of all estates and matters to which the Insolvency Act applies, including estates administered by the Government Trustee and ensuring that the functions of the Office are carried out efficiently and in accordance with stated policy objectives.

Salary : $10,124,733.00-$13,616,640 p.a.

KEY OUTPUTS

The following are the deliverables of the Supervisor of Insolvency:-

• Corporate Plan
• Operational Plan
• Trustees Licences
• Insolvency Registry
• Certificates of Assignment
• Investigations
• Examinations of bankrupts
• Decisions and Directions
• Legal work

KEY RESPONSIBILITY AREAS

MANAGEMENT/ADMINISTRATIVE RESPONSIBILITIES

• Ensures public knowledge and understanding of the law and procedures relating to insolvency administration
• Prepares the Strategic Business Plans and Operational Plans for the OSI and Corporate Services Unit and monitors their implementation to achieve short and long-term objectives
• In collaboration with the Government Trustee, reviews and approves the budget of the Offices to ensure sufficiency to finance planned activities and monitors its implementation to ensure reasonable expenditure in meeting office’s needs
• Prepares Work Plans and monitor their implementation of staff of the OSI and Corporate Services Unit
• Establish criteria for assessing the performance of staff of the OSI and Corporate Services Unit
• Provides proper supervision to the staff of the OSI and Corporate Services Unit to ensure their compliance with relevant laws, regulations and policies and that tasks are performed with efficiency and due diligence.

TECHNICAL / PROFESSIONAL RESPONSIBILITIES

LICENSING OF TRUSTEES

• Receive applications, investigate applicants, determine the fitness of applicants for a license and issue licenses as appropriate
• Maintain a record of all licenses granted and any terms and conditions to which same are subject
• Upon application by the trustees, renew or reinstate licenses as appropriate and, where circumstances require, suspend, cancel or impose conditions on the license of a trustee
• Receive, account for and invest or forward to the Consolidated Fund all funds paid by trustees as fees or as security

INSOLVENCY REGISTRY

• Receive and maintain a record of the orders, notices, assignments, appointments, reports, resolutions, statements of accounts, dividend sheets, and other documents in relation to all proposals and bankruptcies
• Upon request and payment of the relevant fees, where applicable, provide information to the public and other interested persons regarding the administration of particular estates or insolvency generally

 SUPERVISION AND REGULATION OF INSOLVENCY ADMINISTRATION

• Receive, review and determine whether to approve or reject debtor’s proposals
• Hear and determine applications for assignment, issue Certificates of Assignment and appoint a private trustee or a Government Trustee to act in respect of an estate
• Issue Certificate of Assignment in circumstances of deemed assignment
• When necessary, give directions to the trustee for the protection of the estate
• When necessary, give direction to the trustee for the administration of an estate including directions as to any notices to be issued or material to be provided by the trustee and the method of such provision
• Investigate the conduct of a trustee or bankrupt to determine whether there has been any breach of the Act or Regulations
• Examine or inspect the books and records of a trustee to ensure same are maintained in accordance with the Act
• For the purpose of such investigation or examination, and with the Court's permission where required, access any premises of the bankrupt or trustee and have access to and make copies of relevant books and records, including documents relating to bank accounts
• Conduct or cause the examinations of bankrupts and/or any other persons under oath to investigate the debtors conduct, dealings and transactions, the causes of his insolvency and the disposition of his property
• Determine applications for extension or abridgement of time to do an action
• Determine the suitability of an estate for summary administration and when required, approve trustees applications to deposit all monies relating to summary administration
• Give directions for fixing the trustee's remuneration and for the discharge of trustees or bankrupts
• Determine the value and kind of security to be given by a trustee and when to vary the said security
• On an application by a secured creditor, revise the proposed value of the secured creditor’s security
• Perform the duties of an Inspector where there is no Inspector acting with respect to an estate
• Review and comment on the Accounting statements of a trustee
• Receive and hold unclaimed dividends pending application by creditors for payment or payment and determine when to distribute same
• Determines in which financial institution a trustee should deposit monies situated in another country other than Jamaica
• Apply to the Court for orders or directions as necessary and appear in Court to observe, intervene or give evidence in proceedings relating to an estate or proposal

DISCIPLINARY AND QUASI-JUDICIAL FUNCTIONS

• Receive and hear applications relating to unresolved issues in the administration of an estate or appeals against the decision of a trustee or challenges to the resolutions made at meeting of creditors
• Receive and investigate complaints against a trustee, determine whether there is evidence of culpability and, if necessary, award damages, grant restitution, suspend or cancel a trustee's license or otherwise punish the trustee.
• Investigate or cause to be investigated evidence of offences committed under the Act and refer same for prosecution

HR RESPONSIBILITIES

• Ensure staff familiarity with the core functions and priorities of the office by formulating and disseminating policies and procedures to guide performance
• Evaluate the performance of staff of the OSI to identify and remedy training needs to improve productivity and efficiency
• In collaboration with the Government Trustee, evaluate the performance of staff of the Corporate Services Unit to identify and remedy training needs to improve productivity and efficiency
• Ensure all staff is aware of and in compliance with the policies and procedures of the Department and the Public Service

PERFORMANCE STANDARDS

• Deliverables produced within agreed timeframe and support the strategic objectives of the Office.
• Strategic Business Plan establishes long term goals and reasonable strategies for accomplishing them
• Operation Plan identifies priority programmes and sets SMART targets to be achieved
• Licenses, Certificates of Assignments, and other documents are properly recorded, safely stored and accessible by the public
• Applications for approval of proposals and bankruptcies are properly assessed and processed expeditiously and the relevant Notices issued forthwith
• Trustee’s Reports and documents are thoroughly reviewed and any irregularities or issues addressed promptly
• Fees received are properly recorded and promptly forwarded to the Consolidated Fund
• Dividends received are properly recorded and payments made in a timely manner when requested
• Creditor’s liabilities are paid to the greatest extent and in the shortest time possible
• Decisions and directives are fair and just and delivered within the prescribed time
• High ethical standards are maintained in the conduct of professional and personal business.

OTHER RESPONSIBILITIES

• Make recommendation as to any required policy refinement and analysis as may be determined to be necessary or appropriate to give effect to the Insolvency regulatory framework.

• Secure and analyze a report from the office formerly comprised in the Office of the Trustee in Bankruptcy, indicating the status of all files now being held by that office and next steps to bring matter to finality as necessary.

• Review and finalized comprehensive manual(s) or other documents to be used by staff as well as by the general public.

• Liaise with the stakeholders who have any interest or concern with the operation of Insolvency legislation and make recommendations to the Ministry.

• Liaise with the Rules Committee of the Supreme Court and make recommendations in ensuring the adequacy and appropriateness of the Rules reviewed as necessary to give effect to the regulations.

• Provide a monthly report to the Minister on the operation of the Office of the Supervisor of Insolvency highlighting issues, challenges, and achievements.

• Report on any consultations and ensure that in its administration, the conceptual underpinning of legislation is faithfully observed.

 REQUIRED COMPETENCIES

• Excellent oral and written communication skills
• Excellent time management and organizational skills
• Good interpersonal skills and ability to work well with others
• Excellent management and leadership skills
• Conflict management and dispute resolution skills
• Sound knowledge of the legislative framework of Insolvency Administration in Jamaica
• Knowledge of Commercial and/or Business Law and civil practice and procedure and familiarity with Criminal Law
• Competence in the use of relevant computer applications

MINIMUM REQUIRED QUALIFICATION AND EXPERIENCE

• An attorney at law practicing for at least 10 years
• Postgraduate degree in law, specifically in laws relating to Business and Commerce or at least 10 years’ experience as a practitioner in Commercial Law
• Strong legal research skills and ability to critically compare the legislative structures and institutions of different jurisdictions
• Qualification in the field of Management studies would be an asset
• A thorough knowledge of the laws of Jamaica particularly in the areas of finance, taxation, financial regulation, laws related to Insolvency, laws related to Commercial and Corporate Law
• A thorough knowledge of the Jamaican legislative system and familiarity with the process of enacting and promulgating legislation
• Familiarity with laws relating particularly to Commerce in other jurisdictions, would be an asset.
• Admitted to practice as an Attorney-at-Law in the Courts of Jamaica

SPECIAL CONDITIONS ASSOCIATED WITH THE JOB

Typical office environment; no adverse working condition