OFFICE OF THE SUPERVISOR OF BANKRUPTCY & INSOLVENCY
Guiding Bankruptcy & Insolvency Procedures with Integrity
The national authority established under the Insolvency Act, No. 17 of 2024 to oversee and regulate bankruptcy and insolvency matters in Saint Lucia. We ensure fair and transparent administration of insolvency proceedings, promote the rehabilitation of debtors, protect the rights of creditors, and uphold public confidence in the financial system.
Trustee
Consumer Proposal
Bankruptcy
OFFICE OF THE SUPERVISOR OF
BANKRUPTCY & INSOLVENCY
The Office of the Supervisor of Bankruptcy and Insolvency (OSBI) was established under the Insolvency Act, No. 17 of 2024, to oversee the administration of bankruptcy and insolvency proceedings in Saint Lucia. The OSBI ensures the proper conduct of trustees, promotes the rehabilitation of insolvent individuals and companies, and safeguards the integrity of the insolvency system.
CORE VALUES
Principles that guide us
Integrity
Commitment to ethical conduct, honesty, and doing what is right.
Accountability
Taking responsibility for actions and being answerable to stakeholders.
Fairness
Ensuring equitable treatment of all parties in insolvency proceedings.
Transparency
Promoting open processes and clear access to information.
Professionalism
Demonstrating high standards of competence, ethics, and conduct.
Service Excellence
Delivering efficient, responsive, and high-quality insolvency services.
Mission
To administer and oversee insolvency proceedings with integrity, impartiality, and efficiency, ensuring effective implementation of the Insolvency Act, and promoting rehabilitation and protection for all stakeholders.
Vision
To foster a transparent, fair, and efficient insolvency framework that promotes financial rehabilitation, safeguards stakeholder interests, and enhances creditor confidence.
OFFICE OF THE SUPERVISOR OF BANKRUPTCY AND INSOLVENCY
WHAT IS THE PURPOSE OF
The Office of the Supervisor of Bankruptcy and Insolvency
The Office of the Supervisor of Bankruptcy and Insolvency (OSBI) was established to administer and enforce Saint Lucia’s Insolvency Act, No. 17 of 2024, a modern and comprehensive framework designed to replace the outdated and fragmented insolvency system that had existed for decades. The OSBI ensures that bankruptcy and insolvency processes are conducted fairly, efficiently, and transparently — protecting the rights of creditors while also giving debtors a structured pathway toward financial rehabilitation.
For years, Saint Lucia’s insolvency laws were rooted in an era where financial failure was viewed solely as punishment. The system lacked clarity, modern procedures, and tools to help individuals and businesses recover. The creation of the OSBI marks a deliberate shift from that punitive model to one grounded in rehabilitation, fairness, and economic resilience. By administering the new Act, the OSBI ensures that insolvency proceedings are no longer slow or uncertain, but rather predictable, efficient, and consistent with international standards.
The purpose of the OSBI is also to strengthen confidence in the financial system. In a small, open economy like Saint Lucia, businesses, lenders, and investors must know that there are reliable and transparent rules governing what happens when financial distress arises. The OSBI plays a critical role in providing that certainty — supervising licensed trustees, monitoring estates, and maintaining public records that ensure creditors and debtors alike are treated according to clear, lawful procedures. This stability encourages responsible lending, investment, and entrepreneurship.
Beyond regulation, the OSBI promotes new policy directions that make insolvency law more humane and accessible. The introduction of the consumer proposal, for instance, allows individuals to work with a licensed trustee to negotiate a reasonable repayment plan, avoiding bankruptcy and preserving dignity. The OSBI oversees this process to ensure it is fair and transparent, recognizing that financial hardship can happen to anyone — and that every Saint Lucian deserves a second chance.
The Office also ensures that efficiency and equity go hand in hand. Through the appointment of a Government Trustee, cases no longer stall when no private trustee is available. The OSBI can step in to administer estates, uphold fairness, and prevent creditors and debtors from being left in limbo. This intervention safeguards the integrity of the insolvency process and ensures that all parties — regardless of size or complexity of the case — receive due protection under the law.
Ultimately, the OSBI exists to balance economic discipline with social compassion. Its purpose is not only to regulate insolvency but to promote a culture of financial responsibility, opportunity, and renewal. By helping individuals and companies reorganize, settle debts, and return to productive life, the Office contributes directly to Saint Lucia’s economic growth, stability, and reputation as a trustworthy jurisdiction for business and investment.
Frequently Asked Questions
What is the OSBI?
The Office of the Supervisor of Bankruptcy and Insolvency (OSBI) is the national
authority established under the Insolvency Act, No. 17 of 2024 to oversee and
regulate all bankruptcy and insolvency matters in Saint Lucia.
What is the main purpose of the new Insolvency Act?
The Act replaces Saint Lucia’s outdated insolvency laws with a modern framework
that prioritizes financial rehabilitation, protects the rights of both creditors and
debtors, and provides a structured, fair, and efficient process for handling financial
distress.
Who oversees bankruptcy and insolvency under the Act?
The Act appoints a “Supervisor of Bankruptcy and Insolvency” who is responsible
for licensing trustees, overseeing cases and ensuring all insolvency procedures
follow the law. The High Court also handles bankruptcy and insolvency cases
under the Act.