Frequently Asked Questions

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.

The Act replaces Saint Lucia’s outdated insolvency laws with a modern framework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.

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.

A Licensed Trustee is a qualified professional (individual or corporation) licensed
by the OSBI to independently manage insolvency proceedings, including
administering bankrupt estates and helping debtors file proposals. Only they can
legally use the title “Licensed Insolvency Trustee.”

A Consumer Proposal is a formal, simplified repayment plan for individuals with
smaller debts. It allows you to negotiate with creditors through a Licensed Trustee
to pay back a portion of your debts over time (usually up to five years) and avoid
bankruptcy.