Trustees

TRUSTEE INFO

Licensed Trustees

Who is a Licensed Trustee?

A Licensed Trustee is a person (or eligible corporation) who has been formally granted a licence by the Supervisor of Bankruptcy and Insolvency under Part II of the Insolvency Act 2024 to administer insolvency estates, proposals, and bankruptcy proceedings in Saint Lucia.

Only individuals or entities holding a valid licence may use the title “Licensed Insolvency Trustee.”

It is an offence under the Act for any person to act as a trustee without a valid licence (Section 17).

Role of a Licensed Trustee

A Licensed Trustee serves as the independent officer responsible for managing the property and affairs of an insolvent person or bankrupt estate. The trustee’s work is carried out under the supervision of the Supervisor of Bankruptcy and Insolvency and the oversight of the Court where required.

Under the Act, the Trustee’s main functions include:

Administering estates – collecting, safeguarding, and realising the assets of the debtor and distributing proceeds to creditors according to legal priorities.
Conducting meetings of creditors, verifying and admitting claims, and reporting on the financial position of the debtor.
Preparing and filing reports and cash-flow statements, and ensuring compliance with the Insolvency Act and its Regulations.
Advising debtors who wish to make proposals or consumer proposals, and ensuring these are fair and properly documented.
Maintaining trust accounts and financial records, subject to inspection by the Supervisor.
Complying with directives, the code of ethics, and AML/CFT obligations issued under the Act.

Trustees act as officers of the Court and must exercise their duties with independence, impartiality, and integrity.

Qualifications to Become a Licensed Trustee

To qualify for a licence (Section 19 of the Act), an applicant must:

Be at least 21 years old and ordinarily resident in Saint Lucia;
Be of good character and not an alien under the Constitution;
Hold the prescribed professional qualifications (normally in accounting, finance, law, or a related discipline);
Demonstrate that they are financially solvent and in good standing with their professional body;
Maintain adequate office facilities, staff, and systems to perform trustee functions to a high standard; and
Hold a valid insurance policy or bond approved by the Ministry, covering losses from negligence, dishonesty, or document loss.

How to Apply for a Licence

1. Submit an Application

- Applications must be made in the prescribed form to the Supervisor of Bankruptcy and Insolvency.
- The application must be accompanied by:
  - The prescribed fee;
  - Proof of qualifications and good standing;
  - Evidence of professional indemnity insurance or bond;
  - Declarations of solvency and integrity.

2. Assessment by the Supervisor

- The Supervisor reviews each application and may approve or refuse it based on compliance with the statutory requirements (Sections 20–21).

3. Issuance of Licence

- If approved, the Supervisor issues a Licence to Act as a Trustee in the prescribed form upon payment of the licence fee (Section 22).
- Licences may be issued with or without conditions, including anti-money-laundering obligations (Section 23).

4. Annual Renewal