National Budget measures & Insolvency Act Reform

On 6 October 2021, the MBA met with the Ministry of Finance, as part of ongoing discussions on how banks could help implement a measure announced in the National Budget concerning 0% interest loans for the purpose of private medical care.

The MBA is involved as a key stakeholder in an ongoing project for the Insolvency Act Reform, led by the Director of Insolvency (who is also the Registrar of Companies) with the technical assistance of the World Bank (WB). At that meeting, WB consultants gave an overview of their initial findings. This follows from discussions regarding the ‘waterfall’ for over one year. The MBA has been advocating a fairer schedule of preferential claims, which would improve access to credit for companies.