The Ministry of Justice in Fiji is set to modernize the Bankruptcy Act 1994, ensuring it aligns with international standards. This final round of consultations will take place from April 7th to 11th, 2025, marking a significant step in the legislative review process. The reforms come during a challenging economic period, where small businesses and consumers are facing difficulties due to increasing interest rates and other financial pressures.
Minister for Justice Siromi Turaga highlighted the collaboration with experts from the International Finance Corporation, stressing the importance of updating the outdated legislation to better support unincorporated businesses, reflecting the pressing need for effective debtor and creditor rights. The initiative aims to foster entrepreneurship and create a more stable financial environment in Fiji, particularly amid the current economic challenges.
This proposed reform seeks to enhance financial stability by modernizing the Bankruptcy Act, which has been in place for over seventy years. The World Bank’s Insolvency and Debt Resolution team will provide technical assistance to ensure that Fiji’s laws are comprehensive and in line with global best practices.
Additionally, in conjunction with this initiative, the Ministry of Trade is also addressing concerns over unlicensed credit providers, further highlighting the government’s commitment to strengthening the financial sector and consumer protection. The ongoing efforts to amend the Reserve Bank of Fiji Act will help regulate these entities, ensuring accountability and transparency within the credit market.
Overall, these reforms are a beacon of hope for small businesses and consumers in Fiji, aiming to create a more advantageous business landscape and bolster economic resilience. As the government continues to align its legislation with global standards, there is a promising outlook for fostering sustainable growth and improving financial security in the country.
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