[Photo: FILE]
The 1944 bankruptcy law is being replaced with new measures to help financially distressed entrepreneurs recover.
The legislation introduces pathways for debt restructuring and financial rehabilitation, giving honest debtors a second chance to rebuild.
The Personal Insolvency, Financial Rehabilitation and Entrepreneurial Rescue Bill 2025 introduces debt rehabilitation and restructuring options aimed at helping honest debtors recover rather than face the lasting consequences of bankruptcy.
Minister for Lands and Mineral Resources Filimoni Vosarogo states the legislation is designed to remove the barriers that have traditionally prevented people from recovering financially after business failure.
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