Riya Mala 
[Source: Fiji Government/ Facebook]
The Ministry of Justice is committed to ensuring that the Bankruptcy Act 1994 is modernized and aligns with global standards.
In doing so, the Ministry will hold its final round of industry consultations as part of its review of the legislation this week, from April 7th to 11th, 2025.
This reform comes at a time when many small businesses and consumers in Fiji and across the world are facing financial difficulties due to rising interest rates and ongoing economic and climate challenges.
Minister for Justice Siromi Turaga has expressed his appreciation for the collaboration with experts from the International Finance Corporation on this important review, which aims to encourage entrepreneurship and align insolvency laws with international best practices.
He emphasizes that updating the seven-decade-old Act is crucial due to the significant number of small unincorporated businesses, as effective creditor and debtor rights, along with a well-functioning insolvency system, are essential for financial system stability.
The IFC and the Insolvency and Debt Resolution team of the World Bank will provide technical support to the Ministry of Justice as part of a broader initiative to promote inclusive and sustainable growth in the country.
The modernization of Fiji’s Bankruptcy Act 1944 will strengthen the business environment, enhance financial stability, and align with global best practices.
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