He emphasised that individuals who declare bankruptcy should not be subject to foreclosure of their homes by banks.

According to Prime Minister Pierre, this legislation is designed to provide additional protection for Saint Lucians against what he described as the strongarm tactics employed by banks.

The Insolvency Bill will introduce measures to ensure fair treatment for individuals facing financial difficulties, particularly regarding their residential properties.

“The Insolvency Bill is a Bill that deals with bankruptcy because there’s a feeling in this part of the world that if you have a failed business, you have a failed life. That is not true. Many people have had failed businesses. So we want to put this Bill on firm legal footing. The home, your family house, must be protected. I’ve stood by that firmly when I was in opposition and now that I’m in government. Your family house cannot be able to be taken by a banking institution,” the Prime Minister explained.

By implementing these sections within the Insolvency Bill, Pierre says the government aims to create a more equitable financial landscape by safeguarding the interests of citizens and mitigating the potential impact of financial distress on individuals and families.

The Prime Minister says once certain sections are finished, the Bill will be presented to Parliament.

“We are waiting to get an amendment as far as that’s concerned. We have had the first sitting. As soon as the amendments are ready, we are going to have the Insolvency Bill.”

Many citizens’ properties were seized due to the financial hardships brought about by the COVID-19 pandemic.