Jamaica has seen a rash of business failures in the past five years, some of which were forced into receivership and picked clean of assets by creditors.
Asset recovery specialists say the laws, as they now stand, offer limited protection for vulnerable, indebted companies and are pushing for the pending amendments to insolvency legislation to reflect 'the sanctity' of doing business.
The legislation currently on the books is described by legal practitioners as quasi-criminal in orientation and meant to punish failed operations.
But the focus, according to Wilfred Baghaloo of Pricewaterhouse-Coopers Jamaica, ought to be on saving the business, which means the law should afford failing companies time to put together turnaround plans.
Anthony Hylton, the minister of industry, investment and commerce, will seek the approval of Cabinet for amendments to the bankruptcy law in early 2013, he told Jamaican bankers and think tank experts last week.
He believes the current statutes, one which dates back 132 years, punishes risk taking.
"We don't need a crystal ball to know that we cannot go into the future with the current insolvency law," said Hylton.
"The law has to be more predictable and must be designed to remove the stigma associated with business failure," he said.
Requests to the minister's adviser for more details on the elements of the policy review were unanswered up to press time.
Baghaloo argued Tuesday for a buffer in the law, saying 'good' companies must be "given creditors protection subject to court approval; which is subject to an attainable business or turnaround plan".
He also made what amounts to a pitch for his profession, saying the regulations must facilitate the preparation of a business and turnaround plans by "qualified insolvency practitioners" and ensure that individuals who implement the plans are "properly registered with the requisite experience and insurance protection".
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