Launch of Self-Assessment Insolvency Tool - aimed at further encouraging entrepreneurial spirit

The Insolvency and Receivership Service within the Malta Business Registry launched an online portal with tools that will allow companies to assess their position to ascertain the viability of continuing in business. Such initiative is part and parcel of the recent insolvency framework overhaul which sought to give businesses and entrepreneurs a second chance by encouraging them to engage in a confidential self-assessment exercise. To do so, the Insolvency and Receivership Service, as Regulator, is introducing the concept of early warning mechanisms.

Such early warning notifications kick in when the debtor falls behind on certain types of obligations, such as when a company fails to submit its Annual Returns and Financial Statements.

Dr Ingrid Hamilton, the Official Receiver and Head of the Insolvency and Receivership Service, explained that the purpose of this tool is to help businesses keeping track of their operations whilst instilling the idea that prevention is better than cure. ‘Through the development of this tool, we sought to go above and beyond the role of this Unit whilst giving a new meaning to the notion of preventive restructuring. With this tool available to businesses, traders can have easier access to crucial instruments they can rely on to monitor the progress of their business. Most importantly, it aims to give a new perspective to insolvency by guiding the business community towards its avoidance,’ said Dr Hamilton.

Moreover, with the innovative and essential amendments brought about by the reform in the legislative framework of insolvency, the Insolvency and Receivership Service, which is the competent authority at law, recognized the need to have a specialized group of professionals with the expertise required to assist businesses in difficulty in their restructuring efforts. Therefore, a process was triggered to offer a tailor-made training course to academics and specialist professionals interested in this field. Thirteen candidates successfully completed this course and are now authorised practitioners specialising in insolvency.

The Malta Business Registry’s COO and Deputy Registrar Ms Annalise Zammit explained that the course provided comprehensive training to accountants, auditors and lawyers interested in this field, to give them the skills necessary to achieve this goal. ‘’For the first time, the course has now produced a strong team of professionals who, with the help of the Insolvency and Receiver Service, will be able to practically steer businesses away from the brink of insolvency and back to profitable trading. In this regard a registry of practitioners specializing in this field has also been set up so that those who need this service have access in the most transparent and reassuring way,’’ said Ms Annalise Zammit.

MBR’s CEO and Registrar Dr Geraldine Spiteri Lucas said that with the specialized services and specific technological tools, the Malta Business Registry is looking to offer a holistic service so that truly fulfils its mission of being a shoulder throughout the entire business journey whilst encouraging an entrepreneurial spirit.

“This is an ideal moment to view business restructuring from a fresh angle, seeing it as a pathway to solutions rather than as a mark of failure. Global studies reveal that entrepreneurs who experience setbacks in their first business attempt often achieve greater success in their second. Accordingly, through the self-assessment tool and expert support, we are creating a comprehensive ecosystem that fosters the transformation of ideas into thriving businesses. This new service is being given free of charge including the confidential report which will be generated to the user.” said Dr Geraldine Spiteri Lucas.

Tnedija ta’ għodda ta’ Insolvenza ta’ Awtovalutazzjoni – Immirata biex tkompli tħeġġeġ l-ispirtu intraprenditorjali

Is-Servizz ta’ Insolvenza u Riċevitur fi ħdan ir-Reġistru tan-Negozju ta’ Malta nieda pjattaforma online b’għodod li jippermettu lill-kumpaniji jivvalutaw il-pożizzjoni tagħhom biex jaċċertaw il-vijabbiltà mill-għadd finanzjarju b’rabta mal-operat tan-negozju. Inizjattiva bħal din hija parti integrali mir-riforma reċenti tal-qafas tal-insolvenza li tara li tagħti lin-negozji u lill-imprendituri opportunità billi ħeġġithom jinvolvu ruħhom f’eżerċizzju kunfidenzjali ta’ awtovalutazzjoni. Biex jagħmel dan, is-Servizz ta’ Insolvenza u Riċevitur, bħala Regolatur, qed jintroduċi l-kunċett ta’ mekkaniżmi ta’ twissija bikrija.

Tali notifiki ta’ twissija bikrija jibdew meta d-debitur jaqa’ lura f’ċerti tipi ta’ obbligi, bħal meta kumpanija tonqos milli tissottometti d-Dikjarazzjonijiet Annwali u d-Dikjarazzjonijiet Finanzjarji tagħha.

Dr Ingrid Hamilton, ir-Riċevitur Uffiċjali u Kap tas-Servizz tal-Insolvenza u r-Riċevitur, spjegat li l-għan ta’ din l-għodda huwa li tgħin lin-negozji jżommu rekord tal-operazzjonijiet tagħhom filwaqt li trawwem l-idea li l-prevenzjoni hija aħjar mill-kura. “Permezz tal-iżvilupp ta’ din l-għodda, fittixna li mmorru lil hinn mir-rwol ta’ dan id-Dipartiment filwaqt li nagħtu tifsira ġdida lill-kunċett ta’ ristrutturar preventiv. B’din l-għodda disponibbli għan-negozji, in-negozjanti jista’ jkollhom aċċess aktar faċli għal strumenti kruċjali li jistgħu jiddependu fuqhom biex jimmonitorjaw il-progress tan-negozju tagħhom. L-aktar importanti, għandha l-għan li tagħti perspettiva ġdida lill-insolvenza billi tiggwida lill-komunità tan-negozju lejn l-evitar tagħha,” qalet Dr Hamilton.

Barra minn hekk, bl-emendi innovattivi u essenzjali miġjuba mir-riforma fil-qafas leġiżlattiv tal-insolvenza, is-Servizz tal-Insolvenza u r-Riċevitur, li huwa l-awtorità kompetenti fil-liġi, irrikonoxxa l-ħtieġa li jkun hemm grupp speċjalizzat ta’ professjonisti bl-għarfien espert meħtieġ biex jassisti lin-negozji f’diffikultà fl-isforzi ta’ ristrutturar tagħhom. Għalhekk, ġie attivat proċess biex joffri kors ta’ taħriġ imfassal apposta għall-akkademiċi u l-professjonisti speċjalizzati interessati f’dan il-qasam. Tlettax-il kandidat temmew b’suċċess dan il-kors u issa huma prattikanti awtorizzati li jispeċjalizzaw fl-insolvenza.

Il-Kap Operat u Deputat Reġistratur tar-Reġistru għan-Negozju ta’ Malta Annalise Zammit spjegat li l-kors ipprovda taħriġ komprensiv lill-kontabilisti, l-awdituri u l-avukati interessati f’dan il-qasam, biex jagħtihom il-ħiliet meħtieġa biex jilħqu dan l-għan. ‘Għall-ewwel darba, permezz tal-kors għandna tim b’saħħtu ta’ professjonisti speċjalizzati li, bl-għajnuna tas-Servizz tal-Insolvenza u tar-Riċevitur, se jkunu jistgħu jidderieġu lin-negozji lil hinn mix-xifer tal-insolvenza u jkunu ta’ gwida għal kummerċ profittabbli. F’dan ir-rigward se jiġi stabbilit ukoll reġistru ta’ prattikanti li jispeċjalizzaw f’dan il-qasam sabiex dawk li jeħtieġu dan is-servizz ikollhom aċċess bl-aktar mod trasparenti u sigur,” qalet Annalise Zammit.

Il-Kap Eżekuttiv tal-Reġistru għan-Negozu ta’ Malta u Reġistratur Dr Geraldine Spiteri Lucas qalet li bis-servizzi speċjalizzati u għodod teknoloġiċi speċifiċi, ir-Reġistru għan-Negozju Malti qed ifittex li joffri servizz kumpatt sabiex jissodisfa l-missjoni tiegħu li jkun ta’ spalla matul il-vjaġġ kollu tan-negozju filwaqt li jinkoraġġixxi spirtu intraprenditorjali.

“Dan huwa mument ideali biex wieħed iħares lejn ir-ristrutturar tan-negozju minn angolu ġdid, u jarah bħala triq lejn is-soluzzjonijiet aktar milli bħala sinjal ta’ falliment. Studji globali jiżvelaw li l-intraprendituri li jesperjenzaw ostakli fl-ewwel tentattiv ta’ negozju tagħhom spiss jiksbu suċċess akbar fit-tieni wieħed tagħhom. Għaldaqstant, permezz tal-għodda ta’ awtovalutazzjoni u l-appoġġ espert, qed noħolqu ekosistema komprensiva li trawwem it-trasformazzjoni tal-ideat f’negozji b’saħħithom. Dan is-servizz il-ġdid qed jingħata mingħajr ħlas inkluż ir-rapport kunfidenzjali li se jiġi ġġenerat lill-utent.” qalet Dr Geraldine Spiteri Lucas.

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