Minister for Justice and Acting Attorney-General Siromi Turaga has introduced a major reform bill aimed at modernising Fiji’s bankruptcy laws and giving honest debtors a second chance to rebuild their financial lives.
Speaking in Parliament yesterday, Turaga presented the Personal Insolvency, Financial Rehabilitation and Entrepreneurial Rescue Bill 2025, describing it as a modern and flexible framework designed to strengthen economic resilience.
“I rise to introduce a Personal Insolvency, Financial Rehabilitation and Entrepreneurial Rescue Bill 2025. As the title suggests, this piece of legislation is concerned with the area of personal insolvency, modern bankruptcy good practices, and will not apply to the insolvencies of companies,” he said.
Turaga highlighted that the bill will be particularly beneficial for owners and managers of distressed Micro, Small and Medium Enterprises (MSMEs) whose businesses are unincorporated or operate as partnerships.
“MSMEs will have recourse to personal insolvency under the bill where the business is unincorporated or operates as a partnership,” he explained.
A key reform introduced in the bill is the adoption of the “fresh start” principle, which focuses on helping honest debtors return to economic productivity.
“The bill introduces a modern approach to personal insolvency, promoting the fresh start principle to help honest debtors return to economic productivity,” Turaga said.
