The government is moving to introduce a new bankruptcy and insolvency framework later this year, in a bid to reinforce Barbados’ financial system and safeguard depositors, Minister of Finance Ryan Straughn told the Senate on Wednesday.

The move signals a broader push to modernise financial regulation as credit unions expand rapidly and assume greater systemic importance.

As the upper legislature debated the Protection of Depositors Bill, the finance minister said it was one element of a package of financial reforms designed to protect depositors, bolster confidence in the banking system and support the continued growth of the credit union movement.