Thank you, Mr. Chairman, I am here to present Bill 5, Write-off of Debts Act, 2010-2011.
Bill 5, Write-off of Debts Act, 2010-2011, authorizes the write-off of the debts listed in the schedule to the act.
Pursuant to Section 24(3) of the Financial Administration Act, Legislative Assembly approval is required for the write-off of government assets or debts exceeding $20,000.
Pursuant to Section 82(2) of the Financial Administration Act, Legislative Assembly approval is required for the write-off of debts owed to a public agency exceeding $20,000.
I wish to emphasize that the write-off of a debt does not relieve a debtor of the liability for repayment. The government will continue to attempt to collect the outstanding amount.
Through continued reviews by staff, future recovery of the debt may still be achieved. In addition, in the case of debts owed by companies, staff will track the principals of each firm for future credit reference.
That concludes my opening remarks. I would be pleased to answer any questions Members may have.