Malta Business Registry launches self-assessment insolvency tool

The Malta Business Registry (MBR) has introduced an online portal aimed at supporting businesses in evaluating their financial health and determining their company’s future viability. 

In a statement, the MBR said that the newly launched portal includes a self-assessment feature that allows companies to confidentially evaluate their current financial status. 

This tool is part of a broader strategy that incorporates early warning mechanisms, designed to notify businesses when they fall behind on key obligations, such as the submission of annual returns and financial statements. 

Dr Ingrid Hamilton, Head of the Insolvency and Receivership Service, stated that the tool aims to help businesses monitor their operations proactively, reinforcing the idea that early detection and intervention can prevent more severe financial issues. 

She explained that by offering this self-assessment tool, the service hopes to encourage a shift in perspective, viewing preventive restructuring as a vital step in maintaining business health rather than a sign of imminent failure.

As part of the recent legislative overhaul in the insolvency sector, the MBR said it recognised the need for specialised support for businesses facing financial challenges. In response, the registry initiated a tailor-made training program for professionals in the field, including accountants, auditors, and lawyers. 

The MBR said that 13 participants completed the course, and they are now authorised to assist companies with restructuring efforts. 

According to Annalise Zammit, COO and Deputy Registrar of the MBR, the course has established a strong network of specialists who can offer practical guidance to businesses, steering them away from potential insolvency. 

Dr. Geraldine Spiteri Lucas, CEO and Registrar of the Malta Business Registry, highlighted the holistic approach of the new services, aiming to support businesses throughout their lifecycle. 

She noted that restructuring should be seen as a path to recovery rather than a failure, emphasising that entrepreneurs who encounter setbacks in their initial ventures often achieve greater success in subsequent endeavors. 

The self-assessment tool, offered at no cost, includes a confidential report generated for users, providing them with actionable insights into their financial situation.