Latest updates

Supreme Court exercises statutory jurisdiction to wind up foreign company
  • Bahamas
  • June 24 2016

The Supreme Court of the Commonwealth of the Bahamas has acceded to the petition for Caledonian Bank Limited to be wound up as a foreign company pursuant to the Companies Winding-up Amendment Act, thereby exercising its jurisdiction for ancillary winding-up proceedings to be entered into. A petition was filed to wind up the insolvent company in the Bahamas so that the company's liquidators could access property in this jurisdiction.

Bahamas designates list of relevant foreign countries
  • Bahamas
  • May 20 2016

The Liquidation Rules Committee has published the Foreign Proceedings (International Cooperation) (Relevant Foreign Countries) Liquidation Rules 2016. The most recent statutory enactment in relation to corporate insolvency in the Bahamas is the designation of a list of relevant foreign countries to which the Bahamian court will extend international cooperation in insolvency proceedings.

Supreme Court declines recognition of Chapter 11 proceedings
  • Bahamas
  • September 25 2015

The Supreme Court of the Bahamas recently dismissed an application seeking various orders in aid of bankruptcy proceedings commenced in the United States concerning various Bahamian companies placed into Chapter 11. There is no equivalent to Chapter 11 under Bahamian law by which breathing space can be created or new capital can be injected on terms acceptable to any reasonable lender.

Insolvency and restructuring – challenges facing companies and individuals
  • Bahamas
  • March 20 2015

Legislative changes to the insolvency regime in the Bahamas provide for greater international cooperation and increased mechanisms for liquidators to pursue relief against debtors. The amendments provide a more comprehensive legal framework for improved administration of liquidations in order to seek the necessary relief in areas where the statute previously failed to provide any recourse.

Supreme Court rules on liquidators' powers of examination
  • Bahamas
  • November 02 2012

In a recent landmark insolvency decision, the Supreme Court applied the modern approach to the determination of an application by joint liquidators for the production of documents and the oral examination of the named partners of former auditors of a company in voluntary liquidation. The court held that the liquidators had been unreasonable and that their application was oppressive.

Sophia Rolle-Kapousouzoglou
Lennox Paton
  • Nassau
  • Bahamas
Metta MacMillan-Hughes
Lennox Paton
  • Nassau
  • Bahamas
Lennox Paton
Lennox Paton