Callenders & Co partner, Simone Morgan-Gomez, leads a workshop for accountants on the changes that took effect late last year to the Companies (Winding Up Amendment) Act and other legislation.
The workshop with KPMG was one of a series she has conducted over the past month for professionals at the highest levels in banking and accounting.
According to Ms Morgan-Gomez, amendments to the legislation give greater powers of investigation and administration to liquidators in winding-up companies, requiring fewer court hearings.
That increased power also comes with a potential warning flag- an increased exposure to personal liability.
“In the end, the amendments bring relief to the overcrowded civil court docket while placing more power in the hands of accounting, financial and legal firms, with the additional burden of needing to exercise extreme care,” Ms Morgan Gomez said.
“The amendments have essentially streamlined our insolvency practice and updated the liquidation rules. The case law that will emerge in the next few years from the new legislation should prove to be very exciting for the insolvency industry in the Bahamas.”
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