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Forum Discusses Amendments To Insolvency Regime

The Restructuring and Insolvency Specialists Association (RISA Bahamas) has held its first roundtable discussion on proposed reforms to The Bahamas’ insolvency framework.

The debate focused on The Companies Winding Up Amendment Act 2011; the Companies liquidation rules; the International Commercial Arbitration Bill 2018; the Arbitration (Amendment) Bill 2018; the Bankruptcy Act 1870; and the Bankruptcy Rules 1876.

The discussion was sponsored by PricewaterhouseCoopers (PwC) and Providence Law. It was opened by Tiphaney Russell of Deloitte & Touche, and the moderator was Sophia Rolle-Kapousouzoglou of Lennox Paton.

The panelists featured Brian Moree QC (McKinney, Bancroft & Hughes); Philip C. Dunkley QC (Higgs & Johnson); John Delaney QC (Delaney Partners), Brian Simms QC (Lennox Paton); Ed Rahming (Intelisys Bahamas); and Igal Wizman (Ernst & Young).

They considered the issue of whether the Supreme Court should be vested with the statutory jurisdiction to grant free-standing injunctions; the Baha Mar case as well as the liquidation of Cayman-based Caledonian Bank; and the issue of whether fraudulent preference claims should be served outside the jurisdiction. This is an issue upon which the Privy Council is expected to make a determinative finding on.

The panel also considered the possibility of modernising The Bahamas’ bankruptcy laws, and the possibility of restructuring enactments to provide for debtor-friendly corporate and personal rescue mechanisms.

RISA Bahamas is the local professional body for those practicing restructuring and insolvency. One of its main aims is professional education and training. RISA Bahamas is also a Professional Industry Association of the Bahamas Financial Services Board (BFSB), as well as a member association of the International Association of Restructuring, Insolvency & Bankruptcy Professionals (INSOL).

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