Bahamas ‘notorious’ for legal profession’s ‘closed shop policy’
The Bahamas has become “notorious for its ‘closed shop policy’” that prevents foreign attorneys practicing in this nation, a Cabinet Minister yesterday confirming this was driving away financial services business.
‘Options running out’ rapidly on Baha Mar
A senior Chamber executive yesterday warned that “the options are running out” for a speedy resolution to the $3.5 billion Baha Mar dispute, with the project facing “great jeopardy” if the warring factions are unable to agree terms.
Baha Mar liquidators meet with creditors
Baha Mar’s joint provisional liquidators yesterday confirmed they were already meeting with some of the development’s more than 3,000 Bahamian creditors, briefing them on “progress to-date” and their goals.
Caribbean targets uniform financial regulatory standard
A Caribbean regulator yesterday called for a uniform regional approach to overseeing financial services entities that operate in multiple jurisdictions as a way to prevent ‘regulatory arbitrage’.
Gomez makes call for single financial regulator
A Cabinet Minister said yesterday that creating a single financial services regulator would eliminate significant “overlap” and boost supervisory efficiency, enhancing the Bahamas’ competitiveness.
Public governance key to financial sector changes
A former Ministry of Finance legal adviser yesterday said public governance is vital to ensuring the right environment exists for financial institutions to thrive.
Sarkis suffers crushing blow
Sarkis Izmirlian’s already-tenuous control of the $3.5 billion Baha Mar project was effectively terminated yesterday by the Delaware Bankruptcy Court, which ruled that “no greater good” can be achieved by continuing with the Chapter 11 cases.
Baha Mar appeal over Chapter 11 verdict ‘blocked’
A Bahamian accountant with experience of US Chapter 11 procedures yesterday said the judgment dismissing Baha Mar’s bankruptcy protection had been written in such a way that the developer “cannot appeal”.
Sarkis told: ‘Carefully consider your options’
A prominent businessman yesterday urged Sarkis Izmirlian to “carefully reconsider his options” for resolving the $3.5 billion Baha Mar dispute, describing as “great” a US judge’s decision to dismiss the developer’s Chapter 11 bankruptcy protection case.
Chapter 11 ‘ideal vehicle for Baha Mar’ if all agreed
A US judge yesterday agreed that Chapter 11 bankruptcy protection would have been “an ideal vehicle for restructuring” the $3.5 billion Baha Mar project had the Government and its Chinese partners not objected to using it.
‘Only time’ will vindicate Gov’ts Baha Mar plan
The Opposition’s deputy leader yesterday argued it was too early to determine if the Government’s Baha Mar ‘winding-up’ strategy had been “vindicated”, adding that “only time will tell”.
Registrar’s technology ‘generations behind’
The Attorney General yesterday conceded that the July 14 target date for the Registrar General’s Department to launch complete online company incorporations had been missed, adding that its technology was “generations behind”.
AG unhappy with preparations for finance evaluation
The Attorney General yesterday admitted that preparations for the Bahamas’ November evaluation by the Caribbean Financial Action Task Force (CFATF) had not progressed as well as she had hoped.
Ocean Club owner eyes Cabbage Beach project
Access Industries, the One & Only Ocean Club owner, yesterday said it was in talks with the Government over development plans for the vacant land near Cabbage Beach now at the centre of public access controvery.
Delaware Court rules against Baha Mar Chapter 11 bankruptcy filing
SARKIS Izmirlian’s bid to retain control of the $3.5 billion Baha Mar project suffered a serious blow on Tuesday as the Delaware Bankruptcy Court dismissed virtually its entire Chapter 11 case.
