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    English Insolvency Service Drops Case Against Carillion Directors: What Does It Mean For Director Liability?
    2025-01-06

    The role and duties of company directors are well established in English law through the Companies Act and case law. These principles are widely applied in many jurisdictions, including the Bahamas, where UK cases about directors’ liability and related issues carry considerable weight.

    Filed under:
    Bahamas, United Kingdom, Company & Commercial, Compliance Management, Insolvency & Restructuring, ParrisWhittaker, Corporate governance, Insolvency Service (UK), Companies Act 2006 (UK)
    Authors:
    Jacy Whittaker , A. Kenra Parris-Whittaker
    Location:
    Bahamas, United Kingdom
    Firm:
    ParrisWhittaker
    JOLs obtain Sanction of The Bahamas Supreme Court to enter into Global Settlement Agreement with Chapter 11 Debtors to pool assets of FTX Digital’s Estate
    2024-03-05

    1. The Joint Official Liquidators of FTX Digital Markets Ltd. (Brian Simms KC, Peter Greaves and Kevin Cambridge) (“the JOLS”) have entered into a Global Settlement Agreement (“GSA”) with the Chapter 11 Debtors of the FTX Companies ( approximately 130 FTX Companies which filed for Chapter 11 on 11th November 2022).

    Filed under:
    Bahamas, Capital Markets, Company & Commercial, Compliance Management, Insolvency & Restructuring, IT & Data Protection, Litigation, Lennox Paton, FTX
    Authors:
    Sophia Rolle-Kapousouzoglou
    Location:
    Bahamas
    Firm:
    Lennox Paton
    The Bahamas issues Practice Direction for adoption of Judicial Insolvency Network (‘JIN’) Guidelines for use of Joint Hearings in Cross-Border Insolvency Proceedings
    2024-01-01

    The Chief Justice of the Commonwealth of The Bahamas, Sir Ian Winder has issued Cross-Border Insolvency Practice Direction No. 14 of 2023 for Court-to-Court Communications and Cooperation in cross-border insolvency and restructuring cases after consultation with the Justices of the Supreme Court, Commercial Division.

    The practice direction addresses the use and adoption of published JIN guidelines in cases pending before the Supreme Court of the Commonwealth of The Bahamas. The practice direction took effect on 19 December 2023.

    Filed under:
    Bahamas, Insolvency & Restructuring, Litigation, Lennox Paton, Judicial Insolvency Network
    Authors:
    Sophia Rolle-Kapousouzoglou
    Location:
    Bahamas
    Firm:
    Lennox Paton
    Crystal Ball Not Required
    2022-12-27

    Company directors owe several fiduciary duties, one of which is to act in the best interest of shareholders. But to what extent does that duty to shareholders apply in the context of the financial health of the company? The award-winning commercial and litigation lawyers at ParrisWhittaker are experienced in advising company directors on their duties, including where there are concerns around the lawfulness of paying dividends.

    Filed under:
    Bahamas, United Kingdom, Company & Commercial, Insolvency & Restructuring, ParrisWhittaker
    Authors:
    Jacy Whittaker , A. Kenra Parris-Whittaker
    Location:
    Bahamas, United Kingdom
    Firm:
    ParrisWhittaker
    Corporate Insolvency and Restructuring in the Wider Commonwealth Caribbean
    2022-12-09

    Stuart Cullen and Benjamin Drakes, Dentons LLP

    This is an extract from the 2023 edition of GRR's the Americas Restructuring Review. The whole publication is available here.

    In summary

    Filed under:
    Anguilla, Antigua, Bahamas, Barbados, British Virgin Islands, Cayman Islands, Dominica, Grenada, Guyana, Jamaica, Montserrat, Saint Kitts, Saint Lucia, Saint Vincent and the Grenadines, Trinidad and Tobago, Turks & Caicos Islands, Insolvency & Restructuring, Litigation, Global Restructuring Review, Liquidation, Insolvency
    Location:
    Anguilla, Antigua, Bahamas, Barbados, British Virgin Islands, Cayman Islands, Dominica, Grenada, Guyana, Jamaica, Montserrat, Saint Kitts, Saint Lucia, Saint Vincent and the Grenadines, Trinidad and Tobago, Turks Caicos Islands
    Firm:
    Global Restructuring Review
    Liquidation Expenses: The Use of Trust Property for Payment
    2021-06-30

    The Supreme Court of The Bahamas has recently provided guidance on the ability and extent to which the fees and expenses of the liquidator may be paid from trust property. Such guidance has emanated from Justice Winder and Justice McKay in two separate decisions relating to Pacifico Global Advisors Limited (in liquidation) (“Pacifico”) delivered within the period of six months[1].

    Filed under:
    Bahamas, Insolvency & Restructuring, Litigation, Higgs & Johnson Counsel & Attorneys at Law
    Authors:
    Tara Cooper Burnside
    Location:
    Bahamas
    Firm:
    Higgs & Johnson Counsel & Attorneys at Law
    Provisional Liquidation - A Neglected Tool in the Bahamian Insolvency Toolbox
    2020-07-07

    While the overall economic damage resulting from COVID-19 remains to be seen, one thing is certain – the pandemic has dealt a devastating blow to the global economy. Many businesses, some of which were relatively healthy pre-COVID-19, now find themselves in a liquidity crunch and at risk of insolvency.

    For companies in The Bahamas facing financial distress, it is important for directors to be aware of their duties and the tools available to them, while taking steps to stabilise the company’s business.

    Filed under:
    Bahamas, Company & Commercial, Insolvency & Restructuring, Higgs & Johnson Counsel & Attorneys at Law, Coronavirus
    Authors:
    Tara Cooper Burnside
    Location:
    Bahamas
    Firm:
    Higgs & Johnson Counsel & Attorneys at Law
    Privy Council determines extraterritorial reach of clawback claims in insolvency proceedings
    2019-08-22

    In ZCM Asset Holding Company (Bermuda) Ltd v AWH Fund In Liquidation JCPC, the Privy Council determined that, notwithstanding the absence of express statutory provisions permitting service out of the jurisdiction of fraudulent preference claims, such claims are to have extraterritorial effect.(1)

    Facts

    Filed under:
    Bahamas, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Lennox Paton
    Authors:
    Sophia Rolle-Kapousouzoglou
    Location:
    Bahamas
    Firm:
    Lennox Paton
    Global Restructuring around the world: Bahamas
    2019-11-19

    Sophia Rolle-Kapousouzoglou, Lennox Paton

    This is an extract from the 2020 edition of the Americas Restructuring Review, published by Global Restructuring Review. The whole publication is available here.

    In summary

    Filed under:
    Bahamas, Global, Insolvency & Restructuring, Litigation, Global Restructuring Review
    Location:
    Bahamas, Global
    Firm:
    Global Restructuring Review
    COVID-19 - Bahamas Response and Impact on Bahamian Insolvency Law
    2020-04-14

    In response to the COVID-19 pandemic, the Government of The Bahamas, like many other governments, has declared a state of public emergency. In addition, the Government has issued several Emergency Powers Orders which operate to implement a temporary shutdown of all businesses (save for those providing specific essential services) and a national curfew.

    Filed under:
    Bahamas, Banking, Insolvency & Restructuring, Higgs & Johnson Counsel & Attorneys at Law, Coronavirus
    Authors:
    Tara Cooper Burnside
    Location:
    Bahamas
    Firm:
    Higgs & Johnson Counsel & Attorneys at Law

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