Bahamian AG Unveils Ambition for ‘Bear Shore Delaware’

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Insolvency practitioners yesterday said the Attorney General’s ambition for The Bahamas to become “the near shore Delaware of corporate structuring” was both “achievable” and “appropriate” if the correct reforms are made, the Bahamas Tribune reported. Ed Rahming, Intelisys (Bahamas) founder and managing director, told Tribune Business that this nation would need to ensure it has both the right legislative framework and necessary human capital expertise - both Bahamian and expatriate - to fulfill the vision unveiled by Ryan Pinder during the Senate Budget debate. Mr Pinder did not set out such a specific road map yesterday, but said the “terms of reference” had been completed for “a project team” featuring both public and private sector representatives that will be appointed to come up with recommendations for the transformation of The Bahamas’ companies incorporation and insolvency/winding-up regimes. Among the laws targeted for reform is the Bankruptcy Act 1870, now 152 years-old. “Due to the rapidly evolving domestic and international economic and financial services environments, there is a clear need to improve the current law pertaining to the registration of companies, insolvency and bankruptcy in The Bahamas,” Mr. Pinder told the Senate yesterday. Read more.