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Changes In The Insolvency Law

Callenders & Co. partner Simone Morgan-Gomez leads a workshop for leading accountants following changes that took effect late last year in the Companies (Winding Up Amendment) Act and other legislation.

Today’s workshop with KPMG was one of a series the senior attorney has conducted over the past month for professionals at the highest levels in banking and accounting.

According to Morgan-Gomez, amendments to the legislation place greater powers of investigation and administration in the hands of liquidators in the winding up of companies, requiring fewer court hearings. That increased power also has a potential warning flag — 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. 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.”

Submitted by Diane Phillips and Associates
Pictured, left to right, KPMG Restructuring Manager Zelma Wilson; Partner and Managing Director of KPMG’s finance arm in the Caribbean Simon Townend, KPMG Senior Partner Tracy E. Knowles; Callenders Associate Simon Darville, and Callenders partner and insolvency expert Simone Morgan-Gomez, standing. (Photo by Derek Smith, Jr.)

Posted in Business

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