"A company rarely goes over a cliff without leaving a few skid marks"
Insolvency, Liquidations and Restructuring
The Bahamas recently modernised its insolvency legislation to keep pace with international developments and to complement the country's standing as a leading offshore financial services jurisdiction. New legislation introduced under this initiative were the Bahamas Companies (Winding up Amendment) Act, 2011, the Bahamas International Business Companies (Winding Up Amendment) Act, 2011, the Bahamas Insolvency Practitioners Rules, 2012, the Bahamas Companies Liquidation Rules, 2012 and the Bahamas Foreign Proceedings (international Co-operation) Liquidation Rules, 2012. Crowe Horwath Bahamas has local and international cross border insolvency experience and accepts appointments acting as Liquidator under both solvent and insolvent scenarios in addition to acting as Receivers for secured lenders. We are also comfortable accepting joint liquidator or receivership appointments with local or non-Bahamian insolvency practitioners on a case by case basis.
Crowe Horwath Bahamas offers guidance to Directors of Bahamian companies on their fiduciary duties and obligations in the event of insolvency. The advice we provide is broad ranging and includes assistance in putting together formal or informal arrangements with creditors to return an entity to solvency in advance of a voluntary liquidation.