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Callenders leads insolvency law workshops

Callenders & Co partner Simone Morgan-Gomez has led a series of workshops over the last month for leading accountants following changes that took effect late last year in the Companies (Winding Up Amendment) Act and other legislation. Pictured: Simone Morgan-Gomez (at right) holds a workshop for KPMG senior managers this month. Also 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 Knowles; Callenders associate Simon Darville; and Callenders partner and insolvency expert Simone Morgan-Gomez. (Photo by Derek Smith, Jr) 

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TheBahamasInvestor.com
Monday, April 8, 2013
Monday, April 8, 2013

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


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,” she says.

“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.”

Inclusive growth that generates jobs and opportunities for all citizens in The Bahamas was at the center of a high-level national conference April 5 at the Super Club Breezes in Nassau. The conference was part of the Caribbean Growth Forum (CGF), a two-year regional platform for dialogue to foster higher levels of economic growth with opportunities for all in the Caribbean.

The government of The Commonwealth of The Bahamas is inviting applications for Bahamas registered stock totalling $50 million. The stock will be available in a range of maturity dates; the earliest being repayable in 2031 and the latest in 2033.

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