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.”