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On 30 April 2012 a modern company liquidation regime for The Bahamas came into force, replacing the former liquidation laws that were largely untouched for more than 60 years. The Companies (Winding up Amendment) Act and the International Business Companies (Winding up Amendment) Act (together the “new liquidation regime”) were enacted during late 2011 as part of major commercial legislation improvements led by then Attorney-General, John K F Delaney QC, in coordination with industry.
The new liquidation regime has been welcomed across the business and financial services community with more than 200,000 active Bahamian companies on the register, over three-quarters of which are International Business Companies.
The regime’s subsidiary legislation in the form of Rules came into effect on 31 July 2012 and the new liquidation regime is now fully operational.
The new liquidation regime brings wide ranging and various improvements that enhance the attractiveness of Bahamian companies as a whole. This summary highlights only some of the changes as follows:
It is to be noted that the pre-existing voluntary liquidation regime for International Business Companies was unaffected by the new liquidation regime.
For additional information about the company law changes please contact partners John K F Delaney (email@example.com) or Samantha Knowles-Pratt (firstname.lastname@example.org).
© Delaney Partners. Published October 01 2012