The Tribune

By RASHAD ROLLE

Tribune News Editor

rrolle@tribunemedia.net

COALITION of Independents leader Lincoln Bain is facing a bankruptcy action weeks before the May 12 general election over debt rooted in a failed investment arrangement.

New Supreme Court filings warn that if Mr Bain does not pay $85,000 plus interest within 21 days of being served, he will have committed “an act of bankruptcy”, opening the door for bankruptcy proceedings against him.

The Tribune understands the Debtor’s Summons, dated April 22, 2026, had not been served on Mr Bain up to press time yesterday. In his recent financial declarations ahead of the May general election, Mr Bain claimed he has a net worth of more than $1.5m.

The case traces back more than a decade to financial arrangements between Mr Bain and Freeport resident Zinnia Rolle involving money Ms Rolle gave to Mr Bain under two agreements in April 2010.  Ms Rolle entrusted him with $40,000, which he was to hold for three years and return with ten percent annual interest. The agreements also gave her the option to invest in shares of a business in which Mr Bain had a controlling interest.

The courts found that the money was never returned.

Mr Bain denied liability and challenged the authenticity of the agreements, arguing his signature had been forged. The trial judge rejected that defence, finding Ms Rolle to be a credible witness and ruling that the agreements were valid and enforceable.

In September 2022, the Court of Appeal upheld that outcome and ordered that Ms Rolle recover $64,000 from Mr Bain and Bani Shoe Warehouse Co Ltd, along with costs.

Mr Bain sought to take the matter to the Privy Council, but in October 2025, the UK-based court dismissed the appeal and ordered him to pay a further $26,000 in costs. That brought the total owed to $90,000.

After the Privy Council ruling, Ms Rolle’s lawyer issued a formal demand for payment and later published a notice in The Tribune in February 2026 as part of efforts to serve Mr Bain.

The latest court filings show that Mr Bain made partial payments totalling $5,000 earlier this year through two banker’s drafts, leaving $85,000 outstanding, plus interest. The Debtor’s Summons now requires Mr Bain to pay the remaining balance, reach an arrangement, or apply to set it aside within 21 days of service. If he does not comply, the document says he will have committed an act of bankruptcy.

Mr Bain addressed the dispute during a recent Facebook Live, describing the lawsuit as “very annoying.”

“I invested in a business I lost,” he said. “Someone decided I should pay. Fine, no problem with that. We tried to pay. We tried to negotiate, tried to give them. We raised amounts to $90,000. We did that. That’s not what we owe, that’s not added interest, that’s what we took it to so they could stop negotiating, because we just wanted it to go away. So I said, if they negotiating, put it high, put it to 90, so they could say let’s finish this.”

Court records do not support Mr Bain’s claim that he or his side “raised” the amount to $90,000 during negotiations. The documents show the figure flows directly from the courts’ rulings: $64,000 awarded by the Court of Appeal and $26,000 in costs ordered by the Privy Council. The later $85,000 figure reflects what remains after the $5,000 in partial payments recorded in the filings.

Mr Bain has tried to limit public access to the case, seeking to have the proceedings sealed. An oral request made by his attorney during an April 1 Notice to Attend Examination hearing was not considered because no formal application had been filed at the time, leaving the matter in open court. A written application filed the following day is now seeking a sealing and non-disclosure order. On Facebook, Mr Bain thrashed The Tribune for reporting the attempt to seal the documents, saying: “Every election the FNM paper the Tribune writes a fake or decitful FAKE NEWS story about me.”

At this stage, Mr Bain has not been declared bankrupt. The current action is a step that could lead to that outcome if the debt is not settled or successfully challenged. Under the Constitution, a person who has been adjudged bankrupt and not discharged is not qualified to be elected to the House of Assembly. A sitting member who becomes bankrupt must also vacate his seat once the process is complete.