Insolvency Association launches in Bahamas

As of Monday, May 28, 2018

The Restructuring and Insolvency Specialists Association (Bahamas) held its launch event last Thursday at Baha Mar's Royal Blue Golf Club.

In attendance were around 50 guests, including members of the judiciary, Queen's Counsels (QCs), Certified Financial Analysts (CFAs), accountants and attorneys from the Bahamas' leading institutions, accounting and law firms.

Welcoming remarks were given by RISA's founding directors, who said similar chapters have already been established in the Cayman Islands, Bermuda and British Virgin Islands (BVI).

The Association's goal is to bring together persons with experience in insolvency and restructuring to assist in facilitating legislative reform, committees for educational seminars, the hosting of international conferences and other networking events.

The event was sponsored by Lennox Paton, KPMG and Ernst & Young. The Founding Directors of RISA are Zelma Wilson (KPMG), Igal Wizman (EY) and Sophia Rolle-Kapousouzoglou (Lennox Paton).

Photo credits - Scharad Lightbourne

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ohdrap4 6 years, 5 months ago

phew, for a moment i thought this was an association of insolvents and feared there is not a building big enough to house them.

TheMadHatter 6 years, 5 months ago

The Bahamas does not have a bankruptcy law. You can never ever get out of debt no matter what turns your life takes.

This affords the banks a zero risk environment but they charge full risk interest if 18.5% on consumer loans. In addition to late fees etc. All of these however are not to exceed 20%. However you never ever hear of any bank violating this rule being charged in the courts. LOL.