Bankruptcy Laws in The Bahamas

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In The Commonwealth of The Bahamas, the law of bankruptcy is governed by the Bankruptcy Act of 1870, and its formal procedures called the Bankruptcy Rules 1958 in the Act’s statutory subsidiary follow the first and second schedules of the United Kingdom’s Bankruptcy Act of 1915. It is important to note that the Bankruptcy Act of 1870 refers to individual Debtors only, and excludes partnerships, associations, and incorporated companies from being adjudged bankrupt (S3, Bankruptcy Act 1870). Nevertheless should one wish to initiate bankruptcy proceedings against a company incorporated in The Bahamas, proceedings should be taken under the Companies Act of 1992, which specifies the procedures in which directors and corporate officers may be held personally liable for actions conducted by the company.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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