Liquidating a bahamian company

Below we will examine the various remedies available to those who are the victims of fraud, the procedures for accessing these remedies, and recent legal developments both in the Bahamian courts and in statutes enacted by the Bahamian Parliament.

Both Bahamian statute and the common law recognise a number of rights and provide various remedies for obtaining redress against fraud.

If it can be shown that (1) a representation was made knowingly without belief in its truth, or recklessly as to whether it be true or false, and (2) the reliance on that resulted in damage, a claim for fraudulent misrepresentation is sustainable.

Maintaining the trust and confidence of financial institutions around the globe, specifically those in the banking, investment and trust businesses requires a flexible legal infrastructure capable of adjudicating complex disputes, and a statutory and common law framework capable of protecting the rights of those doing business within the jurisdiction, both of which the Bahamas boast.

There the court found that where a company purchased certain preference shares with monies from an employee pension plan, contrary to the provisions of the trust, that company will be considered a constructive trustee of the dividends of those shares.

The court further found that it could impute to the company the knowledge of the trust where the company that held the plan and the company in which the preference shares were bought shared a common director.

Criminal offences with fraudulent elements include theft, fraudulent breach of trust and dishonest appropriation.

To protect against the deliberate disposition of assets to avoid creditors' claims (such as judgment debts) the Fraudulent Dispositions Act 1991 (FDA) purchaser, the FDA empowers the court to vest the transferee with a first charge on the property for the amount of costs incurred in defending the claim to set aside the disposition.

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