Insolvency Updates

Chief Justice Sir Michael Barnett recently heard petitions of a voluntary liquidator of two Panamanian companies, BC Capital Group SA and BC Capital Group International SA ("BC Capital entities") for the Supreme Court of The Bahamas ("Supreme Court") to supervise the respective voluntary liquidations. The BC Capital entities nexus with The Bahamas were assets within and business conducted from the jurisdiction. They were part of an international group of related entities ("BC Capital Group"). Allegations were made that the BC Capital Group were part of a Ponzi scheme and the United States District Court had, prior to the hearing of the petitions, appointed a Receiver ("US Receiver") in the United States of America to take control of its assets worldwide. The US Receiver had an application pending for recognition in The Bahamas.