The Bahamas Investor

...s. Specifically, we secured long-term financing for our four PSV newbuilds by entering into an $84.0 million loan agreement with DVB, NIBC and ABN Amro Bank. We appreciate the continued support we receive from leading banks, which highlight Ultrapetrol’s leadership position and strong prospects. We also reduced our debt by repurchasing $80.0 million of our outstanding convertible senior notes. With the recent cash infusion of $220.0 million, we ha......

...es’ liquidation regime will be applied to International Business Companies by the companion bill to amend the International Business Companies Act that incorporates the relevant parts of the Companies Act. The existing rules are to be replaced with the following new rules: Companies Liquidation Rules, 2011; Insolvency Practitioners Rules, 2011; and Foreign Proceedings (International Cooperation) Liquidation Rules, 2011. Wealth management Of partic......

...endees were told the Investment Funds Act Technical Team (IFATT) appointed by the Commission to review the IFA had submitted its report, which recommends the Act’s repeal and replacement. Bastian Galanis said the report is under review and thanked the Team, co-chaired by Samantha Knowles-Pratt of Delaney Partners and Michelle Neville-Clarke of Lennox Paton & Co, for its work. The chairman also apprised attendees on the commission’s progress regard......

...Total non-tax revenue softened by $0.8 million (6.1%) to $12.2 million, led by a $0.4 million (3.9%) reduction in receipts from fines, forfeits and administrative fees. For full text reading, please download the attached document. Downloads Download MEFD July 2017......

...ion or more. Unlike some family offices, the company doesn’t charge a flat fee for all services, but allows clients to pick and choose according to their individual needs. “We have always realized that everyone has different requirements, different risk tolerances or different time horizons for their portfolio. Not everyone needs a full service, so we purposefully created everything as independent divisions within the company. We aren’t a bank. I......

...ation, a statutory demand is made by a creditor in respect of a debt owing by a company to that creditor. The request is made in accordance with Section 188(a) of the Companies Act. The demand generally represents the starting point in an involuntary liquidation. Statutory demands However, creditors are not the only parties that can initiate the process. A shareholder or a regulator can initiate the process. For the purposes of this discussion the......

...As a result of the cruise industry’s relentless focus on passenger safety, comfort and care, cruising is one of the safest, most affordable, and enjoyable vacation experiences available today,” Duffy said. In her statement, Duffy outlined a number of proactive measures that CLIA’s members have taken in the areas of safety, self-regulation and training, including: Conducting the 2012 Global Cruise Industry Operational Safety Review, which resulted......

...tor. “I think we have a lot of potential for more speciality-type tourism. For example, the Royal Oasis … could become a world-class medical hospital affiliated with a North American university hospital. … It certainly would present an asset in that a lot of older people who like to travel might well feel more secure having it around. … If you look at the immigration to Florida every year, one of the biggest things that these émigrés with disposab......

.... Foundations: In cases where someone in a civil law jurisdiction feels discomfort or uncertainty in using trusts as an estate-planning vehicle, the new Bahamian Foundations Act, 2004 may provide an appropriate alternative. The enactment of this law (traditionally a civil law entity) in The Bahamas illustrates another global trend: this one, of common law countries slowly moving towards acceptance and, therefore recognition of, foundations–and The......

...es, to see how various synergies might be achieved for the benefit of all. For example, Bahamasair is now required to implement flights into the Bahamas from outside the region to serve our tourism sector. It may be possible for Caribbean Airlines and Bahamasair to cooperate in seeking to fulfill that demand. In addition, the two carriers may be able to fulfill the wish of many of the region to be able to traverse the region in a single day withou......

...ntee that the policyholders would be made whole but rather was to serve as comfort to a potential purchaser. In any event it proved academic, as the sale of the portfolio never materialized. Happily, however, a solution is now at hand. The liquidator of CLICO has proposed and the Government has agreed a plan to make all existing policyholders whole. This plan involves the creation of a special purpose vehicle to assume the insurance operations of......

...ajor issues shaping the future of industry include: exchange controls; the Foreign Account Tax Compliance Act (FATCA); capital management; government policy; technology; internal/offshore expansion; and the convergence of banks and insurance companies, among others. Although the European Partnership Agreement (EPA) calls for a level playing field and free trade in some services inclusive of insurance, Cooper said the local insurance sector remains......

...furnish the interiors of the cottages. Shaner Bahamas, the new development company founded by Lance Shaner and Eddie Lauth to develop French Leave in concert with Governor’s Harbour Resort & Marina, Ltd., commenced construction this year. “The combined choice 270-acre resort site from ‘sea to sea’ swath of pink sand beach and hills had been inaccessible and unavailable for private ownership for 75 years,” Lauth said. “With French Leave this has ch......

...give Bahamian agents more confidence in the system. “It will take a while for the business community to have that confidence to say to people that this can happen if you need it, but it is a move in the right direction,” he said. “It gives everybody a lot of confidence.” “We are most attractive to Europeans when it comes to wanting permanent residency. I would imagine that the numbers [of foreigners applying] should increase.” More information ab......

...both locally and internationally. We envision taking a proactive approach by becoming standards setters and making our presence felt globally. The accounting professional in The Bahamas has evolved over the past 40 years, and we look forward to the next 40. Bio Reece Chipman Reece Chipman is the president of BICA and runs his own audit and accounting firm, CatsanChipman. He is a founding member of the Bahamas Association of Securities Dealers and......