By NEIL HARTNELL

Tribune Business Editor

nhartnell@tribunemedia.net

A well-known Bahamian seafood provider has been placed in Supreme Court-ordered receivership after defaulting on debt understood to be worth between $1m-$1.5m.

John Bain, the prominent forensic accountant, yesterday confirmed to Tribune Business he has been appointed receiver of Geneva Brass Seafoods Supply by Royal Bank of Canada (RBC) Bahamas although he declined to say much more other than he is seeking to maximise the value of the company and its assets for creditors.

“It’s under active receivership,” he said, “and we’re trying to maximise the protection of asset value. There’s perishable products and we don’t want to go in there and all the fish rot.” Geneva Brass Seafoods was ordered into receivership by the Supreme Court almost five months ago, on February 14, 2025, a newspaper notice disclosed, with Mr Bain selected as receiver by RBC one week later.

Percival Roberts, Geneva Brass Seafood’s principal, could not be reached for comment by Tribune Business before press time last night. However, this newspaper understands that Mr Bain, and his JSB Global Solutions firm, have taken control of the company’s Eden Street South location in Greater Chippingham, plus all fisheries stocks, freezers, coolers, land, bank accounts and other assets.

Mr Bain, who is now an officer of the Supreme Court, will now be seeking to maximise the company’s value in a bid to recover the full sum owed to RBC. All options, including a potential sale of the business if it remains a viable operation, will be considered, but the future of Geneva Brass Seafoods is at present shrouded in uncertainty.

Tribune Business understands that the company employs ten staff directly, and a further 12 indirectly, meaning that 22 workers in total have been impacted. RBC’s recourse to the Supreme Court, and appointment of a receiver in an action that was filed back in 2022, suggests the bank - as secured lender - has run out of patience and sees no other way to recover the credit it extended.

Yesterday’s newspaper confirmed that RBC has appointed Mr Bain under the “powers contained” in the debenture and other documents that provided security over the company’s assets for the loan. “The receiver has assumed control of all assets, operations and undertakings of the company with immediate effect,” the notice said. RBC’s attorneys are understood to be Higgs & Johnson.

Adrian LaRoda, the Bahamas Commercial Fishers Alliance’s president, told Tribune Business that Geneva Brass Seafood’s receivership is “unfortunate” and the situation will have an impact on the Bahamian seafood industry and market. The company was a vertically-integrated provider, catching fish and selling them on both the retail and wholesale markets, as well as for export.

“That’s going to affect us,” Mr LaRoda confirmed. “Geneva Brass roughly accounts for, I wouldn’t say the double digits, but it does account for a significant share of the seafood market. It’s unfortunate that this would happen. Geneva Brass does account for a share, and important share, of the local market - not so much the exports. I don’t know how much exports there were doing in the past four to six years.

“It will affect the overall market. It’s an unfortunate situation, but these things do occur sometimes. It’s unfortunate that they do have to go through that. I hope the owner, Mr Roberts, can turn it around, work it out in the short-term and come back to the fore.”