I thought if you were about to get foreclosed on, the PM would call up the bank manager on your behalf and make them stop?
That's why Christie is so mad at Sarkis. If he just had of waited to declare Chapter 11, Christie would have called up the manager of the Chinese Bank and it would have all been fine.
*China Construction America and its attorneys want to examine the developer’s top executives on “all facts, circumstances, discussions, plans” or strategies relating to its decisions to file for Chapter 11 AND not use restructuring procedures in the Bahamas.*
What Bahamian restructuring procedures? There are none. We just have an antiquated winding up procedure. There is no process in the Bahamas even vaguely similar to Chapter 11 in the US.
People have to stop comparing Chapter 11 to the Bahamas winding-up procedure. They have totally different goals and end results. The bankruptcy laws in the Bahamas are antiquated and in need of reform. These are the kinds of things that actually inhibit foreign businesses from incorporating here.
It may be a good idea for private individuals to have stakes in businesses but the government should keep their dirty hands off of them. They have proven time and again that they know nothing about running businesses.
*Mr Simms - He noted that the Bahamas’ insolvency provisions were “the reason why people come here to do business and lend money here.”*
No company has ever come to set up shop here based on the Bahamas antiquated insolvency provisions. It affords little to no protection to the company or the creditors. What an asinine statement.
newcitizen says...
This is not limited to boats or the police. Maintenance is a foreign word to Bahamians.
On Only one vessel in Abaco to cope with boat thefts
Posted 24 July 2015, 4:28 p.m. Suggest removal
newcitizen says...
I thought if you were about to get foreclosed on, the PM would call up the bank manager on your behalf and make them stop?
That's why Christie is so mad at Sarkis. If he just had of waited to declare Chapter 11, Christie would have called up the manager of the Chinese Bank and it would have all been fine.
On Mitchell says investors won’t be scared off
Posted 24 July 2015, 3:25 p.m. Suggest removal
newcitizen says...
Isn't this man a wanted criminal in the US?
On Deputy PM accused of discrediting auditor
Posted 24 July 2015, 3:19 p.m. Suggest removal
newcitizen says...
*China Construction America and its attorneys want to examine the developer’s top executives on “all facts, circumstances, discussions, plans” or strategies relating to its decisions to file for Chapter 11 AND not use restructuring procedures in the Bahamas.*
What Bahamian restructuring procedures? There are none. We just have an antiquated winding up procedure. There is no process in the Bahamas even vaguely similar to Chapter 11 in the US.
On Contractor moves to interrogate top Baha Mar officials
Posted 24 July 2015, 3:06 p.m. Suggest removal
newcitizen says...
Corruption here in the Bahamas is also the order of the day. It's why China has been such a good bedfellow.
On YOUNG MAN'S VIEW: The implications of the Baha Mar saga
Posted 23 July 2015, 3:49 p.m. Suggest removal
newcitizen says...
Perry confused the words mediating and meddling. Honest mistake.
On Baha Mar battle needed arbitration ‘months ago’
Posted 23 July 2015, 3:25 p.m. Suggest removal
newcitizen says...
They haven't gotten the shakedown proposals back yet for how much each of the politicians will get paid under the table.
On BTC roaming rates ‘12x higher’ than Caribbean
Posted 22 July 2015, 6:28 p.m. Suggest removal
newcitizen says...
People have to stop comparing Chapter 11 to the Bahamas winding-up procedure. They have totally different goals and end results. The bankruptcy laws in the Bahamas are antiquated and in need of reform. These are the kinds of things that actually inhibit foreign businesses from incorporating here.
On Contractor to layoff construction workers
Posted 22 July 2015, 6:26 p.m. Suggest removal
newcitizen says...
It may be a good idea for private individuals to have stakes in businesses but the government should keep their dirty hands off of them. They have proven time and again that they know nothing about running businesses.
On Taxpayers should get 25% Baha Mar stake
Posted 22 July 2015, 6:11 p.m. Suggest removal
newcitizen says...
*Mr Simms - He noted that the Bahamas’ insolvency provisions were “the reason why people come here to do business and lend money here.”*
No company has ever come to set up shop here based on the Bahamas antiquated insolvency provisions. It affords little to no protection to the company or the creditors. What an asinine statement.
On Baha Mar court ruling tomorrow
Posted 21 July 2015, 4:47 p.m. Suggest removal