April 2017

The Bahamas represented as leading offshore jurisdiction in Insolvency Debate in Australia

Lennox Paton’s Litigation Partner Sophia Rolle-Kapousouzoglou presented on a panel at the Offshore Day of the INSOL Quadrennial Congress.  Sophia represented The Bahamas in a debate comprising leading insolvency practitioner’s from various offshore jurisdictions such as the British Virgin Islands, the Cayman Islands, and Guernsey.  The other members of the panel included the Head of Maples Litigation Department BVI, The Head of Carey Olsen’s Litigation Department Guernsey, and a Senior Attorney of Kobre & Kim, Cayman Islands.  The panel was moderated by English Queen’s Counsel, Lexa Hilliard QC. 

The panel debated the issue of whether the common law principle of universalism which embraces the concept of a single bankruptcy proceeding and applies a single legal regime to an insolvent estate worldwide is ‘dead’ or ‘alive’ in light of recent jurisprudence emanating from various offshore jurisdictions including The Bahamas.  Sohpia and Karen LeCras of Carey Olsen prevailed in their arguments in favor of universalism being alive on the vote of the audience. 

The INSOL Quadrennial Congress held in Sydney Australia was attended by over 900 industry specialists. The Congress is one of the largest insolvency conferences held every 4 years within the organization which attracts thought leaders and insolvency practitioners and specialists internationally.  The conference was also attended by members of the Judiciary from various countries as well as accountants, lawyers and representatives of various numerous financial institutions.