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Bankruptcy in The Bahamas: A tool that cripples!

Did you know that if a person is owed more than $200.00 and the person against whom judgment is obtained refuses to satisfy this debt, that person can be declared bankrupt? The process by which this can be achieved is called bankruptcy proceedings. Bankruptcy as an enforcement measure is used only as a last resort after other means of enforcement have been exhausted mainly because of its draconian nature. Did you know that being adjudged a bankrupt can cripple a Judgment Debtor? A Judgment Debtor’s business life would be virtually at a standstill until the debtor is able to satisfy his/her indebtedness. This Article is a brief overview of the process involved in declaring a person bankrupt and the consequences that naturally follow. More…

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