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CLICO liquidator's plea: Help me avoid 'fire sale'
August 18, 2010
CLICO liquidator's plea: Help me avoid 'fire sale'
By NEIL HARTNELL
Tribune Business Editor
Clico (Bahamas) liquidator has sought a 90-day extension from the US courts to reorganise the affairs of the property that accounts for 63 per cent of the insolvent insurer's total assets, in a bid to avoid a 'fire sale' of a development worth "enormously in excess" of the liens against it.
Documents obtained by Tribune Business from the US Bankruptcy co...
Accounting firm expanding global network
August 19, 2010
Accounting firm expanding global network
By JAMMAL SMITH
Guardian Business Reporter
jammal@nasguard.com
Continuing to expand its presence, SMSChipman is now affiliated with the International Federation of Accountants(IFAC), linking the accounting firm to over 10,000 professionals around the world.
The agency, formerly known as CatsanChipman, joined the larger network due to one of its regional affiliates SMSLatinoAmerica becoming a memb...
August 24, 2010
Former MP tells PLP: Avoid running only 'wealthy professionals'
AS THE Progressive Liberal Party continues to roll out its slate of new candidates for the 2012 general election, a former party Member of Parliament called on the leadership to avoid the temptation of only running "wealthy professionals."
George Smith, former Cabinet minister and MP for Exuma, said he is a great advocate for the party fielding a "balanced slated" of candidates. Therefore, he sai...
CLICO liquidator targets 77 firms
August 25, 2010
CLICO liquidator targets 77 firms
By NEIL HARTNELL
Tribune Business Editor
CLICO (Bahamas) liquidator is attempting to obtain records on 77 companies he believes are connected to the insolvent insurer's Trinidadian boss, Lawrence Duprey, as he continues his asset hunt on behalf of Bahamian policyholders and creditors, Tribune Business can reveal.
Attorneys representing Craig A. 'Tony' Gomez, the Baker Tilly Gomez accountant and...
'No justification' for US dollar borrowing bar
August 26, 2010
'No justification' for US dollar borrowing bar
By NEIL HARTNELL
Tribune Business Editor
BAHAMIANS should be permitted to borrow in US dollars against assets that generate significant amounts of this currency, a senior accountant urged yesterday, warning that current restrictions placed them at a major disadvantage when it came to ownership of key businesses in this nation.
Raymond Winder, managing partner at Deloitte & Touche (Bahamas), sai...
Rate cut's 40m 'wealth transfer'
August 26, 2010
Rate cut's 40m 'wealth transfer'
By NEIL HARTNELL
Tribune Business Editor
CUTTING the Bahamian Prime Rate will not stimulate the economy but merely "transfer wealth" from savers and pension funds to borrowers, a leading accountant told Tribune Business yesterday, with the Government spending its estimated $40 windfall on meeting existing obligations/reducing debt.
Countering calls for the Central Bank of the Bahamas to lower t...
CLICO liquidator plea is rejected
August 26, 2010
CLICO liquidator plea is rejected
By NEIL HARTNELL
Tribune Business Editor
CLICO (Bahamas) liquidator has seen the US courts reject his plea for a 90-day extension to the deadline for him to reorganise the affairs of the property representing 63 per cent of the insolvent insurer's assets, Tribune Business can reveal.
The US District Bankruptcy court for south Florida rejected the plea on a technicality by finding that neither h...
Changes coming for insurance industry
August 28, 2010
Changes coming for insurance industry
By JAMMAL SMITH
Guardian Business Reporter
jammal@nasguard.com
Changes to financial reporting methods from insurance companies in the country may be on the way with the head of the Bahamas Institute of Chartered Accountants saying the new global standards will be beneficial to the industry.
BICA President Reece Chipman spoke on the topic at the organization's seminar on the insurance industry, he...
NIB chief optimistic
August 29, 2010
NIB chief optimistic
By CHESTER ROBARDS
Business Reporter
crobards@tribunemedia.net
THE NATIONAL Insurance Board's (NIB) balance sheet is continuing to reflect growth due to some $100 million in investment projects and $1.6 billion in reserves, its director said, adding that contribution rate increases over the next two years will ensure it continues to be stable.
Algernon Cargill, speaking at the Bahamas Institut...
Insurers ready for accounting transformation
August 29, 2010
Insurers ready for accounting transformation
By CHESTER ROBARDS
Business Reporter
crobards@tribunemedia.net
THE BAHAMIAN INSURANCE industry is facing massive accounting changes that are set to be implemented in September 2011, an extension that was given due to the complex and arduous road ahead for sector stakeholders, the president of the Bahamas Institute of Chartered Accountants (BICA) has revealed.
Reece Chipman said the new Interna...
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