RosShanique Coleby 000-07-2198 BUSL355
To be declared a bankrupt is a very serious position to be in. Discuss bankruptcy in the
Bahamas and who it applies to. Also list some of the implications that can result from being
declared bankrupt
Being declared bankrupt is a very serious and in some cases very stressful position to find
yourself in. There are a set of rules and guidelines in order to be declared bankrupt and in the
Commonwealth of the Bahamas bankruptcy is govern by The Bankruptcy Act of 1870. When
being declared bankrupt it is important to note that The Bankruptcy Act of 1870 only refers to
individual debtors and excludes incorporated firms. Therefore, if one intends to initiate
bankruptcy against an incorporated business within the Bahamas they should follow proceedings
found within The Companies Act of 1992 which states the procedures in which directors and
