Liquidating a bahamian company

Everything Must Go’s seeming closure, following its opening less than three years ago, marks another episode in the ‘ups and downs’ of Mr Schaefer’s time in the Bahamas.

A colourful, Brooklyn-born entrepreneur, Mr Schaefer brought the Robin Hood format to New Providence in the late 1990s via a discount model that aimed to undercut the prices offered by established Bahamian retailers.

Now, with construction set to remobilise and Baha Mar’s assets ‘sold’ to a special purpose vehicle (SPV) owned by the China Export-Import Bank, the continued existence of the Baha Mar companies is surplus to requirements.

Alfred Sears QC, the attorney for the now full-liquidators, told Tribune Business that the full liquidation was unopposed - even by attorneys acting for Mr Izmirlian and his Granite Ventures vehicle.

The shelves where home appliances and televisions were stocked were almost completely bare by late Saturday afternoon.

Several sources had suggested Everything Must Go’s closure came after it ran into regulatory issues with the Government, but K P Turnquest, minister of finance, said he was unaware of any such problems when contacted by Tribune Business yesterday.

With initial estimates of the cost to complete Baha Mar pegged at 0 million, the China Export-Import Bank, as the project’s financier, agreed to extend half that amount provided that Mr Izmirlian and CCA agreed to cover the balance by investing million apiece.

However, a deal foundered on Mr Izmirlian’s alleged refusal to provide a personal guarantee.

“There is a value to formally winding-up, so the liquidators can identify all the assets and liabilities, make sure all are accounted for, and conduct a general investigation so that when the companies go out of existence there are no hidden assets anywhere.” Mr Munroe expressed hope that the liquidation would take no more than three-six months to complete, suggesting that such a timetable would dovetail nicely with the Government’s intentions for Baha Mar to open by the end of winter tourism season in April 2017. Banners touting the ‘liquidation sale’, with prices between 30 per cent to 80 per cent off, were placed at the Prince Charles roadside and on the ex-Robin Hood outlet that houses Everything Must Go.A Tribune Business reporter who visited the retail outlet on Saturday saw that numerous products, initially given discounts of between 30-35 per cent, had all been increased to ‘50 per cent off’ as the store sought to sell-off its last-remaining inventory.Another ‘equity holder’ is China State Construction Engineering Corporation (CSCEC), parent of CCA, which had invested 0 million in the project by way of preference shares.The full liquidation of Baha Mar Ltd, Baha Mar Land Holdings, Baha Mar Enterprises, Baha Mar Properties, BMP Golf, BMP Three and Cable Beach Resorts marks another step towards resolution for the stalled .5 billion project, with ‘no turning back’ towards the original developer/owner.

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