Foundations (Winding up) Rules


Published: 2007-06-04

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Foundations
FOUNDATIONS [CH.369D – 5






LRO 1/2008 STATUTE LAW OF THE BAHAMAS

FOUNDATIONS (WINDING UP) RULES

ARRANGEMENT OF SECTIONS

SECTION

PRELIMINARY

1. Citation.
2. Interpretation.
3. Application of Rules.

COURTS AND CHAMBERS

4. Matters in Court to be heard in Court and Chambers.
5. Applications in Chambers.
6. Motions and summonses.

PROCEEDINGS

7. Title of proceedings.
8. Written or printed proceedings.
9. Process to be sealed.
10. Issue of summonses.
11. Orders.
12. Certified copies.
13. Inspection of file.

SERVICE OF PROCESS AND ENFORCEMENT OF
ORDERS

14. Service by post.
15. Validity of service.
16. Enforcement of orders.

PETITION

17. Form of petition. Forms 3 or 4.
18. Presentation of petition.
19. Advertisement of petition. Form 5.
20. Service of petition.
21. Verification of petition. Form 7.
22. Petitioner.
23. Copy of petition to be furnished to creditor.

PROVISIONAL LIQUIDATOR

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24. Appointment of provisional liquidator.

HEARING OF PETITION AND ORDERS MADE
THEREON

25. Attendance before hearing to show compliance with Rules.
26. Notice by persons who intend to appear.
27. List of names and addresses of persons who appear on the

petition.
28. Affidavits in opposition and reply.
29. Substitution of creditor for withdrawing petitioner.

ORDER TO WIND UP A FOUNDATION

30. Proceedings on Order.
31. Transmission and advertisement of winding-up order.

APPOINTMENT OF LIQUIDATOR IN A WINDING
UP BY THE COURT

32. Appointment of liquidator.

DIRECTION OR SANCTION OF THE JUDGE

33. Compromise.
34. Other cases.

SECURITY BY LIQUIDATOR IN A WINDING UP
BY THE COURT

35. Standing security to Registrar.
36. Failure to keep or give up security.

COLLECTION AND DISTRIBUTION OF ASSETS IN
A WINDING UP BY THE COURT

37. Collection and distribution of foundation’s assets by
liquidator.

38. Power of liquidator to require delivery of property.

PROOFS

39. Proof of debt.
40. Mode of proof.
41. Verification of proof.
42. Contents of proof.
43. Statement of security.
44. Proof before whom sworn.
45. Costs of proof.
46. Discount.

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47. Periodical payments.
48. Production of bills of exchange and promissory notes.

ADMISSION AND REJECTION OF PROOFS AND
PREFERENTIAL CLAIMS AND APPEAL TO THE

COURT

49. Notice to creditors to prove.
50. Examination of proof.
51. Appeal by creditor.
52. Expunging at instance of liquidator.
53. Expunging at instance of creditor.
54. Proofs to be filed.
55. Procedure where creditor appeals.
56. Time for dealing with proofs by liquidator.

DIVIDENDS IN A WINDING UP BY THE COURT

57. Dividends to creditors.

PROXIES IN RELATION TO A WINDING UP

58. Proxies.
59. Form of proxies.
60. Forms of proxy to be sent with notices.
61. General proxies.
62. Special proxies.
63. Solicitation by liquidator to obtain proxies.
64. Liquidator as proxy.
65. Lodgement of proxy.
66. Use of proxies by deputy.
67. Filling in where creditor blind or incapable.

ATTENDANCE AND APPEARANCE OF PARTIES

68. Attendance at proceedings.

LIQUIDATOR

69. Dealings with assets.
70. Restriction on purchase of goods by liquidator.
71. Cost of obtaining sanction of court.

INVESTMENTS OF FUND

72. Investment of assets in securities and realisation of securities.

ACCOUNTS AND AUDIT IN A WINDING UP BY
THE COURT

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73. Liquidator carrying on business.
74. Summary of accounts.
75. Expenses of sales.

TAXATION OF COSTS

76. Taxation of costs payable by or to Registrar or liquidator or
by foundation.

77. Notice of appointment.
78. Lodgement of bill.
79. Copy of the bill to be furnished.
80. Application for costs.
81. Taxation.
82. Certificate of employment.
83. Costs payable out of the assets.
84. Proceedings for release of liquidator.

RELEASE AND RESIGNATION OF LIQUIDATOR
IN A WINDING UP BY THE COURT

85. Release of liquidator.
86. Proceedings on resignation, etc., of liquidator.

MISCELLANEOUS MATTERS

87. Enlargement or abridgement of time.
88. Notices.
89. Formal defect not to invalidate proceedings.
90. Application of existing procedure.



SCHEDULE
FORMS


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CHAPTER 369D

FOUNDATIONS


FOUNDATIONS (WINDING UP) RULES
(SECTION 75)

[Commencement 4th June, 2007]

PRELIMINARY

1. These Rules may be cited as the Foundations
(Winding up) Rules.

2. In these Rules —
“the Act” means the Foundations Act;
“the foundation” means a foundation which is being

wound-up;
“the Court” means the Supreme Court;
“Form” means the Form prescribed in the Schedule;
“judge” means a Justice of the Supreme Court;
“liquidator” means the official liquidator as referred to

in the Act;
“prescribed” in relation to fees or charges means

prescribed by the Rules of the Supreme Court;
“proceedings” means the proceedings in the winding

up of a foundation under the Act;
“Registrar” means the Registrar of the Supreme Court;
“the Rules” means these Rules, and includes the

Forms prescribed in the Schedule to these Rules;
“sealed” means sealed with the seal of the Supreme

Court;
“Taxing Master” means the taxing masters referred to

in section 69 of the Supreme Court Act.
3. Subject to the limitations hereinafter mentioned,

these Rules shall apply to the proceedings in every winding

S.I. 46/2007

Citation.

Interpretation.

Ch. 369D.

Ch. 53.

Application of
Rules.

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up by the Court and also (unless the context or subject
matter otherwise requires) to every winding up subject to
the supervision of the Court which shall commence on and
after the date on which these Rules come into operation,
and they shall also, so far as practicable, and subject to any
general or special order of the Court, apply to the
proceedings in every winding up by the Court and also to
every winding up subject to the supervision of the Court
which shall have commenced before the date on which
these Rules came into operation.

COURTS AND CHAMBERS

4. (1) The following matters and applications in the
Court shall be heard in open court —

(a) petitions;
(b) applications for the committal of any person to

prison for contempt;
(c) such matters and applications as the judge may

from time to time by any general or special order
direct to be heard in open court.

(2) Examinations of persons summoned before the
Court under the Act shall be held in Court or in Chambers
as the Court shall direct.

(3) Every other matter or application in the Court
under the Act to which the Rules apply may be heard and
determined in Chambers.

5. Subject to the provisions of the Act and the
Rules —

(a) the Registrar may under the general or special
directions of the judge hear and determine any
application or matter which under the Act and the
Rules may be heard and determined in Chambers;

(b) any matter or application before the Registrar
may at any time be adjourned by him to be heard
before the judge either in Chambers or in Court;

(c) any matter or application may, if the judge or, as
the case may be, the Registrar thinks fit, be
adjourned from Chambers to Court or from Court
to Chambers.

Matters in Court
to be heard in
Court and
Chambers.

Applications in
Chambers.

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6. (1) Every application in Court other than a
petition shall be made by motion, notice of which shall be
served on every person against whom an order is sought
not less than two clear days before the day named in the
notice for hearing the motion.

(2) Every application in Chambers shall be made by
summons in Form 1 which, unless otherwise ordered, shall
be served on every person against whom an order is
sought, and shall require the person or persons to whom the
summons is addressed to attend at the time and place
named in the summons.

PROCEEDINGS

7. Every proceeding shall be dated and shall, with
any necessary additions, be instituted in the matter of the
foundation to which it relates and in the matter of the Act
and otherwise as in Form 2 and numbers and dates may be
denoted by figures.

8. All proceedings shall be written or printed, or
partly written or partly printed on paper of the size of 11
inches in length and 8 1/2 inches in breadth, or thereabouts
but no objection shall be allowed to any proof of affidavit
on account only of its being written or printed on paper of
other size.

9. All orders, summonses, petitions, warrants,
process of any kind (including notices when issued by the
Court) and office copies in any proceedings shall be sealed.

10. (1) Every summons in proceedings in the Court
shall be prepared by the applicant or his counsel and
attorney and issued from the Registry of the Court.

(2) A summons, when sealed, shall be deemed to be
issued.

(3) The person obtaining the summons shall leave in
the Registry of the Court a duplicate which shall be
stamped with the appropriate stamp and filed.

11. (1) Every order, whether made in Court or in
Chambers, shall be drawn up by the applicant, unless in
any proceeding, or classes of proceedings, the judge or
Registrar who makes the order shall direct that no order
need be drawn up.

Motions and
summonses.

Form 1.

Title of
proceedings.

Form 2.

Written or
printed
proceedings.

Process to be
sealed.

Issue of
summonses.

Orders.

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(2) Where a direction is given that no order need be
drawn up, the note or memorandum of the order, signed or
initialled by the judge or the Registrar making the order,
shall be sufficient evidence of the order having been made.

12. All certified copies of petitions, affidavits,
depositions, papers and writings, or any parts thereof,
required by any liquidator, creditor, officer of a foundation,
or other person entitled thereto, shall be provided by the
Registrar, and shall, except as to figures, be fairly written
out at length, and be stamped or sealed and delivered out
without any unnecessary delay, and in the order in which
they have been denoted.

13. Every person who has been a founder or a
member of a foundation council or other governing body or
a protector, beneficiary or officer of a foundation which is
being wound up shall be entitled, free of charge, and every
creditor whose claim or proof has been admitted, shall be
entitled on payment of the prescribed fee, at all reasonable
times, to inspect the file of proceedings and to take copies
or extracts from any document therein, or be furnished
with such copies or extracts on payment of the prescribed
fee.

SERVICE OF PROCESS AND ENFORCEMENT OF
ORDERS

14. (1) All notices, summonses and other documents
other than those of which personal service is required, may
be sent by prepaid post letter to the last known address or
post office box of the person to be served therewith.

(2) Any such notice, summons or document shall be
considered as served at the time that the same ought to be
delivered in the ordinary course of post by the post office,
and notwithstanding the same may be returned to the post
office.

15. No service shall be deemed invalid by reason that
the name, or any of the names other than the surname of
the person to be served, has been omitted from the
document containing the person’s name, provided that the
Court is satisfied that in other respects the service of the
document has been sufficient.

16. Every order of the Court made in the exercise of
the powers conferred by the Act and the Rules, may be

Certified copies.

Inspection of file.

Service by post.

Validity of
service.

Enforcement of
orders.

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enforced by the Court as if it were a judgment or order of
the Court made in the exercise of its ordinary jurisdiction.

PETITION

17. Every petition shall be in Form 3 or Form 4.
18. (1) A petition shall be presented at the Registry of

the Court and the Registrar shall appoint the time and place
at which the petition is to be heard.

(2) Notice of the time and place appointed for
hearing the petition shall be written on the petition and
sealed copies thereof and the Registrar may, at any time
before the petition has been advertised, alter the time
appointed and fix another time.

19. Every petition shall be advertised in Form 5
seven clear days before the hearing as follows —

(a) at least once in the Gazette and at least once in
one newspaper of general circulation published in
New Providence and in such other newspaper (if
any) as the Court may direct;

(b) the advertisement shall state the day on which the
petition was presented, the name and address of
the petitioner and of his counsel and attorney and
shall contain a note at the foot thereof stating that
any person who intends to appear on the hearing
of the petition, either to oppose or support, must
send notice of his intention to the petitioner or to
his counsel and attorney within the time and
manner prescribed by rule 25 and an
advertisement of a petition for the winding up of
a foundation by the Court which does not contain
such a notice shall be deemed irregular;

(c) if the petitioner or his counsel and attorney does
not within the time appointed under rule 25 or
within such extended time as the Registrar may
allow, duly advertise the petition in the manner
prescribed by this rule, the appointment of the
date, time and place at which the petition is to be
heard shall be cancelled by the Registrar and the
petition shall be removed from the file, unless the
judge or the Registrar shall otherwise direct.

20. (1) Every petition shall, unless presented by the
foundation be served upon the foundation at the registered

Form of petition.
Forms 3 or 4.
Presentation of
petition.

Advertisement of
petition. Form 5.

Service of
petition.

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office, if any, of the foundation and if there is no registered
office, then at the principal or last known principal place of
business of the foundation, if any such can be found, by
leaving a copy with the secretary of the foundation there or
if no such secretary can be found there, then by leaving a
copy at such registered office or principal place of business
or by serving it on such other officer of the foundation as
the court may direct.

21. Every petition shall be verified by an affidavit in
Form 7.

22. The affidavit shall be made by the petitioner or by
one of the petitioners, if more than one, or in case the
petition is presented by a corporation, by some person who
has been concerned in the matter on behalf of the
corporation and shall be sworn after and filed within four
days after the petition is presented. The affidavit shall be
sufficient prima facie evidence of the statements in the
petition. An affidavit of service of the petition shall be in
Form 6.

23. Every creditor of a foundation shall be entitled to
be furnished by the counsel and attorney of the petitioner
with a copy of the petition within twenty-four hours after
requiring same on paying the prescribed charge for such
copy.

PROVISIONAL LIQUIDATOR

24. (1) After the presentation of a petition for the
winding up of a foundation by the Court, upon the
application of a creditor of the foundation and upon proof
by affidavit of sufficient ground for the appointment of a
provisional liquidator, the Court, if it thinks fit, and upon
such terms as in the opinion of the Court shall be just and
necessary, may make an order of appointment in Form 8
and such order may be made ex parte in cases of urgency.

(2) The order appointing the provisional
liquidator shall —

(a) bear the number of the petition;
(b) state the nature and a short description of the

property of which the provisional liquidator is
ordered to take possession; and

(c) state the duties to be performed by the provisional
liquidator.

Verification of
petition.
Form 7.
Petitioner.








Form 6.

Copy of petition
to be furnished to
creditor.

Appointment of
provisional
liquidator.




Form 8.

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(3) Subject to any order of the Court, if no order for
the winding up of the foundation is made upon the petition
or if an order for the winding up of the foundation on the
petition is rescinded, or if all proceedings on the petition
are stayed or if an order is made continuing the voluntary
winding up of the foundation, subject to the supervision of
the Court, the provisional liquidator shall be entitled to be
paid, out of the property of the foundation, all the costs,
charges and expenses properly incurred by him as
provisional liquidator and may retain out of such property
the amounts of such costs, charges and expenses.

HEARING OF PETITION AND ORDERS MADE
THEREON

25. (1) After a petition has been presented, the
petitioner or his counsel and attorney shall, on a date and
time to be appointed by the Registrar, attend before the
Registrar and satisfy him that —

(a) the petition has been duly advertised;
(b) the prescribed affidavit verifying the statements

therein and the affidavit of service (if any) have
been duly filed; and

(c) the provisions of the rules as to petitions have
been duly complied with by the petitioner.

(2) No order shall be made on the petition of any
petitioner who has not, prior to the hearing of the petition,
attended before the Registrar on the date and time
appointed and satisfied him in the manner required by this
rule.

26. (1) Every person who intends to appear on the
hearing of a petition shall give to the petitioner notice of
his intention in accordance with this Rule.

(2) The notice shall —
(a) contain the address of the person intending to

appear;
(b) be signed by him (or by the counsel and

attorney); and
(c) otherwise be in Form 9 with such variations as

circumstances may require.

Attendance
before hearing to
show compliance
with Rules.

Notice by
persons who
intend to appear.

Form 9.

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(3) The notice shall be served on or sent by post to
the petitioner or his counsel and attorney at the address
stated in the advertisement of the petition.

(4) The notice shall be served (or if sent by post shall
be posted in such time as in ordinary course of post to
reach the address) not later than 4:00 p.m. on the day
before the hearing.

(5) A person who has failed to comply with this rule
shall not, without the special leave of the Court, be allowed
to appear on the hearing of the petition.

(6) For the purposes of this rule, “the day before the
hearing” means the day before the day appointed for the
hearing of the petition, and a Friday shall be regarded as
the day before the following Monday.

27. (1) The petitioner or his counsel and attorney
shall prepare a list in Form 10 of the names and addresses
of the persons who have given notice of their intention to
appear on the hearing of the petition, and of their
respective counsel and attorneys.

(2) On the day appointed for hearing the petition a
fair copy of the list (or if no notice of intention to appear
has been given a statement in writing to that effect) shall be
handed by the petitioner or his counsel and attorney to the
Court prior to the hearing of the petition.

28. (1) Affidavits in opposition to a petition shall be
filed within seven days of the date on which the affidavit
verifying the petition is filed and notice of the filing of
every affidavit in opposition to such a petition shall be
given to the petitioner or his counsel and attorney on the
day on which the affidavit is filed.

(2) An affidavit in reply to an affidavit filed in
opposition to a petition shall be filed within three days of
the date on which notice of such affidavit is received by the
petitioner or his counsel and attorney.

29. (1) When a petitioner for an order that a
foundation be wound up by the Court or subject to the
supervision of the Court is not entitled to present a petition,
or whether so entitled or not, where he —

(a) fails to advertise his petition within the time
prescribed by these Rules or such extended time
as the Registrar may allow;

List of names
and addresses of
persons who
appear on the
petition.
Form 10.

Affidavits in
opposition and
reply.

Substitution of
creditor for
withdrawing
petitioner.

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(b) consents to withdraw his petition, or to allow it to
be dismissed, or the hearing adjourned, or fails to
appear in support of his petition when it is called
on in Court on the day originally fixed for the
hearing thereof, or on any day to which the
hearing has been adjourned; or

(c) if appearing, does not apply for an order in the
terms of the prayer of his petition,

the Court may, upon such terms as it may think just,
substitute as petitioner any creditor who in the opinion of
the Court would have a right to present a petition and who
is desirous of prosecuting the petition.

(2) An order to substitute a petitioner may, where a
petitioner fails to advertise his petition within the time
prescribed by these Rules or consents to withdraw his
petition, be made in Chambers at any time.

ORDER TO WIND UP A FOUNDATION

30. (1) A copy of every order in Form 11 for winding
up a foundation certified to be a true copy thereof as passed
and entered, shall be left by the petitioner at the Chambers
of the judge within ten days after the same has been passed
and entered and in default thereof the judge may, if he
thinks fit, give the carriage and prosecution of the order to
such petitioner.

(2) Upon such copy being left a summons shall be
taken out to proceed with the winding up of the foundation
and be served upon all parties who may have appeared
upon the hearing of the petition.

(3) Upon the return of such summons, a time shall, if
the judge thinks fit, be fixed for the appointment of a
liquidator if not appointed, and for the proof of debts, and
directions may be given as to the advertisements to be
issued for all or any of such purposes and generally as to
the proceedings and the parties to attend thereon.

(4) The proceedings under the order shall be
continued by adjournment and when necessary by further
summons and any such direction as aforesaid may be
given, added to or varied, at any subsequent time as may be
found necessary.

Proceedings on
Order.
Form 11.

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31. (1) When an order that a foundation be wound up
or for the appointment of a provisional liquidator has been
made, the petitioner or his counsel and attorney shall cause
a sealed copy of the order to be served upon the
foundation —

(a) by prepaid letter addressed to it at its registered
office (if any) or post office box;

(b) if there is no registered office, at its principal
place of business or post office box; or

(c) upon such other person or persons, or in such
other manner as the Court may direct,

and if the order is that the foundation be wound up by the
Court, shall within twelve days forward to the Registrar a
copy of the order and shall within twenty-one days cause
notice of the order to be gazetted in Form 36(1).

(2) An order in Form 12 for the winding up of a
foundation subject to the supervision of the Court shall
before the expiration of twelve days from the date thereof
be advertised by the petitioner once in the Gazette and
shall be served on such persons (if any) and in such manner
as the Court shall direct.

APPOINTMENT OF LIQUIDATOR IN A WINDING
UP BY THE COURT

32. (1) The judge may appoint a person to the office
of liquidator who is nominated in the petition or without
previous advertisement or notice to any party or he may fix
a time and place for the appointment of a liquidator and
may appoint or reject any person nominated at such time
and place and appoint any person not so nominated.

(2) When a time and place are fixed for the
appointment of a liquidator such time and place shall be
advertised in such manner as the judge shall direct, so that
the first or only advertisement shall be published within
fourteen days and not less than seven days before the date
so fixed.

(3) Every appointment of a liquidator shall be
advertised, in such manner as the judge shall direct,
immediately after he has been appointed and has given
security if required to do so.

Transmission and
advertisement of
winding-up
order.





Form 36(1).

Form 12.

Appointment of
liquidator.

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(4) When the judge shall direct a meeting of the
creditors of the foundation to be summoned, the Registrar
shall give notice in writing seven clear days before the day
appointed for such meeting, to every creditor, of the time
and place appointed for such meeting, and of the matter
upon which the judge desires to ascertain the wishes of the
creditors or, if the judge shall so direct, such notice may be
given by advertisement, in which case the object of the
meeting need not be stated, and it shall not be necessary to
insert such advertisement in the Gazette.

(5) The votes of the creditors of the foundation at any
meeting summoned by the direction of the judge, may be
given either personally or by proxy; but no creditor shall
appoint a proxy who is not a creditor of the foundation
whose debt or claim has been allowed.

(6) The direction of the judge for any meeting of
creditors and the appointment of a person to act as
chairman of any such meeting, shall be testified by a
memorandum signed by the Registrar.

(7) As soon as practicable after the first meetings of
creditors have been held, the chairman of the meeting shall
in Form 13 report the result of each meeting to the Court.

(8) Upon the result of the meetings of creditors being
reported to the Court, if there is a difference between the
determinations of the meetings of the creditors the Court
shall fix a time and place for considering the resolutions
and determinations (if any) of the meetings, deciding
differences and making such order as shall be necessary.

(9) When a time and place have been fixed for the
consideration of the resolutions and determinations of the
meetings, such time and place shall be advertised by the
Registrar in such manner as the Court shall direct, but so
that the first or only advertisement shall be published not
less than seven days before the time so fixed.

(10) Upon the consideration of the resolutions and
determinations of the meetings the Court shall hear the
Registrar and any creditor and may make an order in Form
14 appointing a liquidator.

(11) If a liquidator is appointed, the Registrar shall, as
soon as the liquidator has given security if required to do
so, cause notice of the appointment to be gazetted in Form
36(2) and the expense of gazetting the notice of the
appointment shall be paid by the liquidator, but may be
charged by him on the assets of the foundation.




Form 13.





Form 14.





Form 36(2).

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(12) Each appointment of a liquidator shall be
advertised in Form 15 by the liquidator in such manner as
the Court directs immediately after the appointment has
been made, and the liquidator has given security if required
to do so.

(13) In case of the death, removal or resignation of a
liquidator notice of which shall be published in the Gazette
in Form 36(3), another shall be appointed in his stead, in
the same manner as directed in the case of a first
appointment, and the proceedings for that purpose may be
taken by such party interested as may be authorized by the
judge to take the same.

DIRECTION OR SANCTION OF THE JUDGE

33. Every application for the sanction of the judge to a
foundation with any person indebted to the foundation,
shall be supported by the affidavit of the liquidator that he
has investigated the affairs of such person, and stating his
belief that the proposed compromise will be beneficial to
the foundation, and his reasons for such belief and the
sanction of the judge thereto shall be testified by a
memorandum, signed by the Registrar, on the agreement of
compromise, unless any party shall desire to appeal from
the decision of the judge, in which case an order shall be
drawn up for that purpose.

34. The direction or sanction of the judge for any
other proceeding or act to be taken or done by the
liquidator shall be obtained upon summons, and an order
shall be drawn up thereon, unless the judge shall otherwise
direct.

SECURITY BY LIQUIDATOR IN A WINDING UP
BY THE COURT

35. Where a liquidator is required to give security,
the following provisions shall have effect, namely —

(a) the security shall be given to such officers or
persons and in such manner as the Registrar may
from time to time direct and a certificate in Form
16 shall be issued by the Registrar;

(b) it shall not be necessary that security shall be
given in each separate winding up but security
may be given either specially in a particular

Form 15.




Form 36(3).

Compromise.

Other cases.

Standing security
to Registrar.

Form 16.

FOUNDATIONS [CH.369D – 21






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winding up, or generally, to be available for any
winding up in which the person giving security
may be appointed as liquidator;

(c) the Registrar shall fix the amount and nature of
such security, and may from time to time, as he
thinks fit, either increase or diminish the amount
of special or general security which any person
has given;

(d) the cost of furnishing the required security by the
liquidator, including any premiums which he may
pay to a bank or other such institution, shall be
borne by him personally, or if the Court so
determines, shall be charged against the assets of
the foundation as an expense incurred in the
winding up.

36. (1) If a liquidator fails to give the required
security within the time stated for that purpose in the order
appointing him or any extension thereof, the Registrar shall
report such failure to the Court and the Court may
thereupon rescind the order appointing the liquidator.

(2) If a liquidator fails to keep up his security the
Registrar shall report such failure to the Court and the
Court may thereupon remove the liquidator and make such
order as to costs as the Court thinks fit.

(3) Where an order is made under this rule rescinding
an order for the appointment or the removal of a liquidator,
the Court may direct that meetings shall be held for the
purpose of determining whether an application shall be
made to the Court for another liquidator to be appointed,
and thereupon the same meetings shall be summoned and
the same proceedings may be taken as in the case of a first
appointment of a liquidator.

COLLECTION AND DISTRIBUTION OF ASSETS IN
A WINDING UP BY THE COURT

37. (1) The duties of the Court in a winding up by the
Court with regard to the collection of the assets of the
foundation, and the application of the assets in discharge of
the foundation’s liabilities, shall be discharged by the
liquidator as an officer of the Court, subject to the control
of the Court.

Failure to keep or
give up security.

Collection and
distribution of
foundation’s
assets by
liquidator.

CH.369D – 22] FOUNDATIONS






STATUTE LAW OF THE BAHAMAS LRO 1/2008

(2) For the purpose of the discharge by the liquidator
of such duties, the liquidator in a winding up by the Court
shall, for the purpose of acquiring or retaining possession
of the property of the foundation, be in the same position
as if he were a receiver of the property appointed by the
Court and the Court may on his application enforce such
acquisition or retention accordingly.

38. Any trustee, receiver, banker, agent or officer of a
foundation which is being wound up under order of the
Court shall, on notice from the liquidator in Form 17 and
within such time as he shall by notice in writing require,
pay, deliver, convey, surrender or transfer to or into the
hands of the liquidator any money, property, books or
papers, which happen to be in his hands for the time being
and to which the foundation is prima facie entitled.

PROOFS

39. In a winding up by the Court every creditor shall,
subject as hereinafter provided, prove his debt, unless the
judge in any particular winding up shall give directions that
any creditor or class of creditors shall be admitted without
proof.

40. A debt may be proved in any winding up by
delivering or sending through the post to the liquidator an
affidavit verifying the debt.

41. An affidavit proving a debt may be made by the
creditor himself or by some person authorised by or on
behalf of the creditor. If made by a person so authorised, it
shall state his authority and means of knowledge.

42. An affidavit proving a debt shall be in Form 18
and shall contain or refer to a statement of account
showing the particulars of the debt, and shall specify the
vouchers, if any, by which the same can be substantiated.
The liquidator to whom the proof is sent may at any time
call for the production of the vouchers.

43. An affidavit proving a debt shall state whether the
creditor is or is not a secured creditor.

44. An affidavit proving a debt may in a winding up
by the Court be sworn before the Registrar.

45. A creditor shall bear the cost of proving his debt
unless the Court otherwise orders.

Power of
liquidator to
require delivery
of property.
Form 17.

Proof of debt.

Mode of proof.

Verification of
proof.

Contents of
proof.
Form 18.

Statement of
security.

Proof before
whom sworn.

Costs of proof.

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46. A creditor proving his debt shall deduct
therefrom —

(a) any discount which he may have agreed to allow
for payment in cash in excess of five per centum
on the net amount of his claim; and

(b) all trade discounts.

47. When any rent or other payment falls due at
stated periods and the order to wind up is made at any time
other than one of those periods, the persons entitled to the
rent or payment may prove for the proportionate part
thereof up to the date of the winding up order as if the rent
or payment grew due from day to day:

Provided that where the liquidator remains in
occupation of premises demised to a foundation which is
being wound up, nothing herein contained shall prejudice
or affect the right of the landlord of such premises to
claim —

(a) payment by the foundation or the liquidator; or
(b) rent during the period of the foundation’s or the

liquidator’s occupation.

48. Where a creditor seeks to prove in respect of a
bill of exchange, promissory note, or other negotiable
instrument or security on which the foundation is liable,
such bill of exchange, note, instrument or security shall,
subject to any special order of the Court made to the
contrary, be produced to the liquidator and be marked by
him before the proof can be admitted either for voting or
for any purpose.

ADMISSION AND REJECTION OF PROOFS AND
PREFERENTIAL CLAIMS AND APPEAL TO THE

COURT

49. (1) Subject to the provisions of the Act, and
unless otherwise ordered by the Court, the liquidator in any
winding up may from time to time fix a certain day which
shall be not less than twenty-eight days from the date of the
notice, on or before which the creditors of the foundation
are to prove their debts or claims and to establish any title
they may have to priority under the Act to be excluded
from the benefit of any distribution made before such debts
are proved or, as the case may be, from objecting to such
distribution.

Discount.

Periodical
payments.

Production of
bills of exchange
and promissory
notes.

Notice to
creditors to
prove.

CH.369D – 24] FOUNDATIONS






STATUTE LAW OF THE BAHAMAS LRO 1/2008

(2) The liquidator shall give notice in writing of the
day so fixed by advertisement in such newspaper as he
shall consider convenient, and to any person who to his
knowledge claims to be a creditor of the foundation and
whose claim has been admitted, by sending the notice to
the last known address or place of abode of such person.

(3) All the rules hereinafter set out as to admission
and rejection of proofs shall apply with the necessary
variations to any such claim to priority as aforesaid.

50. The liquidator shall examine every proof of debt
lodged with him, and the grounds of the debt and in writing
admit or reject it, in whole or in part, or require further
evidence in support of it and if he rejects a proof he shall
state in Form 19 to the creditor the grounds of rejection.

51. If a creditor is dissatisfied with the decision of the
liquidator in respect of a proof, the court may, on the
application of the creditor, reverse or vary the decision but,
subject to the power of the Court to extend the time, no
application to reverse or vary the decision of the liquidator
in a winding up by the Court rejecting a proof sent to him
by a creditor, or person claiming to be a creditor, shall be
entertained, unless notice of the application is given before
the expiration of twenty-eight days from the date of the
service of the notice of rejection.

52. If the liquidator thinks that a proof has been
improperly admitted, the Court may, on the application of
the liquidator, after notice to the creditor who made the
proof, expunge the proof or reduce its amount.

53. The Court may also expunge or vary a proof upon
the application of a creditor or contributory if the liquidator
declines to interfere in the matter.

54. Every liquidator in a winding up shall on the first
day of every six-month period file with the Registrar a
certified list of all proofs, if any, in Form 20 received by
him during the six months next preceding, distinguishing in
such lists the proofs admitted, those rejected and such as
stand over for further consideration, and in the case of
proofs admitted or rejected, he shall cause the proofs to be
filed with the Registrar.

55. The liquidator in a winding up shall, within three
days after receiving notice from a creditor of his intention
to appeal against a decision rejecting proof, file such proof

Examination of
proof.
Form 19.

Appeal by
creditor.

Expunging at
instance of
liquidator.

Expunging at
instance of
creditor.

Proofs to be
filed.
Form 20.

Procedure where
creditor appeals.

FOUNDATIONS [CH.369D – 25






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with the Registrar, with a memorandum thereon of his
disallowance thereof.

56. Subject to the power of the Court to extend the
time, the liquidator in a winding up, within twenty-eight
days after receiving a proof, which has not previously been
dealt with, shall in writing either admit or reject it wholly
or in part, or require further evidence in support of it:

Provided that where the liquidator has given
notice of his intention to declare a dividend, he shall within
fourteen days after the date mentioned in the notice as the
latest date up to which proofs must be lodged, examine,
and in writing admit or reject, or require further evidence
in support of, every proof which has not been already dealt
with, and shall give notice of his decision rejecting a proof
wholly or in part, to the creditors affected thereby. Where a
creditor’s proof has been admitted the notice of dividend
shall be sufficient notification of the admission.

DIVIDENDS IN A WINDING UP BY THE COURT

57. (1) Not more than two months before declaring a
dividend, the liquidator in a winding up shall give notice in
Form 21 of his intention to do so to the Registrar and shall
cause such notice in Form 36(4) to be gazetted, and shall at
the same time give notice in Form 22 to such of the
creditors known to him as have not proved their debts, and
such notice shall specify the latest date up to which proofs
must be lodged, which shall not be less than twenty-eight
days from the date of such notice.

(2) Where any creditor, after the date mentioned in
the notice of intention to declare a dividend as the latest
date up to which proofs may be lodged, appeals against the
decision of the liquidator rejecting proof, notice of appeal
shall, subject to the power of the court to extend the time in
special cases, be given within twenty-eight days from the
date of the notice of the decision against which the appeal
is made, and the liquidator may in such case make
provision for the dividend upon such proof, and the
probable cost of such appeal in the event of the proof being
admitted. Where no notice of appeal has been given within
the time specified in this Rule, the liquidator shall exclude
all proofs which have been rejected from participation in
the dividend.

(3) Immediately after the expiration of the time fixed
by this Rule for appealing against the decision of the

Time for dealing
with proofs by
liquidator.

Dividends to
creditors.
Forms 21, 36(4)
and 22.

CH.369D – 26] FOUNDATIONS






STATUTE LAW OF THE BAHAMAS LRO 1/2008

liquidator he shall proceed to declare a dividend, and shall
give notice in Form 23 to the Registrar (and shall cause the
same to be gazetted in Form 36(5)) and sent to each
creditor whose proof has been admitted.

(4) If it becomes necessary, in the opinion of the
liquidator to postpone the declaration of the dividend
beyond the limit of two months, the liquidator shall give a
fresh notice of his intention to declare a dividend to the
Registrar and shall cause the same to be gazetted but it
shall not be necessary for the liquidator to give a fresh
notice to such of the creditors known to him as have not
proved their debts. In all other respects the same procedure
shall follow the fresh notice as would have followed the
original notice.

(5) Upon the declaration of a dividend the liquidator
shall forthwith transmit to the Registrar a list of the proofs
filed with the Registrar under rule 54, which list shall be in
Form 24 or 25 as the case may be.

(6) Dividends may at the request and risk of the
person to whom they are payable be transmitted to him by
post.

(7) If a person to whom dividends are payable desires
that they shall be paid to some other person he may lodge
with the liquidator a document in Form 26 which shall be a
sufficient authority for payment of the dividend to the
person therein named.

PROXIES IN RELATION TO A WINDING UP

58. (1) A creditor may vote either in person or by
proxy.

(2) Where a person is authorised to represent a
corporation at any meeting of creditors such person shall
produce to the liquidator a copy of the resolution so
authorising him.

(3) Such copy must either be under the seal of the
corporation or must be certified to be a true copy by the
secretary or a director of the corporation.

(4) The succeeding Rules as to proxies shall not
(unless otherwise directed by the Court) apply to a Court
meeting of creditors prior to the first meeting.

59. Every instrument of proxy shall be in accordance
with the appropriate form in the Schedule.

Form 23.

Form 36(5).






Forms 24 and 25.




Form 26.

Proxies.

Form of proxies.

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60. General and special forms of proxy shall be sent
to the creditors with the notice summoning the meeting,
and neither the name nor description of the liquidator or
any person shall be printed or inserted in the body of any
instrument of proxy before it is so sent.

61. A creditor may give a general proxy in Form 27
to any person.

62. A creditor may give a special proxy in Form 28 to
any person to vote at any specified meeting or adjournment
thereof —

(a) for or against the appointment or continuance in
office of any specified person as liquidator; and

(b) on all questions relating to any matter other than
those above referred to and arising at the meeting
or on adjournment thereof.

63. Where it appears to the satisfaction of the Court
that any solicitation has been used by or on behalf of a
liquidator in obtaining proxies or in procuring his
appointment as liquidator except by the direction of a
meeting of creditors the Court if it thinks fit may order that
no remuneration be allowed to the person by whom or on
whose behalf the solicitation was exercised
notwithstanding any resolution of the creditors to the
contrary.

64. A creditor in a winding up may appoint the
liquidator as his general or special proxy.

65. (1) In every case a proxy shall be lodged with the
liquidator in a winding up not later than four o’clock in the
afternoon of the day before the meeting or adjourned
meeting at which it is to be used.

(2) No person who is a minor shall be appointed as a
general or a special proxy.

66. Where a liquidator who holds any proxies cannot
attend the meeting for which they are given, he may, in
Form 29, depute some person under his official control to
use the proxies on his behalf and in such manner as he may
direct.

67. The proxy of a creditor blind or incapable of
writing may be accepted if such creditor has attached his
signature or mark thereto in the presence of a witness, who
shall add to his signature his description and residence:

Forms of proxy
to be sent with
notices.

General proxies.
Form 27.

Special proxies.
Form 28.

Solicitation by
liquidator to
obtain proxies.

Liquidator as
proxy.

Lodgement of
proxy.

Use of proxies by
deputy.
Form 29.

Filling in where
creditor blind or
incapable.

CH.369D – 28] FOUNDATIONS






STATUTE LAW OF THE BAHAMAS LRO 1/2008

Provided that such witness shall have certified
at the foot of the proxy that all insertions have been made
at the request and in the presence of the creditor before he
attached his signature or mark.

ATTENDANCE AND APPEARANCE OF PARTIES

68. (1) Every person whose proof has been admitted
shall be at liberty, at his own expense, to attend
proceedings, and shall be entitled, upon payment of the
cost occasioned thereby to have notice of all such
proceedings as he shall by written request desire to have
notice of. If the Court shall be of the opinion that the
attendance of any such person upon any proceedings has
occasioned any additional cost which ought not to be borne
by the funds of the foundation, it may direct such costs, or
a gross sum in lieu thereof, to be paid by such person who
shall not be entitled to attend any further proceedings until
he has paid the same.

(2) The Court may from time to time appoint any one
or more of the creditors to represent before the Court, at
the expense of the foundation all or any class of the
creditors, upon any question or in relation to any
proceedings before the court, and may remove the person
appointed. If more than one person is appointed under this
rule to represent one class, the persons appointed shall
employ the same counsel and attorney to represent them.

LIQUIDATOR

69. (1) The liquidator shall not, while acting as
liquidator, except by leave of the Court, either directly or
indirectly, by himself or any employee, partner, clerk,
agent, or servant, become purchaser of any part of the
foundation’s assets.

(2) Any such purchase made contrary to the
provisions of this Rule may be set aside by the Court on
the application of any creditor in any winding up, and the
Court may make such order as to costs as the Court thinks
fit.

70. Where the liquidator carries on the business of
the foundation he shall not, without the express sanction of
the Court, purchase goods for the carrying on of such
business from any person whose connection with him is of

Attendance at
proceedings.

Dealings with
assets.

Restriction on
purchase of
goods by
liquidator.

FOUNDATIONS [CH.369D – 29






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such a nature as would result in his obtaining any portion
of the profit (if any) arising out of the transaction.

71. In any case in which the sanction of the Court is
obtained under rule 70, the cost of obtaining such sanction
shall be borne by the person in whose interest such
sanction is obtained, and shall not be payable out of the
foundation’s assets.

INVESTMENTS OF FUND

72. In any winding up, if a case has in the opinion of
the liquidator arisen for an investment of funds of the
foundation or a sale of securities in which the foundation’s
funds have been invested, the liquidator may invest the
funds on deposit at interest with a bank or otherwise, or
sell the whole or any part of the said funds and securities.

ACCOUNTS AND AUDIT IN A WINDING UP BY
THE COURT

73. (1) Where a liquidator carries on the business of
the foundation, he shall keep a distinct account of the
trading, and shall incorporate in the cash book the total
monthly amounts of the receipts and payments on such
trading account.

(2) The trading account shall, from time to time and
not less than once in every six months, be verified by
affidavit in Form 30 and the liquidator shall thereupon
submit such account to the Registrar.

74. (1) The liquidator shall prepare a summary of the
accounts of a foundation at the expiration of six months
from the date of the winding up order, and at the expiration
of every succeeding six months until his release, and shall,
subject to any dispensation granted by the Court send a
printed copy of that summary by post to every creditor.

(2) The cost of printing and posting such copy shall
be a charge upon the assets of the foundation.

75. Where property forming part of a foundation’s
assets is sold by the liquidator through an auctioneer or
other agent, the gross proceeds of the sale shall be paid
over by such auctioneer or agent, and the charges and
expenses connected with the sale shall afterwards be paid
to such auctioneer or agent, on the production of the

Cost of obtaining
sanction of court.

Investment of
assets in
securities and
realisation of
securities.

Liquidator
carrying on
business.

Form 30.

Summary of
accounts.

Expenses of
sales.

CH.369D – 30] FOUNDATIONS






STATUTE LAW OF THE BAHAMAS LRO 1/2008

necessary certificate of the taxing officer. Every liquidator
by whom such auctioneer or agent is employed shall,
unless the Court otherwise orders, be accountable for the
proceeds of every such sale.

TAXATION OF COSTS

76. Every counsel and attorney, manager, accountant,
auctioneer, broker or other person employed by a liquidator
in a winding up shall, on request by the liquidator (to be
made a sufficient time before the declaration of a
dividend), deliver his bill of costs or charges to the
liquidator for the purpose of taxation and, if he fails to do
so within the time stated in the request or such extended
time as the Court may allow, the liquidator shall declare
and distribute the dividend without regard to such person’s
claim and subject to any order of the Court the claim shall
be forfeited. The request by the liquidator shall be in
Form 31.

77. Where a bill of costs or charges in any winding
up has been lodged with the Taxing Master, he shall give
notice of an appointment to take the same to the person to
or by whom the bill or charges is or are to be paid, as the
case may be.

78. The bill or charges, if incurred in a winding up by
the court prior to the appointment of a liquidator, shall be
lodged with the Registrar, and if incurred after the
appointment of a liquidator, shall be lodged with the
liquidator. The liquidator shall lodge the bill or charges
with the Taxing Master.

79. Every person whose bill or charges is or are to be
taxed shall, on application either of the Registrar or the
liquidator, furnish a copy of his bill or charges so to be
taxed.

80. Where any party to, or person affected by, any
proceeding desires to make application for an order that he
be allowed his costs, or any part of them, incidental to such
proceedings, and such application is not made at the time
of the proceeding —

(a) such party or person shall serve notice of his
intended application to the liquidator;

(b) the liquidator may appear on such application and
object thereto;

Taxation of costs
payable by or to
Registrar or
liquidator or by
foundation.








Form 31.

Notice of
appointment.

Lodgement of
bill.

Copy of the bill
to be furnished.

Application for
costs.

FOUNDATIONS [CH.369D – 31






LRO 1/2008 STATUTE LAW OF THE BAHAMAS

(c) no costs of or incidental to such application shall
be allowed to the applicant, unless the Court is
satisfied that the application could not have been
made at the time of the proceeding.

81. (1) Except as otherwise provided in the Rules,
every bill of costs, charges or expenses shall be taxed as if
it were a bill of costs arising out of proceedings in or
before the Court under its ordinary jurisdiction:

Provided that, if the judge sees fit he may fix a
gross sum in lieu of taxed costs.

(2) Upon taxation being completed the Registrar
shall issue to the person presenting the bill for taxation a
certificate of taxation in Form 32.

82. Where the bill or charges of any counsel and
attorney, manager, accountant, auctioneer, broker or other
person employed by a liquidator is or are payable out of the
assets of the foundation, a certificate in writing, signed by
the liquidator, shall on the taxation be produced to the
Taxing Master setting forth whether any, and if so what,
special terms of remuneration have been agreed to.

83. (1) The assets of a foundation in a winding up by
the court remaining after payment of the fees and expenses
properly incurred in preserving, realising or getting in the
assets, including where the foundation has previously
commenced to be wound up voluntarily such remuneration,
costs and expenses as the Court may allow to a liquidator
appointed in such voluntary winding up shall, subject to
any order of the Court, be liable to the following payments,
which shall be made in the following order of priority,
namely —

(a) the taxed costs of the petition, including the taxed
costs of any person appearing on the petition
whose costs are allowed by the Court;

(b) the necessary disbursements of any liquidator
appointed in the winding up by the Court, other
than expenses properly incurred in preserving,
realising or getting in the assets heretofore
provided for;

(c) the costs of any person properly employed by any
such liquidator;

(d) the remuneration of any such liquidator.

Taxation.

Form 32.

Certificate of
employment.

Costs payable
out of the assets.

CH.369D – 32] FOUNDATIONS






STATUTE LAW OF THE BAHAMAS LRO 1/2008

(2) No payments in respect of bills of costs, charges
or expenses of counsel and attorneys, managers,
accountants, auctioneers, brokers or other persons, other
than payments for costs, charges or expenses fixed or
allowed by the Court under the Rules, shall be allowed out
of the assets of the foundation unless they have been duly
taxed and allowed by the Taxing Master. The Taxing
Master shall, before passing the bill of costs, charges or
expenses of a counsel and attorney, satisfy himself that the
appointment of a counsel and attorney has been duly
sanctioned.

(3) Nothing contained in this rule shall apply to or
affect costs which, in the course of legal proceedings by or
against a foundation which is being wound up by the
Court, are ordered by the judge to be paid by the
foundation or the liquidator, or the rights of the person to
whom such costs are payable.

84. A liquidator in a winding up by the Court, before
making application to the Court for his release, shall give
notice in Form 33 of his intention so to do to all the
creditors who have proved their debts, and shall send with
the notice a summary of all receipts and payments in the
winding up.

RELEASE AND RESIGNATION OF LIQUIDATOR
IN A WINDING UP BY THE COURT

85. (1) When the liquidator of a foundation which is
being wound up has realised all the property of the
foundation, or so much thereof as can, in his opinion, be
realised without needlessly protracting the liquidation and
has distributed a final dividend, if any, to the creditors, and
made a final return, if any, to the Court, or has resigned, or
has been removed from his office, the Court shall, on his
application in Form 34 accompanied by a statement in
Form 35, take into consideration the report and any
objection which may be urged by any creditor or person
interested against the release of the liquidator, and shall
either grant or withhold the release accordingly.

(2) Where the release of a liquidator is withheld, the
Court may, on the application of any creditor or person
interested, make such order as it thinks just, charging the
liquidator with the consequences of any act or default
which he may have done or made contrary to his duty.

Proceedings for
release of
liquidator.
Form 33.

Release of
liquidator.






Form 34.
Form 35.

FOUNDATIONS [CH.369D – 33






LRO 1/2008 STATUTE LAW OF THE BAHAMAS

(3) An order of the Court releasing the liquidator
shall discharge him from all liability in respect of any act
done or default made by him in the administration of the
affairs of the foundation or otherwise in relation to his
conduct as liquidator, but any such order may be revoked
on proof that it was obtained by fraud or by suppression or
concealment of any material fact.

(4) Where the liquidator has not previously resigned
or been removed, his release shall operate as a removal of
him from his office.

(5) When the Court has granted to a liquidator his
release, a notice in Form 36(6) of the order granting the
release shall be gazetted.

86. (1) Upon a liquidator resigning or being released
or removed from his office, he shall deliver over to the
Registrar or, as the case may be, to the new liquidator, all
books kept by him, and all other books, documents, papers
and accounts in his possession relating to the office of
liquidator.

(2) The Registrar may, at any time during the
progress of the liquidation, on the application of the
liquidator, direct that such of the books, papers and
documents of the foundation or of the liquidator as are no
longer required for the purpose of the liquidation may be
sold, destroyed or otherwise disposed of.

MISCELLANEOUS MATTERS

87. The Court may, in any case in which it shall see
fit, extend, enlarge, or abridge the time appointed by the
Rules or fixed by any order of the Court for doing any act
or taking any proceedings.

88. Notices for publication in the Gazette shall be in
Form 36.

89. (1) No proceedings under the Act or the Rules
shall be invalidated by any formal defect or by any
irregularity, unless the Court before which an objection is
made to the proceedings is of the opinion that substantial
injustice has been caused by the defect or irregularity and
that the injustice cannot be remedied by any order of the
Court.

Form 36(6).

Proceedings on
resignation, etc.,
of liquidator.

Enlargement or
abridgement of
time.

Notices.
Form 36.

Formal defect
not to invalidate
proceedings.

CH.369D – 34] FOUNDATIONS






STATUTE LAW OF THE BAHAMAS LRO 1/2008

(2) No defect or irregularity in the appointment or
election of a liquidator shall vitiate any act done by him in
good faith.

90. In all proceedings in or before the Court, or any
judge, Registrar or officer thereof, or over which the Court
has jurisdiction under the Act and Rules, where no other
provision is made by the Act or Rules, the practice,
procedure and regulations shall, unless the Court otherwise
in any special case directs, be in accordance with the Rules
and practice of the Supreme Court.

Application of
existing
procedure.

FOUNDATIONS [CH.369D – 35






LRO 1/2008 STATUTE LAW OF THE BAHAMAS

SCHEDULE

FORMS

No.1 (Rule 6(2))

FORM OF SUMMONS

(Title. see Form 2)

Let [Name of Respondent] attend at .......... on ..............
the.......day of.................................20 .......at ............o’clock
in the ..........noon on the hearing of an application of [name
and description of applicant] for an order that [State object
of application]

Dated the .......day
of.......................................20...........,

This summons was taken out by ........................of
.............................Counsel and Attorney for ........................

To
....................................................................................

Note - If you do not attend, either in person or by your
Counsel and Attorney at the time and place above
mentioned, such order will be made, and proceedings
taken, as the Judge (or Registrar) may think just and
expedient.

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No.2 (Rule 7)

General Title (Supreme Court)

In the Supreme Court.
No.................of

.................................................20.........
In the matter of [Insert full name of Foundation.]
.....................................................................Foundation

and

In the matter of the Foundations Act
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CH.369D – 36] FOUNDATIONS






STATUTE LAW OF THE BAHAMAS LRO 1/2008

No.3 (Rule 17)

PETITION (Title)

To the Supreme Court
The humble petition of [Insert full name, title, etc. of

petitioner ] ........................................showeth as follows:
1. ……….Foundation (hereinafter called the

Foundation), was in the month of ..............................
registered under the Foundations Act.

2. The registered office of the foundation is at [State
the full address of the registered office]
...............................................................................................

3. The initial assets of the foundation were $...........
The amount of the capital paid or credited as paid is $.........

4. The main objects for which the foundation was
established are as follows: ....................................................
...............................................................................................
...............................................................................................

and other objects set forth in the foundation charter
thereof.

[Here set out in paragraphs the facts on which the
petitioner relies. and conclude as follows]:

Your petitioner therefore humbly prays as follows:
.......
...............................................................................................

(1) That the .................................Foundation, may be
wound up by the Supreme Court under the provisions of
the Foundations Act.

[Add words in brackets ( ) if supervision order is
asked for] (That the voluntary winding up of the
Foundation, may be continued but subject to the
supervision of the Court.)

(2) Or that such other order may be made in the
premises as shall be just.

NOTE. - [This note will be unnecessary if the
foundation is petitioner] It is intended to serve this petition
on ........................................................................................

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FOUNDATIONS [CH.369D – 37






LRO 1/2008 STATUTE LAW OF THE BAHAMAS

No.4 (Rule 17)

PETITION BY UNPAID CREDITOR ON SIMPLE
CONTRACT

(Title)

Paragraphs 1, 2, 3, and 4 as in Form 3.
5. The foundation is indebted to your petitioner in

the sum of $ ......................................for [State
consideration for the debt, with particulars so as to
establish that the debt claimed is due].

6. Your petitioner has made application to the
foundation for payment of his debt, but the foundation has
failed and neglected to pay the same or any part thereof.

7. The Foundation is [insolvent and] unable to pay
its debts.

8. In the circumstances it is just and equitable that
the foundation should be wound up. Your petitioner,
therefore, & c. [as in Form 3].

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CH.369D – 38] FOUNDATIONS






STATUTE LAW OF THE BAHAMAS LRO 1/2008

No.5 (Rule 19)

ADVERTISEMENT OF PETITION (Title)

A petition to wind up the above-named foundation [If
the winding-up is to be subject to supervision insert
“subject to the supervision of the Court”]

presented on ...................................................20 ..........
by [Insert name and address of the petitioner]
of .........................................................claiming to be a
creditor of the foundation will be heard [at the

Supreme Court, Bank Lane, Nassau]
on ..................................................................20 ...........
Any creditor wishing to oppose or support must

ensure that written notice reaches the undersigned by 4:00
p.m. on [If the day of the hearing of the petition is a
Monday then the previous Friday: otherwise the day before
the day of the hearing (Rule 26)]

.........................................................................20 .........
A copy of the petition will be supplied by the

undersigned on payment of the prescribed charge.

[To be signed by the Counsel and Attorney to the

petitioner or by the petitioner if he has no Counsel and
Attorney]

..............................................of .....................................
Counsel and Attorney for/the Petitioner [Delete as

appropriate]

FOUNDATIONS [CH.369D – 39






LRO 1/2008 STATUTE LAW OF THE BAHAMAS

No.6 (Rule 22)

AFFIDAVIT OF SERVICE OF PETITION.

(Title)

In the matter of a petition dated ....................................
I, ......................................., of ......................................,

make oath and say:
1. [In the case of service of petition on a foundation by

leaving it with a the secretary of the foundation at the
registered office, or if no registered office at the principal
or last known principal place of business of the
foundation.]

That I did on ..........day, the ........day of ..................20,
serve the above-named foundation with the above-
mentioned petition by delivering to and leaving with [name
and description] the secretary of the said Foundation a
copy of the above-mentioned petition, duly sealed with the
seal of the Court, at [officer place of business as
aforesaid], before the hour of ..............in the ............noon.

2. [In the case of the secretary of the foundation not
being found at the registered office or place of business.]

That I did on ..........day, the ..........day of .................20
, having failed to find any secretary of the above-named
Foundation at [here state registered office or place of
business], leave there a copy of the above-mentioned
petition, duly sealed with the seal of the Court, before the
hour of ..............in the.............noon [add where such sealed
copy was left. e.g.: affixed to door of offices or placed in
letter box, or otherwise.]

3. [In the case of directions by the Court as to the
officer of the foundation to be served].

That I did on ...........day, the ............day of
...............20, serve [name or names and description] with a
copy of the above-mentioned petition, duly sealed with the
seal of the Court, by delivering the same together with a
true copy of the order for substituted service
dated............20….., personally to the said
........................................, at [place] before the hour of
..................in the .................noon.

4. The said petition is now produced and shown to me,
marked A.

CH.369D – 40] FOUNDATIONS






STATUTE LAW OF THE BAHAMAS LRO 1/2008

Sworn at, & c.
No.7 (Rule 21)

AFFIDAVIT VERIFYING PETITION

(Title)

I, A.B. of .........................make oath and say as
follows:

1. [I am the petitioner in the above matter] [I am
............................................................(state capacity) of the
petitioner in the above matter. I have been concerned in
this matter in such capacity and am duly authorised by the
said petitioner to make this affidavit on his/its behalf.]

2. Such of the statements in the petition now produced
and shown to me and marked with the letter A as relate to
the acts and deeds of [myself] [my firm] [the petitioner] are
true and such of the statements as relate to the acts and
deeds of any other person or persons I believe to be true.

Sworn etc.
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No.8 (Rule 24)

ORDER APPOINTING A PROVISIONAL LIQUIDATOR
AFTER PRESENTATION OF PETITION AND BEFORE

ORDER TO WIND UP
the...........day of .......................................20.........

(Title)

Upon the application, & c., and upon reading, & c.,
the Court doth hereby appoint
................................................

to be Provisional Liquidator of the above-named
Foundation. And the Court doth hereby limit and restrict
the powers of the said Provisional Liquidator to the
following acts, that is to say [describe the acts which the
Provisional Liquidator is to be authorised to do and the
property of which he is to take possession.]

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FOUNDATIONS [CH.369D – 41






LRO 1/2008 STATUTE LAW OF THE BAHAMAS

No.9 (Rule 26)

NOTICE OF INTENTION TO APPEAR ON PETITION

(Title)

Take notice the A.B., of [State full name and address.
or if a firm, the name of the firm and address] a creditor for
$ ...........................of the above foundation intends to
appear on the hearing of the petition advertised to be heard
on the ............day of ..........................................,20 ......,and
to support (or oppose) such petition.

(Signed) [To be signed by the person or his Counsel
and Attorney]

........................................................................[Address.
]

To...................................................................................
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No.10 (Rule 27(1))

LIST OF PARTIES ATTENDING THE HEARING OF A
PETITION

(Title)
The following are the names of those who have given

notice of their intention to attend the hearing of the petition
herein, on the ............day of......................................,20......

Name .............................................................................
Address .........................................................................
Name and Address of Counsel and Attorney of party

who has given notice ..........................................................
..............................................................................................

Creditors Amount of debt .............................................
Opposing ......................................................................
Supporting ....................................................................
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CH.369D – 42] FOUNDATIONS






STATUTE LAW OF THE BAHAMAS LRO 1/2008

No.11 (Rule 30)

ORDER FOR WINDING UP BY THE COURT

the...........day of .......................................20.........
(Title)

Upon the petition of the above-named foundation [or
A.B .. of & c .. a creditor of the above named foundation],
on the ........day of ...........................................20 .........,
preferred unto the Court, and upon hearing for the
petitioner, and .........................for ......................, and upon
reading the said petition, an affidavit of (the said
petitioner), filed, & c., verifying the said petition, an
affidavit of L.M., filed the .....day of ....................20..... ,
the Gazette of the....... day of............................20...........,
the newspaper of the ........day of ................................[enter
any other papers], each containing an advertisement of the
said petition [enter any other evidence], this Court doth
order that the said foundation be wound up by this Court
under the provisions of the Foundation Act and that
...............................be constituted Provisional Liquidator of
the affairs of the foundation.

And it is ordered that the costs of
...............................of the said petition be taxed and paid
out of the assets of the said foundation.

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FOUNDATIONS [CH.369D – 43






LRO 1/2008 STATUTE LAW OF THE BAHAMAS

No.12 (Rule 31 (2))

ORDER FOR WINDING UP, SUBJECT TO
SUPERVISION

(Title)

the...........day of .......................................20.........
Upon the petition, &., the Court doth order that the

voluntary winding up of the said
Foundation, be continued, but subject to the

supervision of this Court; and any of the proceedings under
the said voluntary winding up may be adopted as the Court
shall think fit; and it is ordered that the liquidator
appointed in the voluntary winding up of the said
foundation, or other the liquidator for the time being, do on
the ..........day of ..........................................next, and
thenceforth every three months file with the Registrar a
report in writing as to the position of, and the progress
made with, the winding up of the said foundation, and with
the realization of the assets thereof, and as to any other
matters connected with the winding up as the Court may
from time to time direct. And it is ordered that no bills of
costs, charges or expenses, or special remuneration of any
Counsel and Attorney employed by the liquidator of the
said foundation, or any remuneration, charges or expenses
of such liquidator, or of any manager, accountant,
auctioneer, broker or other person, be paid out of the assets
of the said foundation, unless such costs, charges, expenses
or remuneration, shall have been taxed or allowed by the
Registrar. And it is ordered that all such costs, charges,
expenses and remuneration, be taxed and ascertained
accordingly. And it is ordered that the costs of the
petitioner and of [here insert any directions as to
allowance of costs of petitioners and of person appearing].
And the creditors and liquidator of the said foundation, and
all other persons interested, are to be at liberty to apply
generally as there may be occasion.

CH.369D – 44] FOUNDATIONS






STATUTE LAW OF THE BAHAMAS LRO 1/2008

No.13 (Rule 32(7))

REPORT OF RESULT OF MEETING OF CREDITORS

In the matter, & c.
I, A.B., chairman of a meeting of the creditors of the

above-named foundation, summoned by advertisement in
the ............................newspaper of the .................. 20.......,
and in the Gazette of the ......................20.............., and by
notice dated .............................20......, and held on
the......day of ...............................20............, at .................. ,
do hereby report to the Court the result of such meeting as
follows:

The said meeting was attended, either personally or by
proxy, by ..............creditors whose proofs of debt against
the said foundation were admitted for voting purposes,
amounting in the whole to the value of $ ............................

The question submitted to the said meeting was,
whether the creditors of the said foundation wished that an
application should be made to the Court for appointing a
liquidator [or other the proposal submitted to the meeting.]

The said meeting was unanimously of opinion that the
said proposal should [or should not] be adopted; [or the
result of the voting upon such question was as follows:]
[Here set out the total number and value of the creditors
voting for and against each resolution.]

Dated this ......., day of ...................................., 20........
(Signed)..........................................................................

.
H. T Chairman.

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FOUNDATIONS [CH.369D – 45






LRO 1/2008 STATUTE LAW OF THE BAHAMAS

No.14 (Rule 32(10)

ORDER APPOINTING LIQUIDATOR

(Title)

the...........day of .......................................20.........
Upon the application of the Provisional Liquidator of

the above-named foundation, by summons dated ..........
...........................and upon hearing the applicant in person
and upon reading the order to wind up the said foundation
dated ............................................20........., and the reports
of the Provisional Liquidator of the results of the meetings
of creditors made to the Court and respectively dated the
........................................................, and the affidavit
of.......................................................as to the fitness of the
Liquidator hereinafter named filed on the

...............day
of...................................................20.........

It is ordered that ....................of ..............................be
appointed Liquidator of the above-named foundation.

And it is ordered that the said Liquidator do within 7
days from the date of the order give security (if any) to the
satisfaction of the Registrar as provided by rule 35.

And notice of this order is to be gazetted and
advertised in the
..........................................................newspaper.

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No.15 (Rule 32(12))

ADVERTISEMENT OF APPOINTMENT OF
LIQUIDATOR

In the matter of............................................,
Foundation.

By order of the......................, dated the .............day
of.......................................20..............., A.B. of.................
has been appointed Liquidator of the above-named
foundation.

Dated this..........day of.....................................,20.........
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CH.369D – 46] FOUNDATIONS






STATUTE LAW OF THE BAHAMAS LRO 1/2008

No. 16 (Rule 35)

CERTIFICATE THAT LIQUIDATOR HAS GIVEN
SECURITY

(Title)

This is to certify that A.B., of........................, who was
on the.............day of.............................................20..........,
appointed Liquidator of the above-named foundation, has
duly given security to the satisfaction of the Court.

Dated this..........day
of........................................,20.........

......................................................................................
Registrar (Signed)

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No. 17 (Rule 38)

NOTICE BY LIQUIDATOR REQUIRING PAYMENT OF
MONEY OR DELIVERY OF BOOKS ETC. TO

LIQUIDATOR

(Title)

Take notice that I, the undersigned [Name of
liquidator], have been appointed liquidator of the above-
named foundation, and that you, the undermentioned
[Name of person to whom notice is addressed], are
required within ...................days after service hereof, to
pay to me [or deliver, convey, surrender, or transfer to or
into my hands] ..................................as liquidator of the
said foundation at my office, situate at [Address of
liquidator's office], & c., the sum of $ ........................,
being the amount of debt appearing to be due from you on
your account with the said foundation [or any money,
property, books or papers], [or specifically describe the
property] now being in your hands, and to which the said
Foundation is entitled [or otherwise as the case may be.]

Dated this..........day of.....................................,20.........
.......................................................................................

(Signed) Liquidator.
To [Name of person to whom notice is addressed]
(Address)

................................................................................

FOUNDATIONS [CH.369D – 47






LRO 1/2008 STATUTE LAW OF THE BAHAMAS

No. 18 (Rule 42)

PROOF OF DEBT. GENERAL FORM

(Title)

I [Fill in full name, address, and occupation of
deponent] of....................................................., make oath

and say:.........................................................................
[If proof made by creditor in person, strike out whole

paragraph] That I am [in the employ] [a director] [the
secretary] [Strike out whichever are inapplicable] of the
under-mentioned creditor, and that I am duly authorised by
such creditor to make this affidavit, and that it is within my
own knowledge that the debt hereinafter deposed to was
incurred and for the consideration stated, and that such
debt, to the best of my knowledge and belief, still remains
unpaid and unsatisfied.

1. That the above-named foundation was, at the date
of the (*) order for winding-up the same, viz., the
..........day of ......................................,20............, and still is
justly and truly indebted to [Insert ‘me and to C.D. and
E.F., my co-partners in trade (if any)’, or, if by clerk or
agent insert name, address, and description of principal] in
the sum of ..................dollars and ...........cents for [State
consideration as goods sold and delivered by me (and my
said partner) to the foundation between the dates of] [or
moneys advance by me in respect of the under-mentioned
bill of exchange] or, as the case may be] as shown by the
account endorsed hereon, or by the following account
viz.:........................... for which sum or any part thereof, I
say that I have not nor hath [My said ‘partners or any of
them’ or ‘the above-named creditor’] [as the case may be]
or any person by [‘My’ or ‘our’, or ‘their’, or ‘his’, (as the
case maybe)] order to my knowledge or belief for [‘My’, or
‘our’, or ‘their’, or ‘his’, (as the case may be)] use had or
received any manner of satisfaction or security whatsoever,
save and except the following [Here state the particulars of
all securities held, and, where the securities are on the
property of the Foundation, assess the value of the same,
and if any bills or other negotiable securities be held
specify them in the schedule. N.B. - Bills of Exchange or
other negotiable securities must be produced before the
proof can be admitted]

CH.369D – 48] FOUNDATIONS






STATUTE LAW OF THE BAHAMAS LRO 1/2008


Date Drawer Acceptor Amount Due Date
Admitted to vote for
$
the day
of 20
Liquidator.
Admitted to rank for
dividend for
$
this day
of 20
Liquidator.




Sworn at..............this.......day of ...............}
20...............................................................}

Deponent’s Signature.
Before me..................................................}
NOTE. - The proof cannot be admitted for voting at

the first meeting unless it is properly completed and lodged
with the Liquidator before the time named in the notice
convening the meeting.

Particulars of Account referred to on the other side
(Credit should be given for Contra Accounts)


Date Consideration Amount Remarks

The vouchers (if any) by which
the account can be substantiated
should be set out here





Deponent’s Signature
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FOUNDATIONS [CH.369D – 49






LRO 1/2008 STATUTE LAW OF THE BAHAMAS

No.19 (Rule 50)

NOTICE OF REJECTION OF PROOF OF DEBT

(Title)

Take notice that, as Liquidator of the above-named
foundation, I have this day rejected your claim against the
foundation [If proof wholly rejected strike out words
underlined] to the extent of $ ...................... on the
following grounds:

And further take notice that, subject to the power of
the Court to extend the time, no application to reverse or
vary my decision in rejecting your proof will be entertained
after the expiration of ..................days from this date.

Dated this..........day of.....................................,20.........
Signature .......................................................................
Address .........................................................................
To Liquidator. .............................................................
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No.20 (Rule 54)

LIST OF PROOFS TO BE FILED UNDER RULE 54

(Title)

I hereby certify that the following is a correct list of all
proofs tendered to me in the above matter during the past
month.

Dated this..........day of.....................................,20.........
Liquidator .....................................................................

Proofs Tendered
Name of
Creditor

Amount of
Proof

Whether admitted
rejected or standing
over for further
consideration

If admitted
Amount





CH.369D – 50] FOUNDATIONS






STATUTE LAW OF THE BAHAMAS LRO 1/2008

No. 21 (Rule 57(1))

NOTICE TO CREDITORS OF INTENTION TO
DECLARE DIVIDEND

(Title)

A [Insert here ‘first’ or ‘second’ or ‘final’, or as the
case may be] dividend is intended to be declared in the
above matter. You are mentioned as a creditor in the
statement of affairs, but you have not yet proved your debt.

If you do not prove your debt by the ......................day
of ...........................................,20.......,you will be excluded
from this dividend.

Dated this..........day of.....................................,20.........
.......................................................................................

Liquidator.
To X-Y..........................................................[Address.]
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No.22 (Rule 57(1))

NOTICE TO PERSONS CLAIMING TO BE CREDITORS
OF INTENTION TO DECLARE FINAL DIVIDEND

(Title)

Take notice that a final dividend is intended to be
declared in the above matter, and that if you do not
establish your claim to the satisfaction of the court on or
before the ..............day of ...................................20..........,
or such later day as the court may fix, your claim will be
expunged, and I shall proceed to make a final dividend
without regard to such claim.

Dated this..........day of.....................................,20.........
.......................................................................................

Liquidator.
To X-Y..........................................................[Address.]
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FOUNDATIONS [CH.369D – 51






LRO 1/2008 STATUTE LAW OF THE BAHAMAS

No.23 (Rule 57(3))

NOTICE OF DIVIDEND

(Title)

Address .........................................................................
Date ......................................................................20.....
NOTICE IS HEREBY GIVEN that a dividend of

.......... cents in the dollar ..............has been declared in this
matter, and that the same may be received at my office, as
above, on ..................... the .........day of
........................20..........or any subsequent weekday, except
..................., between the hours of
.......................and................................

NOTE:
(1) This form must be presented or returned to the

Liquidator when application for payment is made. Any
bills of exchange, promissory notes or other negotiable
instruments held by you must be produced.

(2) If you desire the dividend to be paid to some
other person you should sign and lodge with the Liquidator
an authority in the prescribed Form No.26.

(3) If you do not desire to attend personally you must
fill up, sign and return the form of authority below, when a
dividend payable order will be delivered in accordance
with the authority.

(4) Dividend payable orders lapse if not presented for
payment within 3 months of the last day of the month of
issue but will be re-issued after that period on application
to the Registrar.

The fee payable on re-issue of a payable order is 25
cents when the order is for $10 or less, and 50 cents when
the order exceeds $10.

.......................................................................................
(Signed) Liquidator.

To...................................................................................
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CH.369D – 52] FOUNDATIONS






STATUTE LAW OF THE BAHAMAS LRO 1/2008

AUTHORITY
SIR,
Please deliver to [Strike out words inapplicable] me

(us) by post, at my (our) risk the .............................Bearer,
A.B.

Dividend Payable Order for $ .....................being the
amount payable to [Strike out words inapplicable] me/us in
respect of the dividend of .......................in the $ on [Strike
out words inapplicable] my/our claim in this matter.

$ ................... Creditor’s
signature

To the Liquidator........................Date .................20......
NOTE. - The authority should be signed by —
(a) the creditor personally, or
(b) in the case of a firm, by one of the partners, or
(c) in the case of a limited Foundation, by an officer

of the Foundation, so described, or
(d) in the case of a holder of a general proxy

authorised to receive the dividend, by the holder.
----------------------------------------------------------------
(For use when payable order handed to creditor or

representative)
Received Payable Order for $ ..............Signed .............
Date ...................................................................20........
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FOUNDATIONS [CH.369D – 53






LRO 1/2008 STATUTE LAW OF THE BAHAMAS

No. 24 (Rule 57(5))

CERTIFIED LIST OF PROOFS UNDER RULE 57(5) OF
THE FOUNDATIONS (WINDING UP) RULES, AND

APPLICATION FOR ISSUE OF CHEQUES FOR
DIVIDEND ON FOUNDATION’S LIQUIDATION

ACCOUNT

.....................Foundation’s Liquidation Account
....................................Ledger Folio

(Title)
I hereby certify that the following list has been

compared with the proofs filed, and that the names of the
Creditors and the amounts for which the proofs are
admitted are correctly stated. (Signature) [to be signed by
the Liquidator]

Dated this..........day of.....................................,20.........
I certify that by my books the sum of $ stands to the

credit of the above foundation with the foundation’s
Liquidation Account at the (Bank), and that the sum of
$................... is required to meet undermentioned dividends
on proofs which have been duly made admitted to rank for
dividend upon the foundation, and I have to request that
orders for payment may be issued to me.

The dividend is payable on the…......day
of.................20....., and notice of declaration thereof was
forwarded to the Registrar for insertion in the Gazette, on
the..................day of.................................20...... Liquidator.

Date ...................................................................20........
Address to which Cheques

and Payable Orders
should be sent.

To
No. Surname First Name Amount of

$
Amount of
$





CH.369D – 54] FOUNDATIONS






STATUTE LAW OF THE BAHAMAS LRO 1/2008

No.25 (Rule 57(5))

CERTIFIED LIST OF PROOFS FILED UNDER RULE
57(5) OF THE FOUNDATIONS (WINDING UP) RULES,

SPECIAL BANK CASE

(Title)

I hereby certify that the following list has been
compared with the proofs filed, and that the names of the
creditors and the amounts for which the proofs are
admitted are correctly stated. (Signature)[to be signed by
the Liquidator]

Dated this..........day of.....................................,20.........
I hereby certify that a dividend of..........in the $

............ has been declared, and that the creditors whose
names are set forth below are entitled to the amounts set
opposite their respective names.

.......................................................................................
Liquidator.

Dated this..........day of.....................................,20.........
To


Surname First Name Amount of Proof
$

Amount of Dividend
$





FOUNDATIONS [CH.369D – 55






LRO 1/2008 STATUTE LAW OF THE BAHAMAS

No.26 (Rule 57(7)

AUTHORITY TO LIQUIDATOR TO PAY DIVIDENDS
TO ANOTHER PERSON

(Title)

To the Liquidator.
SIR,
I\We hereby authorise and request you to pay to

.................. of ..........................................(a specimen of
whose signature is given below), all dividends as they are
declared in the above-named matter, and which may
become due and payable to me\us in respect of the proof of
debt for the sum of $........................, against the above-
named foundation, made [by A.B.] on my/our behalf.

And I/We further request that the cheque or cheques
drawn in respect of such dividends may be made payable
to the order of the said A.B. whose receipt shall be
sufficient authority to you for the issue of such cheque or
cheques in his name.

It is understood that this authority is to remain in force
until revoked by me/us in writing.

.......................................................................................
Signatures

.......................................................................................
Witness to the Signature of

.......................................................................................
Witness to the Signature of

Date
.......................................................................................

Specimen of Signature of person appointed as above.
Specimen of Signature of person appointed as above.
.......................................................................................

Witness to the Signature of
(Witness to the specimen Signature of person

appointed as above.)
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CH.369D – 56] FOUNDATIONS






STATUTE LAW OF THE BAHAMAS LRO 1/2008

No.27 (Rule 61)
GENERAL PROXY

(Title)
I/We,.......................of ....................................., a

creditor hereby appoint (1)....................................to be
my\our general proxy to vote at the Meeting of Creditors to
be held in the above matter on the .......day of
........................20..., or at any adjournment thereof.

Dated this..........day of.....................................,20.........
.......................................................................................

[Signed] (2)
NOTES
(1) The person appointed general proxy may in a

winding up by the Court be the Liquidator or such other
person as the creditor may approve, and in a voluntary
winding up the Liquidator or if there is no Liquidator the
chairman of a meeting. The proxy form should be altered
accordingly.

(2) If a firm, sign the firm’s trading title, and add by
A.B., a partner in the said firm.

If the appoint or is a corporation, then the Form of
Proxy must be under its Common Seal or under the hand of
some officer duty authorised in that behalf, and the fact
that the officer is so authorised must be so stated.

(3) The proxy form when signed must be lodged by
the time and at the address named for that purpose in the
notice convening the meeting at which it is to be used.

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FOUNDATIONS [CH.369D – 57






LRO 1/2008 STATUTE LAW OF THE BAHAMAS

No.28 (Rule 62)

SPECIAL PROXY

(Title)

I/We,.............................of ..............................., a
creditor hereby appoint
(1).......................................................as my/our proxy at
the meeting of creditors to be held on the.............day of
........................................20......, or at any adjournment
thereof, to vote [Here insert the word “for” or the word
“against” as the case may require, and specify the
particular resolution] the resolution ..................................

No....................in the notice convening.
Dated this..........day of.....................................,20.........
.......................................................................................

[Signed] (2)
NOTES
(1) The person appointed proxy may in a winding up

by the Court be the Liquidator or such other person as the
creditor may approve, and in a voluntary winding up the
Liquidator or if there is no Liquidator the chairman of a
meeting. The proxy form should be altered accordingly. A
creditor may give a special proxy to any person to vote at
any specified meeting or adjournment thereof on all or any
of the following matters —

(a) for or against the appointment or continuance in
office of any specified person as liquidator;

(b) on all questions relating to any matter, other than
those above referred to, arising at a specified
meeting or adjournment thereof.

(2) If a firm, sign the firm’s trading title, and add “by
A.B., partner in the said firm”.

If the appointer is a corporation, then the form of
proxy must be under its common seal or under the hand of
some officer duly authorised in that behalf, and the fact
that he is so authorised must be so stated.

(3) The proxy form when signed must be lodged by
the time and at the address named for that purpose in the
notice convening the meeting at which it is to be used.



CH.369D – 58] FOUNDATIONS






STATUTE LAW OF THE BAHAMAS LRO 1/2008

No.29 (Rule 66)

AUTHORITY TO DEPUTY TO ACT AS CHAIRMAN OF
MEETING AND USE PROXIES

(Title)

I,....................................the Liquidator of
........................ do hereby nominate ........................of
............................to be chairman of the meeting of creditors
in the above matter, appointed to be held at
.....................................on the .........day of
............................................20........., and I depute him
[Here insert “being a person in my employment or under
my official control”] to attend such meeting and use, on my
behalf, any proxy or proxies held by me in this matter.

Dated this..........day of.....................................,20.........
.......................................................................................

Liquidator.
-----------------------------------------------------------------

No. 30 (Rule 73)

AFFIDAVIT VERIFYING LIQUIDATOR’S TRADING
ACCOUNT

(Title)

I, ....................................the liquidator of the above-
named foundation, make oath and say that the account
hereto annexed is a full, true, and complete account of all
money received and paid by me or by any person on my
behalf in respect of the carrying on of the trade or business
of the foundation, and that the sums paid by me as set out
in such account have, as I believe, been necessarily
expended in carrying on such trade or business.

Sworn, &c.
.......................................................................................

Liquidator.
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FOUNDATIONS [CH.369D – 59






LRO 1/2008 STATUTE LAW OF THE BAHAMAS

No. 31 (Rule76)

REQUEST TO DELIVER BILL FOR TAXATION

(Title)

I hereby request that you, within ...........days of this
date, or such further time as the Court may allow, deliver
to me for taxation by the proper officer your bill of costs
[or charges] as [Here state nature of employment] failing
which, I shall, in pursuance of the Foundation Rules,
proceed to declare and distribute a dividend without regard
to any claim which you may have against the assets of the
Foundation, and your claim against the assets of the
foundation will be liable to be forfeited.

Dated this..........day of.....................................,20.........
.......................................................................................

Liquidator.
-----------------------------------------------------------------

No.32 (Rule 81)

CERTIFICATE OF TAXATION

(Title)

I hereby certify that the bill of costs [or charges] [or
expenses] of C.D. [here state capacity in which employed
or engaged] [where necessary add “pursuant to an order of
the Court dated the ........day of .........................., 20........”']
has been taxed and has been allowed at the sum
of...............dollars and .............cents [where necessary add
“which sum is to be paid to the said C.D. by as directed by
the said Order”].

Dated this..........day of.....................................,20.........
.......................................................................................

Taxing Master
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CH.369D – 60] FOUNDATIONS






STATUTE LAW OF THE BAHAMAS LRO 1/2008

No.33 (Rule 84)

NOTICE TO CREDITORS OF INTENTION TO APPLY
FOR RELEASE

(Title)

Take notice that I, the undersigned liquidator of the
above-named foundation, intended to apply to the Court for
my release, and further take notice that any objection you
may have to the granting of my release must be notified to
Court within twenty-one days of the date hereof.

A summary of all receipts and payments in the
winding up is hereto annexed

Dated this..........day of.....................................,20.........
.......................................................................................

Liquidator.
To
----------------------------------------------------------------

No.34 (Rule 85)

APPLICATION BY LIQUIDATOR TO COURT FOR
RELEASE

(Title)

I,..................................the liquidator of the above-
named foundation, do hereby report to the Court as
follows:

1. That the whole of the property of the foundation has
been realised for the benefit of the creditors [and a
dividend to the amount of ..............in the dollar has been
paid as shown by the statement hereunto annexed];

[or That so much of the property of the foundation as
can be realised without needlessly protracting the
liquidation, has been realised, as shown by the statement
hereunto annexed, and a dividend to the amount of .............
has been paid.

2. I have therefore requested the Court to cause a
report on my accounts to be prepared, and to grant me a
certificate of release.

Dated this..........day of.....................................,20.........
.......................................................(Signed) Liquidator.

FOUNDATIONS [CH.369D – 61






LRO 1/2008 STATUTE LAW OF THE BAHAMAS

No.35 (Rule 85)

STATEMENT TO ACCOMPANY NOTICE OF
APPLICATION FOR RELEASE

(Title)

Statement showing position of foundation at date of
application for release

Debit Credit
Estimated to

produce as per
foundation’s
statement of
affairs
$

Receipts Court Fees
$ (including Stationery, Printing, and
Postages in respect of, Creditors, and
Debtors, and fee for audit)

$ Payments

To total receipts from date
of winding-up order, viz.:
(State particulars under the
several headings specified
in the Statement of
Affairs.) Receipts per
trading account .................
Other receipts ..........

Law costs of petition
Law costs of Counsel and Attorney to
Liquidator.........................................
Other law costs ................................
Liquidator’s remuneration, viz.:
per cent. on $
assets realised...................................
per cent. on $
assets distributed in divided ..............



Total
Less:
Payments to redeem
securities .........................
Costs of execution ..........
Payments per trading
account .........................

Shorthand writer’s charges ...........
Special manager’s charges .................
Person appointed to assist in
preparation of Statement of Affairs
Auctioneer’s charges as taxed .............
Other taxed costs .............................
Costs of possession and maintenance
of estate .............................................
Costs of notices in Gazette and local
papers .................................................
Incidental outlay .................................
Total cost and charges..............$



Net realisations $ Creditors, viz.:
[State number of creditors]

Preferential ............................
[State number of creditors]
Unsecured: dividend of in the $ on $
The estimate of amount expected to
rank for dividend was $



Balance
$




Assets not yet realized, including calls, estimated to produce $
(Add here any special remarks the liquidator thinks desirable.)
Creditors can obtain any further information by inquiry at the office of the
liquidator.
Dated this....................day of..............................................., 20..............

...............................................(Signature of Liquidator)

........................................................................(Address)

CH.369D – 62] FOUNDATIONS






STATUTE LAW OF THE BAHAMAS LRO 1/2008

No.36 (Rule 88)

NOTICES FOR GAZETTE

(1) Notice of Winding-up Order

(Rule 31 (I)

Name of Foundation
Address of Registered Office
Court
Number of Matter
Dare of Order
Date of Presentation of Petition*
[*Where it is known that a voluntary winding up preceded
the presentation of the Petition, the date of the resolution
for voluntary winding-up should also be given.]

(2) Notice of Appointment of Liquidator

(Rule 32(11)

Name of Foundation
Address of Registered Office
Principal Objects
Court
Number of Matter
Name of Liquidator.
Address
Date of Appointment.

FOUNDATIONS [CH.369D – 63






LRO 1/2008 STATUTE LAW OF THE BAHAMAS

(3) Notice of Death, Resignation or Removal of Liquidator

(Rule 32(13)

Name of Foundation
Address of Registered Office
Principal Objects
Court
Number of Matter
Name of Liquidator
Address
Date of Death, Resignation or Removal

(4) Notice of Intended Dividend

(Rule 57(1))

Name of Foundation
Address of Registered Office
Principals Objects
Court
Number of Matter
Last day for receiving Proofs
Name of Liquidator
Address

(5) Notice of Dividend

(Rule 57(3))

Name of Foundation
Address of Registered Office
Principal Objects
Court
Number of Matter
Amount per Share
First and Final or otherwise
When payable
Where payable

CH.369D – 64] FOUNDATIONS






STATUTE LAW OF THE BAHAMAS LRO 1/2008

(6) Notice of Release of Liquidator

(Rule 85(5))

Name of Foundation
Address of Registered Office
Principal Objects
Court
Number of Matter
Name of Liquidator
Address
Date of Release

Related Laws

1998 Juries Act