| HIGGS & JOHNSON
hosted its annual client seminar on Tuesday 22 September
2009 under the theme ‘Surviving the Present, Preparing
for the Future’. Opening remarks were given by Minister
of State in the Ministry of Finance, the Hon. Zhivargo
Laing. He noted that, based on meetings with officials
from other countries around the world, The Bahamas had
fared better than some with regard to the current
economic climate and he was confident that The Bahamas
would emerge from this difficult season to enter a
period of progress and abundance.
The
first session, Future Forecast: What Lies Ahead?,
was presented by Global Managing Partner, Mr. John K. F.
Delaney, QC. It focused on the tax information exchange
treaties “TIEA’s” and their effect on the financial
services industry. Mr. Delaney gave a detailed
description of the steps that led The Bahamas to its
present position as well as his ideas on the actions
necessary for future progress.
Higgs & Johnson partners, Oscar N. Johnson and Tara A.
A. Archer, elaborated on the various challenges faced by
employees and employers and the laws in place to
govern and protect both parties.
A
visiting associate from the Higgs & Johnson Cayman office, Mr.
Benjamin Wrench, spoke on a director’s
duties including the common law responsibilities which
directors owe to a company, its shareholders and
creditors.
The
seminar concluded with a provocative debate on whether
or not the financial services industry would continue to
contract unless the legal profession “opened up”. Senior
Partner, Mr. Philip C. Dunkley, QC along with Mr.
James Smith, CFAL chairman, spoke in
favor of the motion. Dr. Earl A. Cash, Higgs & Johnson
partner along with Ms. Cheryl
Bazard, partner at Bazard, Lamour & Co
gave the opposing view. Common threads to both arguments
included an increased need for continuing education and
exposure for local attorneys in order to provide legal
services competitive with other jurisdictions.
Higgs & Johnson, in its effort to promote Going
Green, distributed reusable grocery bags and water
bottles at the seminar. These items were sponsored by
First Bahamas Title Insurance Agency and H&J Corporate
Services Ltd. In addition all were provided with
presentation materials on a CD for future reference.
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