International Affiliation

On January 25, 2017 RISA Bahamas was ratified as a Member Association of the International Association of Restructuring, Insolvency & Bankruptcy Professionals (“INSOL International”).

INSOL is a world-wide federation of national associations for accountants and attorneys who specialize in turnaround, restructuring and insolvency.   There are currently over 40 Member Associations world-wide with over 10,000 professionals participating as Members of INSOL International.  Member associations include regional associations that have been established in the Cayman Islands, Bermuda and the British Virgin Islands.  RISA Bahamas plans to collaborate with the regional associations in neighbouring countries to development and promote the insolvency and restructuring profession.

Objectives

A principle focus of RISA Bahamas is on professional education and training. RISA Bahamas’ objectives are as follows:

·         To promote, support, advance and protect the interests of those engaged in the insolvency and restructuring industry within the Commonwealth of The Bahamas and those whose business includes the provision of facilities or services for such industry and of any other person in any way connected with or engaged in any business related to insolvency or restructuring within the  Commonwealth of The Bahamas;

·         To promote the best standards of practice in in the insolvency and restructuring industry and in the expression of professional opinions in relation thereto;

·         To promote, support, or propose changes in the laws and regulations prevailing in any part of the world and in the rules and policies of organisaitons both national and international as may be relevant to the objects of RISA Bahamas;

·         To promote and increase the knowledge, skill and proficiency of members in all things relating to the insolvency and restructuring industry;

·         To make provision for the training, education and examination of persons engaging in or intending to engage in the insolvency and restructuring industry;

·         To produce, promote, compile, edit, distribute and publish information on the insolvency and restructuring by way of periodicals, books, monographs, papers, films, videos, computer programs, lectures and discussions;

·         To promote standards of qualifications for and the professional conduct of insolvency and restructuring professionals within the Commonwealth of The Bahamas; and

·         To do all such things as are incidental to the stated objectives or as RISA Bahamas may think is conducive to the attainment of those objectives.

Our History

Our story begins in 2014, when one of our founding directors, Zelma Wilson, contacted the International Association of Restructuring, Insolvency & Bankruptcy Professionals (INSOL International) to express interest in forming a local member association of INSOL International.  Subsequently, Michael Schulz of KRyS Global, Sophia Rolle-Kapousouzoglou of Lennox Paton and Igal Wizman of Ernst & Young joined the initiative.  

RISA Bahamas was incorporated on December 12, 2016.

Zelma Wilson B.A., C.A.

Zelma has in excess of 20 years of professional accounting and restructuring experience gained in both the Bahamas and the Cayman Islands. Her experience encompasses work with members voluntary  liquidations, compulsory court supervised liquidations, receiverships and judicial management engagements.

Zelma passed her Certified Public Accountant (C.P.A.) exams within the State of New York and is a Chartered Accountant (C.A.) licensed by The Bahamas Institute of Chartered Accountants (BICA). She is a  member  of  The  International  Association  of  Restructuring,  Insolvency  &  Bankruptcy  Professionals (INSOL) and The Insolvency Practitioners Association (IPA).

Zelma's professional industry association involvement consists of service as a former First Vice President of BICA, former Director of The Institute of Chartered Accountants of the Caribbean (ICAC) and a current Director of The Bahamas Financial Services Board (BFSB). Zelma also served as Charter President of the Rotary Club of South Ocean.

Sophia Rolle-Kapousouzoglou

Sophia is a partner in Lennox Paton’s commercial litigation department. She appears regularly as lead counsel before the Bahamian Supreme Court and Court of Appeal.

Sophia continues to receive growing recognition for her reputation in the field of insolvency litigation. Chambers Global comment ‘Sophia continues to enhance her already impressive disputes reputation. Sources describe her as “excellent,” “practical,” and “meticulous.” She is well versed in handling disputes relating to securities fraud, asset tracing and insolvency’. She impresses sources with her industrious approach to the work she takes on, with The Legal 500 Caribbean noting “Sophia Rolle-Kapousouzoglou does an excellent job; she is highly recommended for being extremely professional, efficient and experienced. Working with Sophia is like working with some of the top firms in London.”

Sophia represents clients in multi-jurisdictional matters and has acted in several prominent cross- border insolvency cases. She is also experienced in shareholder and company disputes and trust litigation. Her overall practice areas include advising clients with respect to contractual disputes, property disputes, fraud and asset tracing, Norwich Pharmacal applications, applications for injunctions and other interlocutory relief.

Sophia has been involved in some of The Bahamas most notable insolvency cases including acting on behalf of the secured creditors China Exim Bank and the Court Appointed Receivers in the Provisional Liquidation and Receivership of Baha Mar which involved the Chapter 11 proceedings commenced re. Northshore Mainland China Exim Bank. Re. AWH Fund and ZCM Asset Holding Company Bermuda which involved appearing as Junior Counsel in the Judicial Committee of the Privy Council. Acting on behalf of the Foreign Representatives of Caledonian Bank which clarified the law as it relates to statutory recognition of foreign court appointed officeholders and ancillary liquidation proceedings. Sophia is currently lead Counsel in The Bahamas to the Joint Provisional Liquidators of FTX Digital Markets Ltd.

Sophia has been recognised by Chambers Global 2023, The Legal 500 Caribbean 2023, Who’s Who Legal: Asset Recovery 2020, Who’s Who Legal: Litigation 2020, Global Restructuring Review’s ’40 Under 40’ and was featured in GRR’s ‘Women in Restructuring’ list in 2019.

She is regularly called on to speak at various international conferences, including INSOL, ABA, ABI, and the AIJA, and has contributed to numerous publications with respect to Bahamian law.

Sophia is one of the founding directors of RISA Bahamas and Chairperson of the Events Committee.

Igal Wizman, I.S.P, CIRP, LIT

Igal leads EY's Bahamas and Turks & Caicos' Transactions Advisory Services
("TAS") which includes, valuation, restructuring, due diligence, M&A and forensic services.

Igal has been advising corporations and lenders on corporate finance matters for over thirteen years. His background includes several multi-billion dollars cross-border assignments in the Real Estate/hospitality, manufacturing, clothing/retail and structured finance sectors.

Igal has advised debtors, secured creditors, bondholders, unsecured creditors, shareholders and has taken Court appointments in engagements ranging from solvent companies to deeply distressed situations.

Igal is Chartered Insolvency and Restructuring Professional (CIRP), Bankruptcy Trustee, Licensed Insolvency Trustee (LIT) and an Information System Professional (I.S.P).

Igal received a bachelor’s degree in accounting, finance and information technology from Les Hautes Etudes Commerciales University.