Month: October 2006

The employer’s obligation to award severance pay is mandatory The Netherlands Antilles Severance Ordinance obliges the employer to award an employee whose employment terminates, a single payment (article 3 Paragraph 1). This single payment is a ‘statutory payment’ as distinct from compensation for e.g. early termination of an employment agreement, usually also called a severance… Continue reading SEVERANCE PAYMENTS UNDER THE LAWS OF THE NETHERLANDS ANTILLES

23 October 06: Interview with EU internal market commissioner Charlie McCreevy for German magazine “Der Spiegel” on the „Lotto war“ between the EU and Germany: “Same right applies to all” Spiegel: “Still in this year the German (federal) Prime Ministers are planning to sign a new lottery state treaty and by doing that cementing the… Continue reading CHARLIE McCREEVY SHOWS HIS TEETH: GAMING WAR CONTINUES

The law protects creditors In general, Netherlands Antilles law does not prohibit transfers for no consideration. However, it should be pointed out that under Netherlands Antilles law statutory provisions exist which see to it that no transactions are done for no other reason than to disadvantage creditors or making recourse of creditors impossible. For example,… Continue reading TRANSFERS FOR NO CONSIDERATION UNDER THE LAWS OF THE NETHERLANDS ANTILLES

Several measures available to the Central Bank The Netherlands Antilles Ordinance on the Supervision of Banks and Credit Institutions 1994 provides for several measures that may be implemented with respect to a credit institution, including in view of liquidity or solvency concerns. The legal provisions with respect to a moratorium under the Bankruptcy Act do… Continue reading EMERGENCY MEASURES IN RESPECT OF NETHERLANDS ANTILLES BANKS

100,000 members milestone for Ecademy Today, Ecademy has reached the milestone of 100,000 members. Ecademy is a business and social networking site founded by Penny and Thomas Power.     I’m using Ecademy for business networking. Why? Ecademy provides business people around the world with: Trusted business introductions and referrals Advertising for your business across… Continue reading CENTURION – 100,000 ECADEMISTS

Registration of aircrafts In accordance with article 2 of the Netherlands Antilles Aviation Ordinance (P.B. 2001, no. 151) it is prohibited to fly with an aircraft which is (a) not provided with a valid proof of registration, (b) not provided with a nationality mark and a registration mark, (c)  not provided with a valid proof… Continue reading NETHERLANDS ANTILLES AVIATION LAWS

No derivate suit If the assets of a company are impaired by a third party in a way that cannot be accepted by the law, e.g. an act of tort, and as a result of which the value of the shares in principle decreased, it is only the company that is authorized and entitled to… Continue reading CAN A SHAREHOLDER CLAIM COMPENSATION FOR HARM DONE TO THE COMPANY UNDER THE LAWS OF THE NETHERLANDS ANTILLES?

The bankruptcy trustee has exclusive powers In a bankruptcy, the rights and powers to which the bankrupt company is entitled (for example the challenge of a claim) may only be exercised by the bankruptcy trustee. Also, only the bankruptcy trustee may exercise significant rights to which every individual creditor is entitled outside of the bankruptcy.… Continue reading THE BANKRUPTCY TRUSTEE VERSUS INDIVIDUAL CREDITORS OF A BANKRUPT UNDER THE LAWS OF THE NETHERLANDS ANTILLES

The petitioner must have an interest In proceedings pending between two or more parties, a third party may file a motion requesting a so-called joinder. The Dutch Supreme Court (May 3, 1957, NJ 1959, nr. 62) decided that a request for joinder between parties in pending proceedings may only be sustained, if there is proof… Continue reading REQUESTING A JOINDER UNDER THE LAWS OF THE NETHERLANDS ANTILLES AND ARUBA

A document retention policy should be in place Administrators and self-administered investment institutions should have policies in place or take such measures as may be needed to prevent the misuse of technological developments in money laundering or terrorist financing schemes. They should also have policies and procedures in place to address any specific risks associated… Continue reading RECORD KEEPING BY FUND ADMINISTRATORS IN THE NETHERLANDS ANTILLES

Double standards? On 30 September 2006, US Congress approved a bill that bans most forms of internet gambling (betting), including poker. The measure has been sent to President Bush to sign into law, which he will undoubtedly do soon. The ‘Unlawful Internet Gambling Enforcement Act of 2006’ is attached to the Safe Port Act as… Continue reading UNITED STATES BANS INTERNET GAMBLING

A prospectus should be prepared with the highest standard of care A Netherlands Antilles based investment fund may offer shares in its capital to investors by means of a prospectus. A prospectus is a.k.a. e.g., an offering memorandum, private placement memorandum (PPM) or an explanatory memorandum. The prospectus aims at informing the target market as… Continue reading THE NATURE OF A PROSPECTUS