Karel’s Legal BlogLOOKING FOR AN ATTORNEY / LAWYER / TAX ADVISER IN THE NETHERLANDS ANTILLES OR ARUBA?
Act of tort required
The existence of a claim on a corporation does in itself not cause any liability for the officers or directors of that company to arise. Outside a bankruptcy case, such a liability may only be construed if the claim on the corporation remains unpaid and then only if there is a separate […]
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A concept similar to a right of pledge
In the Netherlands Antilles collateral transfer (‘fiduciaire overdracht’) is a common security interest. It is construed as the full transfer of a proprietary right by the debtor to the creditor, under the condition subsequent of satisfaction of the obligation the collateral is to secure.
Once said condition is fulfilled, […]
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The composition must be adopted by the creditors and be approved by the court
Under Netherlands Antilles and Aruban law, a moratorium of payment (‘surséance van betaling’) is a legal concept distinct and separate from bankruptcy (‘faillissement’). The Bankruptcy Ordinance (‘Faillissementsbesluit’) provides for two types of proceedings: bankruptcy in which the debtor’s assets are liquidated to […]
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Curacao has a friendly tax climate, too
Curacao is part of the Kingdom of the Netherlands. International financial services form an important pillar of the economy of Curacao. Other important sources of income include tourism, oil refining and shipping. The financial sector is supported by a number of international banks offering a wide scale of services. […]
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The Netherlands Antilles as such will cease to exist on ‘Kingdom Day 2008′
On 15 December 2008, Sint Maarten will become an autonomous island within the Kingdom of the Netherlands. Sint Maarten’s position can best be compared to that of Aruba: a full nation status within the Kingdom of the Netherlands. This has been agreed by all parties involved yesterday […]
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Annual accounts must be retained in paper form
Under Netherlands Antilles law there are several laws and regulations containing provisions relating to the retaining of records. Amongst others, such provisions can be found in the Civil Code, the Commercial Code, tax and social security legislation etc. With respect to specific banking activities, the National Ordinance on […]
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A director-in-fact can be held liable too
Under Netherlands Antilles legislation, it is possible for a company’s shareholders voluntary to be held liable for its debts. For instance, the articles of private limited liability companies may provide that holders of shares or a specific class of share shall be personally liable for certain or all liabilities […]
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For tax purposes it does
The Netherlands Antilles tax system is based on the residency principle. Residents are subject to tax on their world wide income and assets. Non-residents could be subject to Netherlands Antilles tax depending on the source principle.
These principles apply both to the inheritance and gift tax as the personal income tax. For […]
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Conflict of laws aspects
For Netherlands Antilles conflict of laws, the creation of security interests in shares has, like the transfer of shares, aspects of both the law of obligations and the law of property.
The contract establishing an obligation to create a security interest is governed by the EC Convention on the Law Applicable to Contractual […]
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