Karel’s Legal BlogLOOKING FOR AN ATTORNEY / LAWYER / TAX ADVISER IN THE NETHERLANDS ANTILLES OR ARUBA?
Regulatory framework aims at sound operational management
Section 10 (1) of the Dutch Act on the Supervision of Trust Offices (the ‘ASTO’) states that rules may be issued for trust offices, pursuant to an order in council, i.e. a governmental decree, with the intention of ensuring sound operational management. Such rules were issued in the Order [...]
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Curacao is again ranked #1
According to the 2008 Global Custodian Hedge Fund Administration Survey, Curacao (Dutch Caribbean) is the # 1 location for hedge fund administration services. Curacao outperformed Singapore, Dublin, Toronto, Hong Kong, Luxembourg, Amsterdam and the Cayman Islands, to name just a few.
Curacao is known for its excellent legal and tax infrastructure, high quality [...]
Filed under: Securities by Karel.Frielink
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The Dutch Central Bank is the supervisor
The Dutch Act on the Supervision of Trust Offices (‘ASTO’) (‘Wet toezicht trustkantoren’) entered into force on the 1st of March 2004. According to the legislative history, the Explanatory Notes to the Act, the aim of the ASTO is to promote the integrity of the financial system by regulating [...]
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was wrongly disqualified
On 20 August 2008, Churandy Martina won the silver medal in the 200 metres at the Olympics behind Usain Bolt in 19.82 seconds, the first time he had run sub-20s. He was the first medal winner for the Netherlands Antilles after Jan Boersma won silver in sailing at the 1988 Summer Olympics in Seoul.
But Churandy Martina [...]
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The legal effects doctrine: an exception to the lex loci delicti rule
Under Dutch Caribbean rules of private international law, a claim arising from an unlawful act is governed, in the absence of a choice of jurisdiction by the parties, by the law of the country were the unlawful act was committed (lex loci delicti). However, [...]
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No obligation to file for bankruptcy
There is no statutory obligation in the Netherlands Antilles for managing directors of a company to file for the bankruptcy of the company. Managing directors are therefore not responsible to the creditors for damages sustained by them as a result of any ‘late’ filing for bankruptcy. There is no such [...]
Filed under: Corporate by Karel.Frielink
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Liability for thin-capitalization?
In terms of ‘piercing the corporate veil’, thin or inadequate capitalization usually means capitalization that is not in proportion to the nature of the risks the business of the corporation necessarily entails; in other words it is based on likely economic needs rather than legal requirements.
Shareholders of a company in the Netherlands Antilles [...]
Filed under: Corporate by Karel.Frielink
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Policy maker can be held liable
As a general rule a corporation in the Netherlands Antilles is a legal entity distinct from its shareholders. In terms of liability for mismanagement the law focuses on the managing directors as well as other persons who actually “act as managers” (a.k.a. policy makers or de facto managing directors).
Most legal [...]
Filed under: Corporate by Karel.Frielink
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Prevent a shareholder from dilution
According to article 2:106 of the Netherlands Antilles Civil Code shareholders have a pre-emption right on the issue of new shares, being the right to be offered any new issue in each class, pro rata to the number of shares of such class held by them. The pre-emption right is intended [...]
Filed under: Corporate by Karel.Frielink
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Spigthoff represented plaintiff
According to a recent court ruling in the Netherlands Antilles (Court of First Instance, 17 July 2008), a same-sex couple that was married in the Netherlands and subsequently moved to the Netherlands Antilles (Curacao), has the same rights under Netherlands Antilles law (or Aruban law as the case may be) as Netherlands Antilles opposite-married [...]
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