Permission required The termination of the employment contracts of more than 25 employees or of 25% or more of the employees of a company is considered a mass lay-off. For such a mass lay-off permission is required from the Director of the Department of Labor and Social Affairs irrespective of the nature of the company’s… Continue reading MASS LAY-OFF UNDER THE LAWS OF THE DUTCH CARIBBEAN
Month: October 2008
CITIZENS RESCUE ORGANIZATION CURACAO NEEDS YOUR SUPPORT
Wanted: on-shore rescuers The Citizens’ Rescue Organization, Curacao (CITRO) provides search and rescue services in the waters around Curacao in the Netherlands Antilles. The organization comprises a group of volunteers, who are on call and prepared for sea rescue 24 hours a day 7 days a week. As a member of the CITRO Advisory Council… Continue reading CITIZENS RESCUE ORGANIZATION CURACAO NEEDS YOUR SUPPORT
A JOINDER BETWEEN PARTIES IN THE DUTCH CARIBBEAN
An interest must be proved When two parties are involved in legal proceedings a third party may request permission to join the proceedings thereby to joining with one party in raising defense against the other (‘voeging’). Alternatively, a third party may request permission to intervene (‘tussenkomen‘) in pending proceedings, in which case neither party is… Continue reading A JOINDER BETWEEN PARTIES IN THE DUTCH CARIBBEAN
PLEDGING FUTURE RECEIVABLES IN THE DUTCH CARIBBEAN
Bankruptcy pledgor will prevent valid pledge Under the laws of the Netherlands Antilles, a right of pledge may be established on future receivables, however, the right of pledge on a future receivable will only be perfected the moment such a receivable comes into existence, provided that, at such a time, the pledgor is authorized to… Continue reading PLEDGING FUTURE RECEIVABLES IN THE DUTCH CARIBBEAN
THE DUTCH CARIBBEAN AND OECD STANDARDS OF TRANSPARANCY AND EXCHANGE OF INFORMATION
OECD Secretary-General compliments the Netherlands Antilles and Aruba In his speech on 21 October 2008, OECD Secretary-General Angel Gurría, addressed the issue of transparency and exchange of tax information in relation to offshore jurisdictions. The Secretary-General: “In 2000 we identified over 40 tax havens and between 2000 and 2005 we were able to convince 35… Continue reading THE DUTCH CARIBBEAN AND OECD STANDARDS OF TRANSPARANCY AND EXCHANGE OF INFORMATION
DUTCH GOVERNMENT INJECTS $13 BILLION IN ING GROUP
Restoring confidence is key Recently, the Dutch government acquired all shares in the capital of the Dutch subsidiary of Fortis, i.e. Fortis Bank Nederland, including ABN AMRO Bank. Furthermore, the Dutch government has set aside $27.5 billion of capital to protect the financial institutions of the Netherlands. Although there are many banks that have enough… Continue reading DUTCH GOVERNMENT INJECTS $13 BILLION IN ING GROUP
FOREIGN CLAIMS SECURED BY DUTCH CARIBBEAN SECURITY RIGHTS
The claim must be sufficiently identifiable Many financing arrangements are of a cross-border nature. For instance, a loan agreement governed by English law with the loan secured by a Netherlands Antilles right of pledge. This raises all kinds of questions. Any foreign right, for instance a claim, in which a Netherlands Antilles pledge is created,… Continue reading FOREIGN CLAIMS SECURED BY DUTCH CARIBBEAN SECURITY RIGHTS
TROPICAL STORM OMAR DUMPS 12 INCHES OF RAIN ON THE DUTCH CARIBBEAN
(CNN) — Tropical Storm Omar formed Tuesday in the eastern Caribbean Sea and within hours was lashing the islands of Aruba, Curacao and Bonaire with heavy rain and gusty winds, the National Hurricane Center said. As of 2 p.m. ET, the storm’s center was about 375 miles (600 km) south-southwest of San Juan, Puerto Rico,… Continue reading TROPICAL STORM OMAR DUMPS 12 INCHES OF RAIN ON THE DUTCH CARIBBEAN
PREJUDICED INTERESTS OF MINORITY SHAREHOLDERS IN THE DUTCH CARIBBEAN
A minority shareholder may force the company to take-over his shares Article 2:251(1) Netherlands Antilles Civil Code reads as follows: “A shareholder of registered shares, whose rights or interests are prejudiced to such an extent, by the conduct of the company or one or more co-shareholders, that a continuation of his shareholding cannot reasonably be required… Continue reading PREJUDICED INTERESTS OF MINORITY SHAREHOLDERS IN THE DUTCH CARIBBEAN
DRAG-ALONG RIGHTS UNDER THE LAWS OF THE DUTCH CARIBBEAN
Drag-along rights may be validly created A drag-along right is a right that enables a majority shareholder to force a minority shareholder to join in the sale of his shares in a company (NV or BV). The majority shareholder doing the dragging must give the minority shareholder the same price, terms, and conditions that apply… Continue reading DRAG-ALONG RIGHTS UNDER THE LAWS OF THE DUTCH CARIBBEAN
IN THE SHADOWS OF DEBT
Who is to blame for the current crisis? Massive borrowing, hedge funds, credit default swaps (CDSs), collateralized debt obligations (CDOs) and other instruments seem to be part of the current trillion dollar problem. What was known about these instruments and the risks attached to them in the recent past? There was actually quite a lot known right from the start.… Continue reading IN THE SHADOWS OF DEBT
WHAT IF A LENDER BECOMES A SHAREHOLDER OF THE BORROWER IN THE DUTCH CARIBBEAN?
The obligation to repay still ranks pari passu If a lender takes over the shares in a borrower, the ranking of the borrower’s obligation to repay the loan does not change. Such obligations will continue to rank pari passu with the other creditors. Let me give you an example. In the event of dissolution of… Continue reading WHAT IF A LENDER BECOMES A SHAREHOLDER OF THE BORROWER IN THE DUTCH CARIBBEAN?