Ignoring the legal personality of a company A shareholder is not personally liable for acts performed in the name of the company and is not liable to contribute to losses of the company in excess of the amount which he must pay to the company as contribution for his shares. There is therefore a legal… Continue reading PIERCING THE CORPORATE VEIL IN ARUBA
Month: February 2010
ORDINARY VERSUS SUMMARY PROCEEDINGS IN ARUBA
Interlocutory or summary proceedings provide for immediate relief Article 110 of the Netherlands Antilles and Aruba Code of Civil Procedure (‘the Code’) provides that all adversarial proceedings shall be initiated by means of a petition to the court of first instance. Proceedings so initiated are ordinary proceedings a.k.a. proceedings on the merits. A petitioner may… Continue reading ORDINARY VERSUS SUMMARY PROCEEDINGS IN ARUBA
THREE QUESTIONS ON ARUBAN BANKRUPTCY LAWS
FAQ Question 1 In which cases and by whom may bankruptcy proceedings be initiated in accordance with Aruban bankruptcy law? Filing for bankruptcy may be done either by the debtor itself or by one or more of its creditors. If the debtor is a company, generally speaking the managing directors do not have the authority… Continue reading THREE QUESTIONS ON ARUBAN BANKRUPTCY LAWS
ARUBAN LAW REGARDING CORPORATE AUTHORITY
The Aruba Trade Register should be checked The laws of Aruba provide that, subject to restrictions laid down by any statutory provision or a corporation’s articles of association, the board of directors of a company shall be competent to represent the company, i.e. a limited liability company (NV, AVV or VBA). In the event of… Continue reading ARUBAN LAW REGARDING CORPORATE AUTHORITY