TYPES OF LIABILITY IN ARUBA

A three-part distinction

With regard to liability a three-part distinction can be made. The first distinction relates to the basis of the liability: liability pursuant to a contractual relationship (the attributable failure in this respect) and liability pursuant to a wrongful act.

Another distinction relates to the personal liability (thus for the party’s own actions or omissions) and vicarious and/or strict liability: liability for or the acts and omissions of others (vicarious liability) or liability for certain things that happen (strict liability).

For example, employers can be held vicariously liable for certain actions of their employees. According to the Aruba …
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06
May 2016
CATEGORY

Legal

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SUPERVISORY DIRECTORS ARE A TYPE OF BAYWATCHERS

When you dress a lizard in a suit you will have trouble with his tail!

A seminar on Financial Institutions and their Supervisor was held in Aruba on Wednesday April 20, 2016. The seminar was organized by the Aruba Bankers’ Association & Insurance Association of Aruba. I was one of the keynote speakers and delivered my presentation in the English language (click here for the presentation).

I have addressed several issues. Here follow a few quotes:

What makes financial institutions like banks and insurance companies special is that the scope of duties of managing and supervisory directors …
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21
Apr 2016
CATEGORY

Finance

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OVERZICHT PRIVAATRECHTELIJKE RECHTSPERSONEN

Aruba, Curaçao, St. Maarten en de BES-eilanden

Aruba

Aruba kent de naamloze vennootschap (NV), de Aruba Vrijgestelde Vennootschap (AVV), de Vennootschap met Beperkte Aansprakelijkheid (VBA), de vereniging, de coöperatieve vereniging, de onderlinge waarborgmaatschappij en de stichting. De NV is geregeld in het Wetboek van Koophandel van Aruba en daarin is sedert 1 juli 1988 ook de AVV geregeld. Op 1 januari 2009 is de VBA geïntroduceerd met het van kracht worden van een gelijknamige landsverordening. Bij de VBA is het mogelijk om te kiezen voor een monistisch (one tier) of dualistisch (two tier) bestuursmodel.

De vereniging is geregeld in de …
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19
Apr 2016
CATEGORY

Corporate

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CHAMBERS GLOBAL 2016 LEGAL RANKINGS RELEASED

Karel Frielink ranked Band 1 again

Once again I have been selected as a ranked lawyer in Chambers Global 2016 identifying me as one of the best lawyers in the Dutch Caribbean (click here).

The Chambers Guides have been ranking the best law firms and lawyers since 1990, and now cover 185 jurisdictions throughout the world. Chambers ranks lawyers and law firms on several factors and considerations, all of which are investigated by their large team of more than 140 researchers. Today, Chambers and Partners released the 2016 edition, also covering the Dutch Caribbean.

Individual lawyers are …
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17
Mar 2016
CATEGORY

Legal

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PRELIMINARY RELIEF PROCEEDINGS

When a case needs an urgent decision

The procedure for provisional measures in summary proceedings (kort geding), a.k.a. preliminary relief proceedings or interlocutory proceedings, is an interim injunction procedure before the court. Such proceedings, under Dutch Caribbean law, are aimed at obtaining temporary instructions from the court, not at receiving a final decision in the case.

These proceedings are characterized by their more or less summary character and their relatively quick nature. There is a clear relationship to a procedure on the merits, which always may be instituted and sometimes even must be followed. Provisional measures that are prescribed in …
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11
Mar 2016
CATEGORY

Legal

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THE BINDING EFFECT OF JUDGMENTS

Limited to the parties involved in the proceedings

Court decisions, even decisions by the Dutch Supreme Court, are not binding on courts when deciding future cases. However, the Code of Civil Procedure prevents parties from litigating twice on the same legal issue. The principle that a final judgment of a competent court is conclusive upon the parties in any subsequent litigation involving the same cause of action is known as ‘res judicata ’.

A Dutch court case is described below illustrating this principle: Utrecht District Court of 19 March 2009 (NJF 2009/291).

In initial litigation, the claimant had sought payment …
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02
Mar 2016
CATEGORY

Legal

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BRIBERY

A criminal act

With regard to anti-corruption the Criminal Codes of Aruba, Curaçao, St. Maarten and the BES-islands include criminal acts such as fraud, bribery and abuse of authorities. The bribery offence closely resembles the bribery provisions under the Dutch Criminal Code. The Codes also stipulate regulations on criminal acts committed by judges, ministers, members of Parliament and civil servants. Amendments were introduced to the Criminal Code specifically to implement the Anti-Bribery Convention. The bribery offences in the Criminal Codes mirror very closely those in the Dutch Criminal Code.

The relevant anti-bribery provisions are integrated in the Dutch Caribbean Criminal …
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25
Feb 2016
CATEGORY

Legal

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CONSULTATIE CODE CORPORATE GOVERNANCE NEDERLAND

Commissie presenteert voorstel

De (Nederlandse) Monitoring Commissie Corporate Governance Code heeft vandaag een zogeheten consultatiedocument gepresenteerd. Daarin staan voorstellen voor herziening van de Nederlandse corporate governance code.

Alle belanghebbenden en geïnteresseerden worden uitgenodigd om een reactie uit te brengen op dit consultatiedocument en deel te nemen aan het publieke debat omtrent de herziening van de Code. Het doel is om met de verkregen input en bevindingen uit de consultatiefase te komen tot een herziening van de Code.

Kennisneming van de voorstellen (dat kan door hier te klikken) kan ook voor de discussies in Aruba, Curaçao en St. …
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11
Feb 2016
CATEGORY

Corporate

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TRADE-BASED MONEY LAUNDERING

More Trade Transparency Units Needed

Smuggling and trade fraud are on the rise, according to Viêt Nam News (27 October 2015). The Telegraph reports that the authorities in China have arrested 21 people on suspicion of defrauding almost one million Chinese investors of 50bn yuan (£5.3 billion) after an online peer-to-peer lender turned out to be a giant Ponzi scheme (1 February 2016). Money laundering and fraud seem to be on the increase. Trade-Based Money Laundering (TBML) is one of the big threats facing us today.

According to Premium Times (21 December 2015; Read the rest »

02
Feb 2016
CATEGORY

Legal

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CONSOLIDATED BANKRUPTCY

Creditors, stay alert!

Aruba, Curaçao, St. Maarten and the BES-islands (Bonaire, St. Eustatius and Saba) will together be referred to as the Dutch Caribbean, although each has its own set of laws.

Bankruptcy in general serves the purpose of liquidating assets of a particular person or legal entity and distributing the proceeds among the combined creditors. Sometimes, several companies belonging to one and the same group of companies go bankrupt. In principle, the trustee in bankruptcy has to administer and liquidate the assets of each of the bankrupt estates individually.

When multiple companies of the same group go bankrupt, it …
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01
Feb 2016
CATEGORY

Legal

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INTERNATIONAL ARBITRATION IN THE DUTCH CARIBBEAN

The UNCITRAL Model Law is applicable

Parties with a legal dispute can turn to the public court system to settle the dispute; however, instead of bringing a lawsuit in a public court, they can also opt for arbitration. Arbitration is a form of private dispute settlement in which the parties instruct one or more persons (arbitrators) to render a binding decision on their dispute. The arbitrators may be jurists, but they can also be laypersons. People with specific expertise or experience in a certain branch or industry are often chosen as arbitrator.

Parties can include a so-called arbitration clause in …
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06
Jan 2016
CATEGORY

Legal

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UN PROSPERO AÑA NOBO 2016

Een voorspoedig Nieuwjaar

Un Próspero aña nobo

A Prosperous new year

Un próspero Año Nuevo

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BZSE-Nieuwjaarswens-DEC15

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01
Jan 2016
CATEGORY

Various

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