FOREIGN COMPANIES IN CURACAO BANKRUPTCY PROCEEDINGS

Principle of universality

In Curaçao, bankruptcy in general serves the purpose of liquidating assets of a particular person or legal entity and distributing the proceeds among the combined creditors. Under Curaçao insolvency law, the Curaçao courts have jurisdiction in respect of insolvency proceedings against legal entities that have their corporate seat in Curaçao and against any legal entity that carries on business or professional activities through an office in Curaçao. A foreign party can therefore be declared insolvent in Curaçao if it has a branch office in this jurisdiction. Whether or not a concurrent insolvency proceeding against that foreign party …
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16
Jun 2016
CATEGORY

Legal

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BANKRUPTCY AND INTEREST CLAIMS IN THE DUTCH CARIBBEAN

Bankruptcy vs non-bankruptcy claims

There are special statutory provisions regarding agreed interest rates, for instance, in a contract between the creditor and a party who subsequently goes bankrupt, during a bankruptcy (faillissement) and moratorium on payements (surseance van betaling). It is explicitly stated in the Netherlands Antilles Bankruptcy Decree (Faillissementsbesluit 1931) that only the interest accumulated prior to a pronunciation of bankruptcy may be paid from the bankruptcy assets (faillissementsboedel). In the event of a moratorium on payments a similar provision exists.

Bankruptcy does not mean that the bankrupt party ceases to be a debtor of non-verifiable claims. If at …
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03
Mar 2009
CATEGORY

Legal

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STATUTORY MERGERS IN THE DUTCH CARIBBEAN

A notarial deed is required

A statutory merger involves at least two legal entities. The law uses the terms acquiring and disappearing legal entity. The law specifies that only legal entities having the same legal form may merge, specifying that a BV (closed limited liability company) and a NV (public limited liability company) are considered to be the same. Statutory mergers usually take place within a group of companies.

Essential for a statutory merger is that all assets and liabilities of one legal entity transfer as a whole to another legal entity. An actual transfer does not therefore take place.


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24
Jan 2009
CATEGORY

Corporate

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