BRAND NEW TEXTBOOK ON DUTCH CARIBBEAN CORPORATE LAW

Leading legal textbook on Dutch Caribbean corporate law

Development of Dutch Caribbean corporate law has been rapid and voluminous. This fact justifies a whole new textbook on the subject. In August 2017, my new textbook on Dutch Caribbean corporate law was published: Kort begrip van het Nederlands Caribisch Rechtspersonenrecht (A concise understanding of Dutch Caribbean corporate law; 1st edition 2017). This new textbook on corporate law is aimed at both professionals (judges, lawyers, attorneys, civil law notaries, in-house counsel etc.) and students. Unfortunately, this new book is in Dutch only.

I have (co-)authored over a hundred sixty …
Read the rest »

03
Oct 2017
CATEGORY

Corporate

COMMENTS No Comments

IMPACT OF LIABILITY TO THE DIRECTOR OF THE DIRECTOR

Curaçao law cannot ‘break through’ to a legal relationship governed by foreign law

Under Section 2:17 subsection 1 of the Curaçao Civil Code, the liability of a legal entity as a managing director of another legal entity (the direct or 1st degree director) also rests jointly and severally on each person who at the time this liability arose for the legal entity was its managing director (the indirect or 2nd degree director). It applies to this indirect managing director as it applies to the direct managing director that he will not be liable if he can prove that he cannot …
Read the rest »

01
Apr 2016
CATEGORY

Corporate

COMMENTS No Comments

STATE-OWNED ENTERPRISES AND GOOD CORPORATE GOVERNANCE

Speech by Karel Frielink at the 8th Biennial Conference of the Caribbean Ombudsman Association

Ladies and Gentlemen!

First of all, I would like to thank the Curaçao Ombudsman, Alba Martijn, for inviting me to speak at this conference. Unfortunately, she will leave office in about a month. She did an excellent job, and her professionalism, dedication and impartiality leave a lasting legacy. Thank you Alba!

I have only half an hour, so I won’t travel back in time to the early days of mankind. I just start with Plato (427 – 347 B.C.E.). You may have heard of this philosopher. …
Read the rest »

26
May 2015
CATEGORY

Corporate

COMMENTS No Comments

DUTCH CARIBBEAN BANKS AND REGULATORY ISSUES

A bank has less freedom than an ordinary legal entity

What would be the requirements, from a regulatory point of view, if a Curaçao or St. Maarten bank wished to sell its entire business or a substantial part thereof? Would it require approval from the Central Bank of Curaçao and St. Maarten (‘Centrale Bank van Curaçao en St. Maarten’)?

Generally, if the activity at a bank is characterized as some form of financial reorganization, for example, the prior approval of the Central Bank is required. The bank is also obliged to immediately inform the Central Bank in writing of any …
Read the rest »

27
Jan 2014
CATEGORY

Finance

COMMENTS No Comments

LAW FIRMS SEE ALTERNATIVE FEE ARRANGEMENTS AS HERE TO STAY

“I don’t think the billable hour is dead, but I think it has company”

According to an article by Kim Lyons of the Pittsburgh Post-Gazette, “the billable hour has long been the mainstay of law firms and their pay structure. But in recent years, firms have had to become more creative in how they get paid, as they compete for business with ever more cost-conscious companies.

Enter the “alternative fee arrangement.” Whether it’s a flat fee, a capped fee, a blended rate or some other variety, alternative fee arrangements are giving the billable hour a run for its money.”

Read the rest »

09
Jan 2014
CATEGORY

Legal

COMMENTS No Comments

ADVOCATEN EN DECLARABELE UREN

Wat is daar eigenlijk mis mee?

Overal lees je dat advocatenkantoren moeten veranderen. Ze zijn te conservatief. Ze houden vast aan het verleden en zijn alles behalve innovatief. Naarmate het economisch slechter gaat wordt de roep om verandering steeds sterker.

Met name het systeem van ‘uurtje factuurtje’ moet het ontgelden. Advocaten wordt verweten dat zij tijdschrijven met een vork. Dat zij niet efficiënt werken. Dat zij te duur zijn. Het syteem zou verkeerde prikkels meebrengen, mede omdat de controle op het daadwerkelijke aantal nuttig besteedde uren niet goed mogelijk is.

Wie deze kritiek tot zich laat doordringen kan niet anders …
Read the rest »

22
Dec 2013
CATEGORY

Various

COMMENTS No Comments

THE COURT OF LAST RESORT

Curaçao court as court of last resort for civil matters

An attachment on assets located in Curaçao generally establishes jurisdiction over the cause of action for which the attachment is made, also if neither of the parties involved are domiciled in Curaçao.

According to Section 767 of the Curaçao Code of Civil Procedure, the Curaçao court is competent to hear a case on the merits (i.e. has (international) jurisdiction) if there are no other means of obtaining an enforceable order in Curaçao (first condition).

This condition will not be met if, for instance, in respect of a claim an arbitrator …
Read the rest »

09
Dec 2013
CATEGORY

Legal

COMMENTS No Comments

150 JURIDISCHE PUBLICATIES

Een persoonlijke mijlpaal

Afgelopen donderdag was het dan zo ver: mijn 150e juridische publicatie zag het levenslicht. Het gaat om mijn bijdrage aan het Liber Amicorum ‘Christels Koers’ dat toen werd aangeboden aan prof.mr. drs. C.M. Grundmann-van de Krol: “Openbaarmaking door de financiële toezichthouders”. De volledige lijst met publicaties is hier te vinden.

Nummer 151 is overigens al geschreven en is in het komende nummer van het Caribisch Juristenblad te vinden. De meer dan 850 stukken die op deze weblog staan heb ik uiteraard niet meegeteld…

Karel Frielink Attorney (Lawyer) / Partner

(2 December 2013)

.

02
Dec 2013
CATEGORY

Legal

COMMENTS No Comments

INDEPENDENT SUPERVISORY BOARD IN ST. MAARTEN

Should be mandatory for government-owned entities

Under the laws of St. Maarten, the main task of a board of supervisory directors is to supervise the board of managing directors of a limited liability company (NV or BV).

The St. Maarten Corporate Code provides for two different kinds of boards of supervisory directors, a “regular” board of supervisory directors and the so-called “independent” board of supervisory directors (Section 2:139 Civil Code). Within this context the word independent means that the supervisory directors are independent of the shareholders, interest groups (“belangengroepen”) and to a certain extent from the shareholders’ meeting.

An independent …
Read the rest »

27
Nov 2013
CATEGORY

Corporate

COMMENTS No Comments

US LAW GOVERNED AGREEMENTS

Curaçao and St. Maarten Courts will accept the choice of laws

One of the questions frequently asked is whether the Courts in Curaçao or St. Maarten, if an action is brought before them, will pay deference to a “choice of governing law” and/or venue provision in an agreement, in particular when the parties have chosen US Law, and a US Court to resolve their disputes.

The choice of the laws of (a particular State of) the United States of America as the laws governing an agreement is valid and binding under the laws of Curaçao/St. Maarten, and will therefore be …
Read the rest »

21
Nov 2013
CATEGORY

Legal

COMMENTS No Comments

ELECTRONIC MONEY INSTITUTIONS IN ARUBA

A license is required

The European Central Bank defines e-money as follows (a non-legal definition): “E-money can be defined as any amount of monetary value represented by a claim issued on a prepaid basis, stored in an electronic medium (for example, a card or computer) and accepted as a means of payment by undertakings other than the issuer, predominantly for small-value transactions (for example, the settlement of modest transactions over the Internet and of parking or telephone charges and payment for public transport services).” (Electronic Money Institutions. Current trends, regulatory issues and future prospects. Legal Working Paper Series, No. 7/2008).


Read the rest »

24
Oct 2013
CATEGORY

Finance

COMMENTS No Comments

THE ARTICLES OF ASSOCIATION OF A CURAÇAO COMPANY (III)

Controlling minority?

Such a situation (i.e. example 2) is possibly less desirable from the company’s perspective, certainly where the more essential decision-making is concerned. Although decisions should be taken on the basis of a discussion of content and it will not always be possible to predict how the meeting of shareholders will vote, the possibility of ‘accidental’ majorities (whereby a minority shareholder nevertheless has the majority through the absence of others at the meeting of shareholders) leads to less predictability, or at least to greater uncertainty.

If a company has, for example, one 30% shareholder and the remaining 70 shareholders …
Read the rest »

15
Oct 2013
CATEGORY

Corporate

COMMENTS No Comments