LEZING NIEUW VENNOOTSCHAPSRECHT SINT MAARTEN

Nieuw Boek 2 BW en nieuw personenvennootschapsrecht

Op verzoek van de Orde van Advocaten te Sint Maarten heb ik op 21 mei 2014 in de Flamboyantzaal van het Courthouse te Sint Maarten een lezing gegeven voor de rechterlijke macht en de advocatuur. De lezing ging over enkele van de wetswijzigingen die in Sint Maarten op 1 april 2014 van kracht zijn geworden.

Er is een herzien Boek 2 Burgerlijk Wetboek (Rechtspersonen) ingevoerd en een nieuwe regeling inzake de personenvennootschappen. Mijn verhaal is hier te lezen.

Karel Frielink (advocaat)

(30 mei 2014)

.

 

30
May 2014
CATEGORY

Corporate

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

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

LIFTING THE CORPORATE VEIL IN ARUBA

Only under exceptional circumstances

In terms of “piercing the corporate veil” and shareholders’ liability, the laws of the Netherlands and Aruba are nearly identical. As far as a tort matter concerns the laws of Aruba, Dutch case-law and Dutch legal literature should be considered as well.

In exceptional cases shareholders of an Aruba company can be liable for the company’s debts and obligations. Generally, two grounds for such liability are mentioned: a tort (onrechtmatige daad) committed by the shareholder and an “alter ego” situation (vereenzelviging) as regards the shareholder and his company. Under Aruba law, both can be categorized under …
Read the rest »

08
Nov 2013
CATEGORY

Corporate

COMMENTS No Comments

REGULATORY LAWS IN THE BES ISLANDS

There are three regulators

According to the Dutch Central Bank (“DCB”), financial institutions must be sound, reliable and stable to ensure confidence among businesses, consumers and others. DCB states on its website: “In addition to making certain their customers are properly informed about their products and services, these institutions also have a duty of care towards their customers. The financial services industry should also give a high priority to integrity and should never be used for money laundering, terrorist financing, fraud, corruption or other illegal activities. Finally, the market should function properly and there should be adequate market access, with …
Read the rest »

31
Oct 2013
CATEGORY

Finance

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 (II)

Articles determine the nature of the company

A company’s articles of association determine the nature of the company (take for example the description of the purpose), regulate the internal competences (e.g. dismissal and appointment), limit the powers (e.g. decisions requiring approval), determine the internal responsibilities (e.g. drawing up the annual report and accounts), regulate the external powers (who represents the company in law), determine the method of decision-making, etc. As indicated above: the articles of association are somewhat comparable with the constitution or the state regulations of a country. The articles of association are therefore essential to the proper functioning …
Read the rest »

11
Oct 2013
CATEGORY

Corporate

COMMENTS No Comments

ANTI-MONEY LAUNDERING LAWS IN CURACAO

Money laundering is prohibited

Title XXXI of the Penal Code of Curaçao basically prohibits any type of money laundering.

The National Ordinance on the Reporting of Unusual Transactions (NORUT) obliges service providers acting in the course of a business or profession, to report unusual transactions.

The National Ordinance on Identification of clients when Rendering Services (NOIS) requires any service provider who is acting in the course of a profession or business, to establish the identity of a customer before providing any “financial” service.

Generally, these Ordinances apply when services are conducted in or from Curaçao. If a foreign financial institution does …
Read the rest »

20
Sep 2013
CATEGORY

Finance

COMMENTS No Comments

IMPACT OF THE LIABILITY TO THE DIRECTOR OF THE DIRECTOR (II)

2nd degree director as director of a foreign corporate director

It appears from the 2011 ruling referred to by the Supreme Court that Section 2:11 of the Dutch Civil Code is applicable to the joint and several liability of a director of a Dutch legal entity being a director of another Dutch legal entity. The Supreme Court confirmed this doctrine again in clear wording in its decision of 21 June 2013.

The conclusion is as follows:

  • a director (legal entity or natural person) can only be liable under Section 2:11 of the Dutch Civil Code for the debts of another …
    Read the rest »
  • 06
    Sep 2013
    CATEGORY

    Corporate

    COMMENTS No Comments

    ASSET PROTECTION IN CURACAO

    Curaçao: a jurisdiction not to be missed

    A Curaçao private foundation or a trust is often used for asset protection and privacy purposes. The Curaçao private foundation and the Curaçao trust must be set up by a notarial deed executed before a civil law notary in Curaçao. Both the private foundation and the trust are a very flexible solution for asset protection and privacy purposes. A private foundation, for instance, can be easily implemented in international holding structures through Curaçao and is very suitable for family asset protection. By means of a letter of wishes or provisions in the articles …
    Read the rest »

    20
    Aug 2013
    CATEGORY

    Finance

    COMMENTS No Comments