BEARER SHARES IN A CURACAO COMPANY

Registered shares must be issued first

According to the Curaçao act on corporate law (Book 2 Curaçao Civil Code) it is not possible to (directly) issue bearer shares.

A company with only bearer shares has no shareholders’ register. Only a public limited liability company (NV) may issue bearer shares, provided that registered shares be issued first and that they have been fully paid up. These may subsequently be converted into bearer shares. The issuance (of registered shares) requires a ‘deed of issuance’, which must be signed by both the company and the subscriber. Without such a deed the subscriber does …
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05
Jul 2013
CATEGORY

Corporate

COMMENTS No Comments

PREJUDGMENT ATTACHMENT IN CURACAO

A petition is only marginally examined

How easily can one obtain permission to freeze assets? The Curaçao Code of Civil Procedure provides the possibility to seize and freeze assets in anticipation of a court order to pay a certain amount or to return certain goods. This legal remedy is referred to as prejudgment attachment or seizure (“conservatoir beslag“).

In general, a petition for the attachment of assets is (more or less) only marginally examined by the court and will therefore be granted in most cases. The claimant must then submit a writ of summons or claim form to the court, …
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28
Jun 2013
CATEGORY

Legal

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LAWYERS AND THE INTERNET: BACK IN TIME

A 1996 Tour of some interesting WWW sites for Lawyers

In 1996 Delia Venables wrote an internet tour for lawyers (‘Around the World in 80 Minutes‘, Web Review, 1996 (3) The Journal of Information, Law and Technology; click here). She referred to the website of the Daily Telegraph as a good example of how the WWW could be made really useful and interesting. She mentioned that the USA was already a long way ahead of Europe in the provision of legal materials on the Internet. She also mentioned the International Law Page created by a law student …
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17
Jun 2013
CATEGORY

Various

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ENQUETEPROCEDURE OVERHEIDSVENNOOTSCHAPPEN CURACAO

Behandeling bij het Gemeenschappelijk Hof van Justitie

Op 5 juni 2013 heeft bij het Gemeenschappelijk Hof van Justitie van Aruba, Curaçao en Sint Maarten en van Bonaire, Sint Eustatius en Saba de behandeling plaatsgevonden van het verzoek van het Openbaar Ministerie om een enquête op grond van het Burgerlijk Wetboek van Curacao te gelasten naar het beleid en de gang van zaken bij de overheids NV’s Aqualectra, Curoil/Curgas en Refinería di Kòrsou (RdK). Klik hier voor de beschikking van het Hof van 15 juli 2013 en klik hier voor de Extra van 16 juli 2013.

Fundashon …
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06
Jun 2013
CATEGORY

Corporate

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ORDER OF THE COMMON APPEAL COURT OF CURACAO CONCERNING THE RIGHT TO INSTITUTE AN INQUIRY

The Appeal Court has taken several fundamental decisions

On 5 March 2013 the Common Court of Justice of Aruba, Curacao, Sint Maarten and of Bonaire, Sint Eustatius and Saba (case: Ghis 55769 – HAR 28/12) issued an order in connection with inquiry proceedings. This order contains three major considerations.

The right of legal entities (including public limited companies [NV] and private companies with limited liability [BV]) to institute an inquiry was introduced in Curacao on 1 January 2012. Almost immediately after this introduction an application for instituting inquiry proceedings was submitted to the Appeal Court. The facts …
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07
Mar 2013
CATEGORY

Corporate

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BESCHIKKING INZAKE ENQUETERECHT GEMEENSCHAPPELIJK HOF CURACAO

Het Hof neemt enkele principiële beslissingen

Op 5 maart 2013 heeft het Gemeenschappelijk Hof van Justitie van Aruba, Curaçao, Sint Maarten en van Bonaire, Sint Eustatius en Saba (zaak: Ghis 55769 – HAR 28/12) een beschikking in het kader van een enquêteprocedure gegeven. Drie belangrijke overwegingen worden hier genoemd.

Het enquêterecht voor rechtspersonen (waaronder naamloze en besloten vennootschappen) is in Curaçao op 1 januari 2012 ingevoerd. Vrijwel direct na de invoering is een enquêteverzoek bij het Hof ingediend. De feiten die aan dat verzoek ten grondslag zijn gelegd hebben betrekking op de jaren voorafgaande aan de invoering van het enquêterecht. …
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05
Mar 2013
CATEGORY

Corporate

COMMENTS No Comments

INQUIRY PROCEDURE IN CURACAO

Important court decision for the local trust practice

On 30 March 2012 the first petition for an inquiry procedure under the new law was dealt with by the Joint Court of Justice of Aruba, Curacao and St. Maarten, and of Bonaire, St. Eustatius and Saba. Karel Frielink and Dinesh Mishre had the honor of acting as lawyers for the defense … and with success! This decision is very important for the companies in Curacao and especially for the local trust offices.

As of 1 January 2012 the amended Corporate Code (Book 2 Civil Code) of Curacao entered into force. The …
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02
May 2012
CATEGORY

Corporate

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INQUIRY PROCEDURE INTRODUCED IN CURACAO

The Joint Court is the forum of choice for corporate disputes

As per January 1, 2012 the amended Corporate Code (Book 2 Civil Code) of Curacao entered into force. The new legislation introduces a so-called inquiry procedure for, amongst others, limited liability companies. The inquiry procedure (a.k.a. investigation proceedings) can result in a court ordered investigation into the affairs of a corporation.

Shareholders of such a corporation (i.e. an NV or BV) may file a petition with the Joint Court of Justice of Aruba, Curacao and St. Maarten, and of Bonaire, St. Eustatius and Saba (the ‘Joint Court’). Pursuant to …
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27
Jan 2012
CATEGORY

Corporate

COMMENTS No Comments