Month: March 2006

The ultimate recourse against a company not paying its debts The application for a bankruptcy order can be made either by the debtor itself or by one or more of its creditors. If the debtor is a company, the managing directors do not have the authority to file a petition for bankruptcy of the company… Continue reading FILING FOR BANKRUPTCY ON ARUBA

Where are the shares and where can they be seized? Aruba has a broad range of possibilities for creditors to get security for an alleged claim, even before judgement. Suppose you want to collect a claim and you are considering putting certain or all of your counterparty’s assets under arrest (freezing/seizing assets or conservatory attachment)… Continue reading THE LOCATION OF SHARES UNDER THE LAWS OF ARUBA

Preliminary hearing of witnesses Although witnesses are most commonly heard during legal proceedings, they may be heard before. The preliminary hearing of witnesses is a special procedure created to avoid unnecessary proceedings or proceedings based on a mistaken legal assumption or mistaken identity. A request to examine witnesses prior to the proceedings is made to… Continue reading LEGAL PROCEEDINGS ON ARUBA

Preliminary relief within two weeks In all matters in which an immediate injunction, measure, or decision is required, the parties may address themselves to the Court. If the matter does not require immediate resolution, the Court will deny the relief sought and refer the parties to the normal procedure. Preliminary relief proceedings (‘kort geding procedure’)… Continue reading PRELIMINARY RELIEF PROCEEDINGS ON ARUBA

High denomination dispensation Further to the previous posting, investment institutions that offer their participating interests only or also to natural persons and/or legal entities considered by the Central Bank to have comparable skills and competency as professional parties to form their own balanced opinion about the offer being made, may in individual cases be exempted.… Continue reading FOREIGN INVESTMENT INSTITUTIONS IN THE NETHERLANDS ANTILLES (IV)

General professionals-only exemption Apart from the partial exemptions mentioned in the previous posting, various general exemptions are available. If such a general exemption applies, no further stipulations under or pursuant to the National Ordinance on the Supervision of Investment Institutions and Administrators 2002 (‘Landsverordening toezicht beleggingsinstellingen en administrateurs’) apply to the investment institution in question.… Continue reading FOREIGN INVESTMENT INSTITUTIONS IN THE NETHERLANDS ANTILLES (III)

Partial exemption for foreign investment institutions In order to receive certain (partial) dispensation from license requirements under the National Ordinance on the Supervision of Investment Institutions and Administrators 2002 (‘Landsverordening toezicht beleggingsinstellingen en administrateurs’, the ‘NOSIIA’), the Central Bank requires foreign investment institutions to provide their (prospective) investors in the Netherlands Antilles with some additional… Continue reading FOREIGN INVESTMENT INSTITUTIONS IN THE NETHERLANDS ANTILLES (II)

Licenses regarding foreign investment institutions In accordance with the National Ordinance on the Supervision of Investment Institutions and Administrators 2002 (‘Landsverordening toezicht beleggingsinstellingen en administrateurs’), an investment institution shall be granted a license if it and its depositary, if employed by the investment institution, comply with the requirements stipulated in the Central Bank’s (‘Bank van… Continue reading FOREIGN INVESTMENT INSTITUTIONS IN THE NETHERLANDS ANTILLES (I)

How can the fund industry benefit from the tax legislation? In the Netherlands Antilles it is possible to reach an agreement with the tax authorities with respect to the tax regime that will be applied to a specific company. Standard tax-rulings are available for corporations structured as funds. Most (hedge) funds will qualify for a… Continue reading FUNDS IN THE NETHERLANDS ANTILLES (III)