SEIZING ASSETS IN THE DUTCH CARIBBEAN
Court approval required
Seizing the assets of a counterparty may already be possible before a claim (e.g. under an agreement or a guarantee) is already due and payable, but where there is good reason to believe that, when it becomes due, the other party will not honor its obligations.
How assets may be seized depends upon the jurisdiction in which these assets are located at the time of the envisaged seizure. In the Netherlands, Aruba and the Netherlands Antilles this is normally done by a bailiff (process sever) at the request of the creditor. It does require court approval though this is normally easily obtainable.
The bailiff places an attachment on the assets. There are different seizure requirements for movables, real estate and shares in companies. Once the assets have been attached, the creditor will have to start legal proceedings against the debtor in order to have the court acknowledge his claim and the validity of the attachment. These proceedings must normally be initiated within a period of 2 to 6 weeks following the actual attachments.
Karel Frielink
Attorney (Lawyer) / Partner
