Raising money without a license is prohibited The National Ordinance on the Supervision of Investment Institutions and Administrators 2002 (Landsverordening toezicht beleggingsinstellingen en administrateurs, a.k.a. “NOSIIA”) of both Curacao and St. Maarten prohibits raising, or obtaining, pecuniary means or other property for the purpose of participating in an investment institution that has not been granted a… Continue reading INVESTMENT INSTITUTIONS IN CURACAO AND ST. MAARTEN
Author: Karel Frielink
TERMINATION OF EMPLOYMENT AGREEMENT AND REDUNDANCY
Termination by mutual consent is preferable In general, Curacao labor law provides for the following ways to terminate an employment agreement: (i) termination by giving notice, (ii) dissolution by the Courts and (iii) termination by mutual consent. Prior to giving notice, an employer must obtain a permit from the Director of the Directorate of Labor… Continue reading TERMINATION OF EMPLOYMENT AGREEMENT AND REDUNDANCY
A UNIQUE BOOK ON NOBEL LITERATURE PRIZE WINNERS
Nobel Winds and Breezes Let’s talk about winds. Nobel winds. Nobel winds and breezes. Sometimes law even has something to say about the wind, for instance, when you consider building or buying a wind farm at a certain site. A windstorm may have legal consequences too. There are legal aspects involved when you want to… Continue reading A UNIQUE BOOK ON NOBEL LITERATURE PRIZE WINNERS
THE RHYTHM AND BLUES OF CURACAO CONTRACT LAW
Principle of fairness and reasonableness When considered in the perspective of the laws of Curacao, the reliance on or the enforcement of contractual terms and conditions contained in any agreement, may under certain circumstances be contrary to the overriding principle of ‘fairness and reasonableness’ (redelijkheid en billijkheid) which governs the relationship between the parties to… Continue reading THE RHYTHM AND BLUES OF CURACAO CONTRACT LAW
U.S. JUDGMENTS AND CURACAO
The recognition and enforceability of foreign judgments in the absence of a treaty In the absence of an applicable treaty between foreign countries (for example the U.S.) and Curacao, a judgment rendered by a U.S. court will not be enforced by Curacaoan courts. In order to obtain a judgment which is enforceable in Curacao the… Continue reading U.S. JUDGMENTS AND CURACAO
SECURITIZATION IN CURACAO
Curacaoan special purpose vehicles are commonly used in cross–border financing transactions Curacaoan special purpose vehicles (SPVs) are commonly used in both cross–border financing transactions as well as in Curacao domestic financing transactions. As far as cross–border transactions are concerned, (synthetic and cash) securitizations, repackagings, collateralized debt obligations (CDOs), collateralized loan obligations (CLOs), leasing transactions, MTN… Continue reading SECURITIZATION IN CURACAO
THE ANNUAL ACCOUNTS OF A LARGE CURACAO COMPANY
Stricter rules for large companies Under Curacao law the annual accounts of limited liability companies which do not qualify as so called large companies, need to be prepared in accordance with generally accepted standards and shall provide sufficient insight as to enable a sound judgment to be formed regarding the assets and the results and,… Continue reading THE ANNUAL ACCOUNTS OF A LARGE CURACAO COMPANY
SUMMARY PROCEEDINGS IN ARUBA, BONAIRE, CURACAO AND SAINT MAARTEN
Preliminary relief within several weeks, sometimes within days or hours In all matters for which an immediate injunction, measure, or decision is required, the parties may address themselves to the Courts. If the matter does not require immediate resolution, the Court will deny the relief sought and refer the parties to the normal procedure. These… Continue reading SUMMARY PROCEEDINGS IN ARUBA, BONAIRE, CURACAO AND SAINT MAARTEN
TWEE CURACAOSE MEESTERS
Varia Juridica Dit boekje wordt uitgegegeven door Wolf Legal Publishers. Op de website van de uitgever staat: Twee Curacaose Meesters bevat beschouwingen over uiteenlopende onderwerpen van het recht. Tot de Varia Juridica die aan bod komen behoren de geschiedenis en enkele aspecten van de advocatuur, de advocaat als financiële dienstverlener, corporate governance, Blackberryitis en deugdzaam… Continue reading TWEE CURACAOSE MEESTERS
GRANTING DISCHARGE TO MANAGING DIRECTORS
Discharge is not bankruptcy proof The Civil Codes of Curaçao, Sint Maarten and Bonaire do not contain provisions specifically dealing with discharging managing directors from liability. Neither is there conclusive Dutch Caribbean case law available yet. Managing directors of a limited liability company (NV or BV) can be discharged from their liability towards the company.… Continue reading GRANTING DISCHARGE TO MANAGING DIRECTORS
STATE-OWNED ENTERPRISES LACK OF INDEPENDENT SUPERVISION
Independent supervision should be mandatory for government-owned entities It has been my opinion for many years already that government-owned companies should be kept out of the political sphere as much as possible, so that they may benefit from a commercial, businesslike and market-oriented management. In doing so they also run less of a risk of… Continue reading STATE-OWNED ENTERPRISES LACK OF INDEPENDENT SUPERVISION
TRUST SERVICE PROVIDERS IN CURACAO
TSPs are supervised by the Central Bank Many international group structures include one or more Curacao legal entities or partnerships. The main reasons for this are the internationally competitive conditions for business development in the area of corporate law and the tax system in Curacao, as well as the well-developed professional financial services industry. Trust… Continue reading TRUST SERVICE PROVIDERS IN CURACAO