Bankruptcy pledgor will prevent valid pledge Under the laws of the Netherlands Antilles, a right of pledge may be established on future receivables, however, the right of pledge on a future receivable will only be perfected the moment such a receivable comes into existence, provided that, at such a time, the pledgor is authorized to… Continue reading PLEDGING FUTURE RECEIVABLES IN THE DUTCH CARIBBEAN
Author: Karel Frielink
THE DUTCH CARIBBEAN AND OECD STANDARDS OF TRANSPARANCY AND EXCHANGE OF INFORMATION
OECD Secretary-General compliments the Netherlands Antilles and Aruba In his speech on 21 October 2008, OECD Secretary-General Angel Gurría, addressed the issue of transparency and exchange of tax information in relation to offshore jurisdictions. The Secretary-General: “In 2000 we identified over 40 tax havens and between 2000 and 2005 we were able to convince 35… Continue reading THE DUTCH CARIBBEAN AND OECD STANDARDS OF TRANSPARANCY AND EXCHANGE OF INFORMATION
DUTCH GOVERNMENT INJECTS $13 BILLION IN ING GROUP
Restoring confidence is key Recently, the Dutch government acquired all shares in the capital of the Dutch subsidiary of Fortis, i.e. Fortis Bank Nederland, including ABN AMRO Bank. Furthermore, the Dutch government has set aside $27.5 billion of capital to protect the financial institutions of the Netherlands. Although there are many banks that have enough… Continue reading DUTCH GOVERNMENT INJECTS $13 BILLION IN ING GROUP
FOREIGN CLAIMS SECURED BY DUTCH CARIBBEAN SECURITY RIGHTS
The claim must be sufficiently identifiable Many financing arrangements are of a cross-border nature. For instance, a loan agreement governed by English law with the loan secured by a Netherlands Antilles right of pledge. This raises all kinds of questions. Any foreign right, for instance a claim, in which a Netherlands Antilles pledge is created,… Continue reading FOREIGN CLAIMS SECURED BY DUTCH CARIBBEAN SECURITY RIGHTS
TROPICAL STORM OMAR DUMPS 12 INCHES OF RAIN ON THE DUTCH CARIBBEAN
(CNN) — Tropical Storm Omar formed Tuesday in the eastern Caribbean Sea and within hours was lashing the islands of Aruba, Curacao and Bonaire with heavy rain and gusty winds, the National Hurricane Center said. As of 2 p.m. ET, the storm’s center was about 375 miles (600 km) south-southwest of San Juan, Puerto Rico,… Continue reading TROPICAL STORM OMAR DUMPS 12 INCHES OF RAIN ON THE DUTCH CARIBBEAN
PREJUDICED INTERESTS OF MINORITY SHAREHOLDERS IN THE DUTCH CARIBBEAN
A minority shareholder may force the company to take-over his shares Article 2:251(1) Netherlands Antilles Civil Code reads as follows: “A shareholder of registered shares, whose rights or interests are prejudiced to such an extent, by the conduct of the company or one or more co-shareholders, that a continuation of his shareholding cannot reasonably be required… Continue reading PREJUDICED INTERESTS OF MINORITY SHAREHOLDERS IN THE DUTCH CARIBBEAN
DRAG-ALONG RIGHTS UNDER THE LAWS OF THE DUTCH CARIBBEAN
Drag-along rights may be validly created A drag-along right is a right that enables a majority shareholder to force a minority shareholder to join in the sale of his shares in a company (NV or BV). The majority shareholder doing the dragging must give the minority shareholder the same price, terms, and conditions that apply… Continue reading DRAG-ALONG RIGHTS UNDER THE LAWS OF THE DUTCH CARIBBEAN
IN THE SHADOWS OF DEBT
Who is to blame for the current crisis? Massive borrowing, hedge funds, credit default swaps (CDSs), collateralized debt obligations (CDOs) and other instruments seem to be part of the current trillion dollar problem. What was known about these instruments and the risks attached to them in the recent past? There was actually quite a lot known right from the start.… Continue reading IN THE SHADOWS OF DEBT
WHAT IF A LENDER BECOMES A SHAREHOLDER OF THE BORROWER IN THE DUTCH CARIBBEAN?
The obligation to repay still ranks pari passu If a lender takes over the shares in a borrower, the ranking of the borrower’s obligation to repay the loan does not change. Such obligations will continue to rank pari passu with the other creditors. Let me give you an example. In the event of dissolution of… Continue reading WHAT IF A LENDER BECOMES A SHAREHOLDER OF THE BORROWER IN THE DUTCH CARIBBEAN?
COVENANTS NOT TO COMPETE IN THE DUTCH CARIBBEAN
Such covenants are null and void A non-competition clause, a.k.a. a covenant not to compete, is a stipulation between the employer and the employee whereby the latter is restricted in his right to work in a given way upon termination of the latter’s contract of employment. Typically, a non-competition clause will prohibit an employee from… Continue reading COVENANTS NOT TO COMPETE IN THE DUTCH CARIBBEAN
WHO IS TO BLAME FOR BLACK MONDAY?
That remains to be seen ‘Blaming others is a sign of low self-esteem because in doing so we are not taking responsibility‘ On Monday 29 September 2008, the US House of Representatives rejected a $700 billion bailout plan aimed at stabilizing the financial system, i.e. a plan to let the least fit survive, triggering the largest point drop… Continue reading WHO IS TO BLAME FOR BLACK MONDAY?
DUTCH CARIBBEAN REGULATORY FRAMEWORK
Central Bank monitors compliance The regulatory rules and regulations in the Netherlands Antilles deal with credit institutions, investment institutions and administrators, insurers and insurance brokers, company pension funds, trust service providers, capital markets, anti-money laundering and identification, and foreign exchange control and license fees. The Netherlands Antilles have one regulator: the Central Bank of the… Continue reading DUTCH CARIBBEAN REGULATORY FRAMEWORK