Breach of trust results in liability Usually a Curacao trust office (service provider) uses one of its own public limited liability companies (NVs) or private companies with limited liability (BVs) to provide the services. This in-house NV or BV will then for instance become the managing director of the client company. A trust office offering… Continue reading THE CURACAO TRUSTEE
Category: Legal
POWERS AND OBLIGATIONS OF A CURACAO TRUSTEE
Brief summary On 1 January 2012, new legalization entered into force pursuant to which it is now possible to set up a trust, similar to the trust in Anglo-Saxon common law jurisdictions, in Curacao (a civil law jurisdiction). Here follows a brief summary of several of the powers and obligations of a Trustee: the Trustee… Continue reading POWERS AND OBLIGATIONS OF A CURACAO TRUSTEE
TYPES OF LIABILITY IN CURACAO
A three-part distinction With regard to liability a three-part distinction can be made. The first distinction relates to the basis of the liability: liability pursuant to a contractual relationship (the attributable failure in this respect) and liability pursuant to a wrongful act. Another distinction relates to the personal liability (thus for the party’s own actions… Continue reading TYPES OF LIABILITY IN CURACAO
CURACAO CREDIT INSTITUTIONS
Prudential supervision The Curacao regulatory legislation applicable to credit institutions provides for requirements with regard to the prudential supervision in general. Such prudential supervision sees to the liquidity and solvency position of a bank without going into further detail for instance as to the safekeeping of assets or maintaining of accounts of third parties. The… Continue reading CURACAO CREDIT INSTITUTIONS
CURACAO SHOULD ESTABLISH A CONSTITUTIONAL COURT
Speech by Karel Frielink, President of the Curacao Bar Association, given on Friday 21 September 2012 on the occasion of the inauguration of three judges of the Joint Court of Justice of Aruba, Curacao and St Maarten and of Bonaire, St Eustatius and Saba Madam President! Excellency! Ladies and gentlemen! “Our government, our parliament… Continue reading CURACAO SHOULD ESTABLISH A CONSTITUTIONAL COURT
INTERNATIONAL CREDIT INSTITUTIONS IN CURACAO
Banking business abroad Credit institutions (banks) in Curacao are subject to the National Ordinance on the Supervision of Banking and Credit Institutions 1994 (the NOSB). The NOSB makes a distinction between ‘credit institutions’ and ‘international credit institutions’. The NOSB defines a credit institution as an institution that to an important extent makes its business of:… Continue reading INTERNATIONAL CREDIT INSTITUTIONS IN CURACAO
SEMINAR CURACAO TRUST
Curacao Trust is expected to become a popular alternative to foreign trusts On 1 January 2012, new legalization entered into force pursuant to which it is now possible to set up a trust, similar to the trust in Anglo-Saxon common law jurisdictions, in Curacao (a civil law jurisdiction). On 28 August 2012, a seminar was… Continue reading SEMINAR CURACAO TRUST
CIVIL PROCEEDINGS IN CURACAO
Information for foreign plaintiffs Are there any particular issues that concern foreign plaintiffs in Curacao? If proceedings on the merits are initiated by a non-resident plaintiff, the defendant may ask the court to order that the plaintiff provide security for damages, costs and interest which it might be liable to pay as a result of… Continue reading CIVIL PROCEEDINGS IN CURACAO
OLIE EN GAS IN CURACAO
Wie krijgt de opbrengst? Of er olie en gas in de bodem onder en rond Curacao zit die op economisch interessante wijze kan worden gewonnen weten we niet. Ruzie maken over die vraag doen de politici natuurlijk wel. Stel dat er olie- en gasvoorraden zijn en dat die naar boven gehaald kunnen worden, naar wie… Continue reading OLIE EN GAS IN CURACAO
COURTS AND OMBUDSMAN REPORTS
Ombudsman reports are taken seriously An Ombudsman determines whether a complaint is justified or not. If the Ombudsman finds that a complaint is justified or has merit, he may decide to try and persuade the government or government agency to change its policy or decision. This topic, however, is about an Ombudsman report resulting from… Continue reading COURTS AND OMBUDSMAN REPORTS
OMBUDSMAN INVESTIGATION
Ombudsman beneficial to lawyers and their clients? In several jurisdictions the law provides that, with certain exceptions, a statement made or an answer given by a person during an investigation by the Ombudsman, and a report or recommendation of the Ombudsman, is inadmissible in evidence in a court or in any other proceeding. As far… Continue reading OMBUDSMAN INVESTIGATION
LAWYERS COMPARED TO OMBUDSMEN
Tarzan in the administration jungle I will not go into too much detail regarding the role and nature of an Ombudsman and investigations carried out by him. The role of Ombudsman is known in many jurisdictions and they can, just like lawyers, be found in all types and sizes. Some are described as “Tarzan in… Continue reading LAWYERS COMPARED TO OMBUDSMEN