Category: Legal

It is easy and not expensive to set up a SPV From a legal point of view, establishing a fund in Curaçao has become very attractive since under new corporate law a private limited liability company (besloten vennootschap) can be established very quickly and very flexible. Virtually everything is possible with this new legal entity.… Continue reading THE STRUCTURE OF A NETHERLANDS ANTILLES (CURACAO) FUND

Ignoring the legal personality of a company A shareholder is not personally liable for acts performed in the name of the company and is not liable to contribute to losses of the company in excess of the amount which he must pay to the company as contribution for his shares. Therefore, there is a legal… Continue reading WHAT IS PIERCING THE CORPORATE VEIL?

Principles recognized by the European Court of Justice in the Wouter case (C-309/99) Created in 1960, the Council of Bars and Law Societies of Europe (CCBE) is the officially recognized representative organization for the legal profession in the European Union (EU) and the European Economic Area (EEA). The CCBE represents over 700,000 lawyers through its… Continue reading PRINCIPLES OF THE LEGAL PROFESSION

Can a vessel be bought without paying taxes on the sale? Question: I am residing in the US and want to buy a yacht from a company established in the Netherlands Antilles (Curacao). The yacht is registered in a foreign country as a private yacht. Is it possible to purchase the vessel without paying taxes… Continue reading TAX QUESTION REGARDING A YACHT

Accident followed by a ‘sex drive’ According to the 13 December 2006 edition of Times On Line, a Christian newly-wed has filed a £3.5 million compensation claim against his employers, saying that his marriage was ruined because his sex drive spiraled out of control after he injured his head at work. He claims that the… Continue reading THE LIABILITY OF AN EMPLOYER IN THE CASE OF AN ACCIDENT

A notarial deed is required A statutory merger involves at least two legal entities. The law uses the terms acquiring and disappearing legal entity. The law specifies that only legal entities having the same legal form may merge, specifying that a BV (closed limited liability company) and a NV (public limited liability company) are considered… Continue reading STATUTORY MERGERS UNDER THE LAWS OF THE NETHERLANDS ANTILLES

Unauthorized agents are personally liable A power of attorney is a right that the principal grants to a person to perform legal acts (including contracts) in his name. The person who receives the power of attorney obtains the right to represent his principal. The granting of a power of attorney is a unilateral legal act.… Continue reading A POWER OF ATTORNEY UNDER THE LAWS OF THE NETHERLANDS ANTILLES AND ARUBA

General conditions may be nullified Since 1 January 2001 the Netherlands Antilles Civil Code (CC) contains a section on general conditions. By including this section in the CC the legislator tried to strengthen the judicial supervision on the terms of general conditions in order to protect the contracting party against the use of general conditions,… Continue reading GENERAL CONDITIONS UNDER THE LAWS OF THE NETHERLANDS ANTILLES AND ARUBA

A license is required The insurance business in the Netherlands Antilles is regulated by the National Ordinance on the supervision of the Insurance Business Insurance companies (i.e., entities which make it their business to offer insurance products) established in the Netherlands Antilles and insurance companies with a statutory seat outside the Netherlands Antilles which have… Continue reading REGULATORY ASPECTS OF NETHERLANDS ANTILLES INSURANCE BUSINESS

A majority voted against ratification of the agreement with The Netherlands, which agreement would have given Curacao an autonomous status within the Kingdom of The Netherlands On 28 November 2006, a majority of the Curacao politicians voted against the agreement (‘slotverklaring’) with The Netherlands which was entered into on 2 November 2006. A historical mistake!… Continue reading WHAT HAVE THE CURACAO POLITICIANS DONE TO THE PEOPLE?

Cover for actual damage as a result of an uncertain event According to article 315 of the ‘Wetboek van Koophandel Nederlandse Antillen’ (Netherlands Antilles Commercial Code) “Insurance is the agreement whereby an insurer commits itself to the insured, against receipt of a premium, to compensate the latter for a loss, damage or loss of expected… Continue reading WHAT IS AN INSURANCE AGREEMENT UNDER NETHERLANDS ANTILLES LAW?

Only to licensed credit institutions Any Notes (including rights representing an interest in a Note in global form) that are offered as part of their initial distribution or by way of re-offering in the Netherlands Antilles, shall, in order to comply with the Netherlands Antilles National Ordinance on the supervision of banking and credit institutions… Continue reading THE OFFERING OF NOTES IN THE NETHERLANDS ANTILLES