Category: Legal

Reporting obligations which apply to publicly traded securities The Disclosure of major holdings in listed companies act (the ‘Act’) requires the owners of shares in corporations which (a) are incorporated in accordance with Netherlands Antilles law, and (b) are listed or traded on certain specified stock exchanges to report exceeding or reaching certain threshold holdings.… Continue reading REPORTING OBLIGATIONS UNDER NETHERLANDS ANTILLES LAW

A digital signature has the same legal effect as a hand-written signature The Ordinance on agreements to be concluded electronically (‘Landsverordening overeenkomsten langs elektronische weg’) became effective on 1 January 2001. Trade, financial services and other commercial activities are taking place by electronic means in a quickly growing pace. The Netherlands Antilles was ahead of… Continue reading ELECTRONIC TRANSACTIONS IN THE NETHERLANDS ANTILLES

Attracting funds from the public is prohibited The Netherlands Antilles have one financial regulator: the Central Bank of the Netherlands Antilles (‘Bank van de Nederlandse Antillen’). The Central Bank is a separate legal entity having its seat at Curacao. The tasks of the Bank include, inter alia, circulating coins and bank notes, enhancing stability of… Continue reading BANKING REGULATIONS IN THE NETHERLANDS ANTILLES

Should their OCT status change to OMR? The Netherlands Antilles and Aruba are subject to the special European Union arrangement regarding the Association of the Overseas Countries and Territories (OCT status). In its coalition agreement of the summer of 2003 the Dutch government has committed itself to make an effort to acknowledge the Netherlands Antilles… Continue reading ARUBA AND THE NETHERLANDS ANTILLES ARE NOT MEMBERS OF THE EUROPEAN UNION

The ultimate recourse against a company not paying its debts The application for a bankruptcy order can be made either by the debtor itself or by one or more of its creditors. If the debtor is a company, according to article 8 par. 4 of the Code on corporate law and other legal persons, the… Continue reading FILING FOR BANKRUPTCY IN THE NETHERLANDS ANTILLES

The recognition and enforceability of foreign judgments in the absence of a treaty In the absence of an applicable treaty between a foreign country (for example the U.S.) and the Netherlands Antilles, a judgment rendered by a U.S. court, will not be enforced by the Netherlands Antilles courts. In order to obtain a judgment which… Continue reading U.S. JUDGMENTS AND THE NETHERLANDS ANTILLES

Freedom of such mergers confirmed According to a press release of the European Commission the general refusal in Germany to register a legal merger between companies in the commercial register where one is established in another member state is contrary to community law. “This difference in treatment between companies, according to whether the merger is… Continue reading CROSS-BORDER LEGAL MERGERS IN EUROPE

Trust service providers are supervised by the Central Bank On 23 December 2003, the National Ordinance on the Supervision of Trust Service Providers 2003 (‘Landsverordening toezicht trustwezen’) entered into force, which would place most trust offices and corporate services providers under direct supervision of the Central Bank. By virtue of this Ordinance, the National Ordinance… Continue reading TRUST SERVICE PROVIDERS IN THE NETHERLANDS ANTILLES

Where are the shares and where can they be seized? The Netherlands Antilles has a broad range of possibilities for creditors to get security for an alleged claim, even before judgement. Suppose you want to collect a claim and you are considering putting certain or all of your counterparty’s assets under arrest (freezing/seizing assets or… Continue reading THE LOCATION OF SHARES UNDER NETHERLANDS ANTILLES LAW

Will Daniel Pink’s ‘A Whole New Mind’ change our lives? Daniel Pink’s well-written book ‘A Whole New Mind’ describes how the world is moving from the Information Age (left-brain dominance) to the Conceptual Age (right-brain) and what it takes for individuals and organizations to excel. Pink discusses six aptitudes which he believes to be essential… Continue reading HOW SHOULD LAWYERS ADAPT TO THE CONCEPTUAL AGE?

US GAAP, Dutch GAAP, IAS, IAS Plus, IFRS? Under Netherlands Antilles law, the management board of each legal entity is required to keep books for the financial condition of such entity in such a manner that the rights and obligations can be ascertained therefrom at any time: the adequate bookkeeping obligation. Violation of this obligation… Continue reading THE NETHERLANDS ANTILLES APPROACH TO ACCOUNTING PRINCIPLES

The Corporate Code provides for a simplified merger procedure The acquisition of a business enterprise may take place through the purchase of shares (take-over), the purchase of assets and liabilities or a legal / statutory merger. The Netherlands Antilles Code on corporate law and other legal persons (the ‘Code’) contains detailed provisions for mergers of… Continue reading LEGAL MERGERS IN THE NETHERLANDS ANTILLES