CONSOLIDATED BANKRUPTCY

Creditors, stay alert! Aruba, Curaçao, St. Maarten and the BES-islands (Bonaire, St. Eustatius and Saba) will together be referred to as the Dutch Caribbean, although each has its own set of laws. Bankruptcy in general serves the purpose of liquidating assets of a particular person or legal entity and distributing the proceeds among the combined… Continue reading CONSOLIDATED BANKRUPTCY

DISCHARGING THE MANAGEMENT BOARD

Only for matters evident from the accounts The shareholders of a Dutch Caribbean limited liability company (NV or BV) may provide a discharge (décharge) to members of the management board for matters evident from the annual accounts, or matters otherwise made known to the general shareholders meeting. This is a standard item on the agenda… Continue reading DISCHARGING THE MANAGEMENT BOARD

INTERNATIONAL ARBITRATION IN THE DUTCH CARIBBEAN

The UNCITRAL Model Law is applicable Parties with a legal dispute can turn to the public court system to settle the dispute; however, instead of bringing a lawsuit in a public court, they can also opt for arbitration. Arbitration is a form of private dispute settlement in which the parties instruct one or more persons… Continue reading INTERNATIONAL ARBITRATION IN THE DUTCH CARIBBEAN

MAKING FUN OF LAWYERS

Makes me smile… The image that people have of lawyers is usually determined by coincidences. This may be a personal experience with their own lawyer or that of the counterparty. But even more will the image be determined by the relatively small group of lawyers who get publicity. A. Pitlo (Evolutie in het privaatrecht, [Evolution in… Continue reading MAKING FUN OF LAWYERS

THE GOOD, THE BAD AND THE BOSS

Three different personas during testimony There are matters to consider before you enter a courtroom as plaintiff, defendant or witness: for instance, what you say, your body language, how you present yourself and what you wear. The judge will be watching you. You don’t believe me? Read for yourself! The judge about the defendant: Murdock tried out… Continue reading THE GOOD, THE BAD AND THE BOSS

KAREL FRIELINK FULL MEMBER OF STEP

Trust and Estate Practitioner The Society of Trust and Estate Practitioners (STEP) was founded in 1991 by George Tasker as a hub for local forums of practitioners. STEP is the international professional body for those who work in the trust industry and the (often overlapping) field of estate administration. Its members are mainly solicitors, barristers,… Continue reading KAREL FRIELINK FULL MEMBER OF STEP

HARMONISATIE TOEZICHTSWETGEVING CURACAO

Ingrijpende wijzigingen Op 9 november 2015 is door de Staten van Curaçao aangenomen de ‘Landsverordening tot wijziging van de Landsverordening toezicht bank- en kredietwezen 1994, de Landsverordening Toezicht Verzekeringsbedrijf, de Landsverordening toezicht effectenbeurzen, de Landsverordening toezicht beleggingsinstellingen en administrateurs, de Landsverordening toezicht trustwezen, de Landsverordening Assurantiebemiddelingsbedrijf en de Landsverordening toezicht geldtransactiekantoren’ (korter aangeduid als: Landsverordening actualisering… Continue reading HARMONISATIE TOEZICHTSWETGEVING CURACAO

BESTUURDERSAANSPRAKELIJKHEID

Symposium Sint Maarten 1 december 2015 Het Ministerie van Justitie te Sint Maarten en de Orde van Advocaten te Sint Maarten hebben op 1 december 2015 een symposium over Boek 2 van het Burgerlijk Wetboek van Sint Maarten georganiseerd. De sprekers waren prof.mr. Peter van Schilfgaarde, prof.mr. Gerard van Solinge, mr. Jeroen Eichhorn en ikzelf.… Continue reading BESTUURDERSAANSPRAKELIJKHEID

HET BESTUUR VAN EEN RECHTSPERSOON

Het belang van de rechtspersoon moet worden gediend De taakvervulling door een bestuurder van een (privaatrechtelijke) rechtspersoon is niet vrijblijvend. Op de bestuurder rust een inspanningsverplichting. In artikel 2:8 lid 3 van het Burgerlijk Wetboek (van Curaçao, St. Maarten en de BES-eilanden) is een belangrijke norm voor die taakvervulling vastgelegd: Bij de vervulling van zijn taak… Continue reading HET BESTUUR VAN EEN RECHTSPERSOON

THE DUTY OF CARE OF BANKS

Banks are under the obligation to exercise due care In the Dutch Caribbean, no separately defined body of law exists with regard to the relationship between a (commercial) bank and its customer. The standard general terms and conditions applied by banks in the Dutch Caribbean have an important function in the legal relationship between banks and their… Continue reading THE DUTY OF CARE OF BANKS

LIABILITY OF COMPANY DIRECTORS

No derivative suit It is considered a general rule of Dutch Caribbean corporate law that the management board (a.k.a. board of directors) must act in the best interests of the company (an NV or BV) in the performance of its duties, even when acting on instructions from others (e.g. shareholders). This includes the interests of… Continue reading LIABILITY OF COMPANY DIRECTORS