CHINA OPENT CONSULAAT IN CURACAO
China en Curacao kiezen voor economische samenwerking
De consul-generaal van de Volksrepubliek China, mevrouw Chen Qiman, en de Chinese consul de heer Huixun Zhang, hebben op 15 oktober 2013 een kennismakingsbezoek gebracht aan Karel Frielink, de honorair-consul van Duitsland in Curaçao, St. Maarten en de BES-eilanden.
Mevrouw Chen Qiman is de eerste consul-generaal van de Volksrepubliek China in Curaçao, en tevens in Aruba, Sint Maarten, Bonaire, Sint Eustatius en Saba. Met de honorair-consul van Duitsland heeft zij gesproken over consulaire en diplomatieke zaken die betrekking hebben op hun gemeenschappelijke jurisdicties.
Daarnaast is uitvoerig gesproken over gemeenschappelijke inspanningen om de handelsbetrekkingen …
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THE ARTICLES OF ASSOCIATION OF A CURAÇAO COMPANY (III)
Controlling minority?
Such a situation (i.e. example 2) is possibly less desirable from the company’s perspective, certainly where the more essential decision-making is concerned. Although decisions should be taken on the basis of a discussion of content and it will not always be possible to predict how the meeting of shareholders will vote, the possibility of ‘accidental’ majorities (whereby a minority shareholder nevertheless has the majority through the absence of others at the meeting of shareholders) leads to less predictability, or at least to greater uncertainty.
If a company has, for example, one 30% shareholder and the remaining 70 shareholders …
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THE ARTICLES OF ASSOCIATION OF A CURAÇAO COMPANY (II)
Articles determine the nature of the company
A company’s articles of association determine the nature of the company (take for example the description of the purpose), regulate the internal competences (e.g. dismissal and appointment), limit the powers (e.g. decisions requiring approval), determine the internal responsibilities (e.g. drawing up the annual report and accounts), regulate the external powers (who represents the company in law), determine the method of decision-making, etc. As indicated above: the articles of association are somewhat comparable with the constitution or the state regulations of a country. The articles of association are therefore essential to the proper functioning …
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THE ARTICLES OF ASSOCIATION OF A CURAÇAO COMPANY (I)
Comparable with a constitution
The articles of association of a Curaçao company (a public [NV] or private [BV] limited liability company) are somewhat comparable with a constitution or state regulations: the articles of association comprise – like the law, but also additionally to the law and, where permitted, unlike the law – the rules of play (rights, obligations and powers) to which all the organs of the company (managing board, supervisory board, shareholders’ meeting) and the members of those organs must adhere or on which they can rely.
The law of Curaçao does not prescribe that a special (or qualified) …
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VALIDLY REPRESENTING A CURACAO COMPANY
Extract and Articles are of importance
Limited liability companies like the Curaçao NV or BV are legal entities. Whether or not a managing director has the authority to validly represent a company can be derived from the extract from the Trade Register of the Chamber of Commerce of Curaçao together with the articles of association of the company.
However, it could be the case that the company has further regulations from which representation limitations follow. This should be assessed on a case by case basis.
A counterparty may rely on a written statement from the board of managing directors or …
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DE FUN FACTOR
Over plezier en vertrouwen
Geen enkele cliënt zal zijn advocaat willen betalen voor het maken van grappen. En als advocaat hoef je ook helemaal niet grappig te zijn. En als een zaak ernstig van aard is dan mag je zelfs niet grappig zijn. Maar omdat zaken doorgaans meer dan enkele uren of dagen duren, is een goede band tussen een advocaat en zijn cliënt onontbeerlijk.
Natuurlijk, een cliënt kiest een advocaat waarin hij vertrouwen heeft. Een verdwaald geval daargelaten, lijkt mij dat een open deur. Wat ook ‘open’ hoort te zijn is de communicatie tussen een advocaat en zijn cliënt. …
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ANTI-MONEY LAUNDERING LAWS IN CURACAO
Money laundering is prohibited
Title XXXI of the Penal Code of Curaçao basically prohibits any type of money laundering.
The National Ordinance on the Reporting of Unusual Transactions (NORUT) obliges service providers acting in the course of a business or profession, to report unusual transactions.
The National Ordinance on Identification of clients when Rendering Services (NOIS) requires any service provider who is acting in the course of a profession or business, to establish the identity of a customer before providing any “financial” service.
Generally, these Ordinances apply when services are conducted in or from Curaçao. If a foreign financial institution does …
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CURACAO CONGRATULATES WLADIMIR “COCO” BALENTIEN WITH HIS 56TH AND 57TH HOME RUN
New home run king from Curaçao crowned in Japan
Tokyo Yakult Swallows player Wladimir “Coco” Balentien from the island of Curaçao, a former major leaguer hit his 56th and 57th home runs on Sunday September 15, 2013, breaking the Japanese single-season record set by Sadaharu Oh 49 years ago.
“Former big-league outfielder Wladimir Balentien, Japan’s new single-season home run king with 57 blasts (and counting), has a couple of friends in the Twins’ bullpen. One of them is right-hander Shairon Martis, who comes from the same hometown (Willemstad) on the tiny …
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INSOLVENCY AND LIABILITY
Not (or late) filing for bankruptcy
In Curaçao, there is no statutory obligation for managing directors of a company to file for the bankruptcy of the corporation. Therefore, managing directors are not responsible to the creditors for damages sustained by them as a result of any ‘late’ filing for bankruptcy. There is no such obligation for shareholders of a corporation either.
However, creditors of the corporation may hold a director liable on the basis of tort if he entered into a transaction on behalf of the corporation while he knew, or should reasonably have known, that the corporation would not …
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ON THE BRIDGE OF THE OSPREY EXPLORER WITH THE CAPTAIN
Me on the left… Click here to learn more about the 2D S/V Osprey Explorer and click here to learn more about reflection seismology.
Bij 2D of tweedimensionale seismiek worden langs een lijn aan het aardoppervlak trillingen opgewekt. Er wordt gebruik gemaakt van een air gun (of seismische vibrator), een apparaat dat vlak achter het schip hangt. Elke 10 seconden stuurt de air gun een schokgolf het water in. De …
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IMPACT OF THE LIABILITY TO THE DIRECTOR OF THE DIRECTOR (II)
2nd degree director as director of a foreign corporate director
It appears from the 2011 ruling referred to by the Supreme Court that Section 2:11 of the Dutch Civil Code is applicable to the joint and several liability of a director of a Dutch legal entity being a director of another Dutch legal entity. The Supreme Court confirmed this doctrine again in clear wording in its decision of 21 June 2013.
The conclusion is as follows:
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IMPACT OF THE LIABILITY TO THE DIRECTOR OF THE DIRECTOR (I)
Liability of the 2nd degree director
Under Section 2:17 subsection 1 of the Curaçao Civil Code, the liability of a legal entity as a director of another legal entity (the direct or 1st degree director) also rests jointly and severally on each person who at the time this liability arose for the legal entity was its director (the indirect or 2nd degree director). It applies to this indirect director as it applies to the direct director that he will not be liable if he can prove that he cannot be blamed for the improper performance of duties, also considering his …
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