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 FUNDS AND ADMINISTRATORS
Statutory requirements applicable to the organizational and legal structure The National Ordinance on the Supervision of Investment Institutions and Administators (Landsverordening regelende het toezicht op beleggingsinstellingen en administrateurs; NOSIIA) provides for a regime of supervision for investment institutions and administrators with the objective of an adequate operation of the financial markets and the protection of… Continue reading CURACAO FUNDS AND ADMINISTRATORS
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
SEMINAR ONDERNEMINGSRECHT
22, 23 en 24 oktober 2012 Het ondernemingsrecht is continu in beweging. Hier bij ons in Curacao, maar ook in Nederland. Boek 2 van het Burgerlijk Wetboek Curacao is op 1 januari 2012 op tal van punten gewijzigd. Wat houden deze wijzigingen precies in? Wat betekent de invoering van de Flex-BV in Nederland per 1… Continue reading SEMINAR ONDERNEMINGSRECHT
THE TRANSFER OF BEARER BONDS IN THE DUTCH CARIBBEAN
No deed required Under the laws of the Dutch Caribbean (Aruba, Bonaire, Curacao, St. Maarten) transferring the title of bearer bonds (i.e. bonds which are owned by whoever is holding them, rather than having a registered owner) does not require a transfer deed. In other words: such a bond is transferred by surrendering the original… Continue reading THE TRANSFER OF BEARER BONDS IN THE DUTCH CARIBBEAN
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
INADEQUATE CAPITALIZATION OF A CURACAO COMPANY
Liability for thin-capitalization? 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. In terms of ‘piercing the corporate veil’, thin or… Continue reading INADEQUATE CAPITALIZATION OF A CURACAO COMPANY
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
DUTIES OF A MANAGING DIRECTOR OF AN NV OR BV
Acting in the best interests of the company Although not explicitly provided for in Book 2 of the Civil Code of Curacao (“CCC”), it is considered a general rule of 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… Continue reading DUTIES OF A MANAGING DIRECTOR OF AN NV OR BV