(CNN) — Tropical Storm Omar formed Tuesday in the eastern Caribbean Sea and within hours was lashing the islands of Aruba, Curacao and Bonaire with heavy rain and gusty winds, the National Hurricane Center said. As of 2 p.m. ET, the storm’s center was about 375 miles (600 km) south-southwest of San Juan, Puerto Rico,… Continue reading TROPICAL STORM OMAR DUMPS 12 INCHES OF RAIN ON THE DUTCH CARIBBEAN
PREJUDICED INTERESTS OF MINORITY SHAREHOLDERS IN THE DUTCH CARIBBEAN
A minority shareholder may force the company to take-over his shares Article 2:251(1) Netherlands Antilles Civil Code reads as follows: “A shareholder of registered shares, whose rights or interests are prejudiced to such an extent, by the conduct of the company or one or more co-shareholders, that a continuation of his shareholding cannot reasonably be required… Continue reading PREJUDICED INTERESTS OF MINORITY SHAREHOLDERS IN THE DUTCH CARIBBEAN
DRAG-ALONG RIGHTS UNDER THE LAWS OF THE DUTCH CARIBBEAN
Drag-along rights may be validly created A drag-along right is a right that enables a majority shareholder to force a minority shareholder to join in the sale of his shares in a company (NV or BV). The majority shareholder doing the dragging must give the minority shareholder the same price, terms, and conditions that apply… Continue reading DRAG-ALONG RIGHTS UNDER THE LAWS OF THE DUTCH CARIBBEAN
IN THE SHADOWS OF DEBT
Who is to blame for the current crisis? Massive borrowing, hedge funds, credit default swaps (CDSs), collateralized debt obligations (CDOs) and other instruments seem to be part of the current trillion dollar problem. What was known about these instruments and the risks attached to them in the recent past? There was actually quite a lot known right from the start.… Continue reading IN THE SHADOWS OF DEBT
WHAT IF A LENDER BECOMES A SHAREHOLDER OF THE BORROWER IN THE DUTCH CARIBBEAN?
The obligation to repay still ranks pari passu If a lender takes over the shares in a borrower, the ranking of the borrower’s obligation to repay the loan does not change. Such obligations will continue to rank pari passu with the other creditors. Let me give you an example. In the event of dissolution of… Continue reading WHAT IF A LENDER BECOMES A SHAREHOLDER OF THE BORROWER IN THE DUTCH CARIBBEAN?
COVENANTS NOT TO COMPETE IN THE DUTCH CARIBBEAN
Such covenants are null and void A non-competition clause, a.k.a. a covenant not to compete, is a stipulation between the employer and the employee whereby the latter is restricted in his right to work in a given way upon termination of the latter’s contract of employment. Typically, a non-competition clause will prohibit an employee from… Continue reading COVENANTS NOT TO COMPETE IN THE DUTCH CARIBBEAN
WHO IS TO BLAME FOR BLACK MONDAY?
That remains to be seen ‘Blaming others is a sign of low self-esteem because in doing so we are not taking responsibility‘ On Monday 29 September 2008, the US House of Representatives rejected a $700 billion bailout plan aimed at stabilizing the financial system, i.e. a plan to let the least fit survive, triggering the largest point drop… Continue reading WHO IS TO BLAME FOR BLACK MONDAY?
DUTCH CARIBBEAN REGULATORY FRAMEWORK
Central Bank monitors compliance The regulatory rules and regulations in the Netherlands Antilles deal with credit institutions, investment institutions and administrators, insurers and insurance brokers, company pension funds, trust service providers, capital markets, anti-money laundering and identification, and foreign exchange control and license fees. The Netherlands Antilles have one regulator: the Central Bank of the… Continue reading DUTCH CARIBBEAN REGULATORY FRAMEWORK
DECLARING DIVIDENDS IN THE DUTCH CARIBBEAN
Resolutions only marginally examined by the court Directly connected to the approval of annual accounts, the general meeting of the NV (or BV, as the case may be) or any other body designated in the articles of incorporation, shall resolve the distribution or reservation of profits according to aforementioned annual accounts and the payment of… Continue reading DECLARING DIVIDENDS IN THE DUTCH CARIBBEAN
CAFE-RESTAURANT-PODIUM MAXIMA GEOPEND OP CURACAO
Cultureel & Culinar Vandaag (17 september 2008) is Cafe-Restaurant-Podium “Maxima” geopend. Ik mocht het denkbeeldige lintje doorknippen door middel van een openingstoespraak. “Maxima” is een initiatief van Errol Caprino, Simone Caprino-Arentz en Henk de Meza, en vormt een combinatie van een cafe, een restaurant en een podium. Culturele en culinaire activiteiten gaan hier hand in hand. Bij de podiumkunsten gaat… Continue reading CAFE-RESTAURANT-PODIUM MAXIMA GEOPEND OP CURACAO
KEEPING, MAINTAINING AND RETAINING RECORDS FOR TAX PURPOSES IN THE DUTCH CARIBBEAN
Records must be kept for 10 years Pursuant to article 43 of the Netherlands Antilles State Ordinance on National Taxes (Algemene Landsverordening Landsbelastingen, “GONT”) an entity is obliged to keep the records (‘administratie’) of its assets and liabilities that clearly show the rights and obligations at all times and that provide the data relevant to… Continue reading KEEPING, MAINTAINING AND RETAINING RECORDS FOR TAX PURPOSES IN THE DUTCH CARIBBEAN
PROVIDING INFORMATION TO THE DUTCH CARIBBEAN TAX INSPECTOR
Digital information is not sufficient In general every company is obliged to supply the Tax Inspector with data and information that is or can be significant for levying taxes from that company. Regarding the aforementioned all data carriers or their content have to be made available at the request (and discretion) of the Tax Inspector.… Continue reading PROVIDING INFORMATION TO THE DUTCH CARIBBEAN TAX INSPECTOR