Principle of universality In Curaçao, bankruptcy in general serves the purpose of liquidating assets of a particular person or legal entity and distributing the proceeds among the combined creditors. Under Curaçao insolvency law, the Curaçao courts have jurisdiction in respect of insolvency proceedings against legal entities that have their corporate seat in Curaçao and against… Continue reading FOREIGN COMPANIES IN CURACAO BANKRUPTCY PROCEEDINGS
Tag: bankruptcy judge
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… Continue reading INSOLVENCY AND LIABILITY
THREE QUESTIONS ON ARUBAN BANKRUPTCY LAWS
FAQ Question 1 In which cases and by whom may bankruptcy proceedings be initiated in accordance with Aruban bankruptcy law? Filing for bankruptcy may be done either by the debtor itself or by one or more of its creditors. If the debtor is a company, generally speaking the managing directors do not have the authority… Continue reading THREE QUESTIONS ON ARUBAN BANKRUPTCY LAWS
THE DISMISSAL OF A TRUSTEE IN BANKRUPTCY IN THE DUTCH CARIBBEAN
Dismissal not always at the sole discretion of the judge A Netherlands Antilles bankruptcy judge may at any time after having heard or after having properly summoned the trustee in bankruptcy, dismiss the trustee and replace him by one or more other trustees. This may be done at the request of the debtor, the trustee… Continue reading THE DISMISSAL OF A TRUSTEE IN BANKRUPTCY IN THE DUTCH CARIBBEAN
BANKRUPTCY AND INTEREST CLAIMS IN THE DUTCH CARIBBEAN
Bankruptcy vs non-bankruptcy claims There are special statutory provisions regarding agreed interest rates, for instance, in a contract between the creditor and a party who subsequently goes bankrupt, during a bankruptcy (faillissement) and moratorium on payements (surseance van betaling). It is explicitly stated in the Netherlands Antilles Bankruptcy Decree (Faillissementsbesluit 1931) that only the interest… Continue reading BANKRUPTCY AND INTEREST CLAIMS IN THE DUTCH CARIBBEAN
THREE QUESTIONS ON DUTCH CARRIBBEAN BANKRUPTCY LAWS
FAQ Question 1 In which cases and by whom may bankruptcy proceedings be initiated in accordance with Netherlands Antilles bankruptcy law? Filing for bankruptcy may be done either by the debtor itself or by one or more of its creditors. If the debtor is a company, the managing directors do not have the authority to… Continue reading THREE QUESTIONS ON DUTCH CARRIBBEAN BANKRUPTCY LAWS