Rights of foreign trustees are recognized With respect to the question whether a Trustee in bankruptcy appointed in a foreign country can exercise his powers in Curaçao, there is specific case-law available. In a Curaçao lawsuit the question was raised whether the (foreign) Trustees in the bankruptcy of a natural person residing in South Africa… Continue reading POWERS OF FOREIGN TRUSTEES IN CURACAO
Tag: bankruptcy
LIABILITY OF THE BANKRUPTCY TRUSTEE
No policy freedom when bound by rules Some years ago, I wrote about conflicts of interest in insolvency law matters (Tijdschrift voor Insolventierecht 4/2001, p. 115-123). I then wrote that the special characteristics of the task of a bankruptcy trustee imply that his personal liability, if any, must be assessed against a standard of due… Continue reading LIABILITY OF THE BANKRUPTCY TRUSTEE
FOREIGN COMPANIES IN CURACAO BANKRUPTCY PROCEEDINGS
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
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
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
LIABILITY OF A TRUST DIRECTOR
No lighter liability system The National Ordinance on the supervision of Trust Service Providers (Landsverordening toezicht trustwezen) does not provide anything with regard to the liability of trust offices (a.k.a. management services companies) or their representatives acting as a director under the Articles (of Association) of a legal entity (for instance a company limited by… Continue reading LIABILITY OF A TRUST DIRECTOR
US LAW GOVERNED AGREEMENTS
Curaçao and St. Maarten Courts will accept the choice of laws One of the questions frequently asked is whether the Courts in Curaçao or St. Maarten, if an action is brought before them, will pay deference to a “choice of governing law” and/or venue provision in an agreement, in particular when the parties have chosen… Continue reading US LAW GOVERNED AGREEMENTS
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
THIS BLOG IS ARCHIVED BY THE LIBRARY OF CONGRESS
Blogs of today can be studied for years to come I’m thrilled to learn from Robert Ambrogi’s blog that “Karel’s Legal Blog” has been archived in the Library of Congress: On the Internet there is no rule against perpetuities. To the contrary our perpetuation seems assured. Latest case in point: the new Legal Blawgs Web… Continue reading THIS BLOG IS ARCHIVED BY THE LIBRARY OF CONGRESS
LITIGATION IS A SKILLED PROFESSION (part 8)
New legislation Finally, note that rather simple examples have been taken here. However, many suits are complicated with regard to their subject matter. In this connection disputes about complicated take-over issues, disputes between investors and an investment fund, disputes with a contractor or architect about a building or disputes about intellectual property come to mind.… Continue reading LITIGATION IS A SKILLED PROFESSION (part 8)
LITIGATION IS A SKILLED PROFESSION (part 7)
Injunctive relief Apart from seizures it is also possible to consider an application for interim injunctive relief (voorlopige voorziening). The Judge for Interim Relief can render so-called provisional relief, for instance order a building freeze or order the counterparty to pay an advance on the compensation. Such a provision is called provisional because it is… Continue reading LITIGATION IS A SKILLED PROFESSION (part 7)
LITIGATION IS A SKILLED PROFESSION (part 6)
Proceedings in various jurisdictions Sometimes cases which are strongly interrelated to each other are brought before different courts. For instance you instigate proceedings with the court in Curacao and your counterparty instigates proceedings at the same time against you before the court in Aruba or in Sint Maarten. If the merits of the case involve… Continue reading LITIGATION IS A SKILLED PROFESSION (part 6)