No obligation to file for bankruptcy There is no statutory obligation in the Netherlands Antilles for managing directors of a company to file for the bankruptcy of the company. Managing directors are therefore not responsible to the creditors for damages sustained by them as a result of any ‘late’ filing for bankruptcy. There is no… Continue reading LIABILITY FOR NOT OR LATE FILING FOR BANKRUPTCY IN THE DUTCH CARIBBEAN
Tag: bankruptcy
MORATORIUM OF PAYMENTS IN THE DUTCH CARIBBEAN (II)
The debtor may make an offer of composition The nature of a Netherlands Antilles’ moratorium differs substantially from a moratorium under US law and does, in particular, not cause pending proceedings to be stayed. Generally, a moratorium in the Netherlands Antilles protects a debtor from claims existing at the time of the moratorium. It does not prevent litigating… Continue reading MORATORIUM OF PAYMENTS IN THE DUTCH CARIBBEAN (II)
DUTCH CARIBBEAN COMPANIES AND LIABILITY ISSUES
Shareholders are not personally liable Shareholders of an NV or BV are not personally liable for the liabilities of the company, except where this would be contrary to the law. With the exception of actions based on tort or when a shareholder may be held liable because he is considered a policy maker (see below),… Continue reading DUTCH CARIBBEAN COMPANIES AND LIABILITY ISSUES
FILING FOR BANKRUPTCY IN THE DUTCH CARIBBEAN
The ultimate recourse against a person not paying his debts The bankruptcy order can be applied for either by the debtor or by one or more of its creditors. If the debtor is a company then, pursuant to Article 2:8 par. 4 of the Civil Code, the managing directors do not have the authority to… Continue reading FILING FOR BANKRUPTCY IN THE DUTCH CARIBBEAN