RULES OF CONDUCT FOR ATTORNEYS
Correspondence between attorneys may not be submitted in court
The Code of Conduct for Attorneys (Lawyers) in Curacao, as well as those in Aruba, St. Maarten and the BES-islands, contain some specific rules regarding correspondence between attorneys.
Rule 18 of the Code of Conduct
The content of letters and other communications from one attorney at law to another may not be invoked in court, according to Rule 18 of the Code of Conduct for Attorneys at Law in Curacao. Submission of correspondence between attorneys (or mentioning the contents thereof) is only permitted if the client’s interest so requires, but not until …
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CORPORATE CRIMINAL LIABILITY
Acts can be committed both by natural persons and by legal entities
Under Dutch Caribbean criminal law, criminal acts can be committed both by natural persons and by legal entities, for instance, limited liability companies and foundations, and can take part in the crime in a variety of roles incurring liability, including, perpetrators, co-perpetrators or accomplices. As far as legal entities are concerned, criminal liability may arise for: (i) employees of a legal entity, (ii) the legal entity itself, and (iii) those directors or managers of the legal entity of whom it can be proven that they have directed or …
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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 creditors. Sometimes, several companies belonging to one and the same group of companies go bankrupt. In principle, the trustee in bankruptcy has to administer and liquidate the assets of each of the bankrupt estates individually.
When multiple companies of the same group go bankrupt, it …
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QUASI-BESTUURDER OF GEWOON DE BAAS?
Dat hangt af van de feiten
Gaat een rechtspersoon (denk aan een NV of BV) failliet dan is elke (statutaire) bestuurder hoofdelijk aansprakelijk voor het tekort van de failliete boedel, indien er sprake is geweest van kennelijk onbehoorlijk bestuur en aannemelijk is dat dit een belangrijke oorzaak is van het faillissement.
De wet bepaalt dat met een bestuurder wordt gelijkgesteld degene die (gedurende het relevante tijdvak) het beleid van de rechtspersoon heeft bepaald of mede heeft bepaald, als ware hij bestuurder. Er wordt ook wel over quasi-bestuurder gesproken. Denk bijvoorbeeld aan degene die door het geven van instructies, bevoegd of …
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KAREL FRIELINK WILL JOIN FORCES WITH BZSE ATTORNEYS AT LAW
BZSE Curaçao office will be opened January 1, 2015
Well-seasoned corporate and finance attorney Karel Frielink is joining BZSE Attorneys at Law and Tax Lawyers of St. Maarten and will set up and manage a Curaçao office of the firm. The office will open on January 1, 2015, and Frielink will serve as its managing partner.
“We are extremely excited to be opening a Curaçao office and to have Karel joining the firm, ” said Roeland Zwanikken, managing partner of BZSE in St. Maarten. “Karel is a great attorney, lauded for his technical knowledge and experience of the local (Aruba, …
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NEW CORPORATE CODE SINT MAARTEN
Various matters not yet discussed here
As per April 1, 2014 the amended Corporate Code (Book 2 Civil Code) of St. Maarten entered into force. The prohibition of appointing Supervisory Directors besides a ‘one-tier Board’ has been deleted (Article 2:19 paragraph 1 Corporate Code). Supervisory Directors being a legal entity are allowed to a limited extent (Article 2:19 paragraph 3 Corporate Code).
For the NV and the BV the law determines who has the right to attend meetings (Article 2:129/229 Corporate Code). Unfortunately, in this connection no attention is given to the holders of depositary receipts for shares. In the …
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LEZING NIEUW VENNOOTSCHAPSRECHT SINT MAARTEN
Nieuw Boek 2 BW en nieuw personenvennootschapsrecht
Op verzoek van de Orde van Advocaten te Sint Maarten heb ik op 21 mei 2014 in de Flamboyantzaal van het Courthouse te Sint Maarten een lezing gegeven voor de rechterlijke macht en de advocatuur. De lezing ging over enkele van de wetswijzigingen die in Sint Maarten op 1 april 2014 van kracht zijn geworden.
Er is een herzien Boek 2 Burgerlijk Wetboek (Rechtspersonen) ingevoerd en een nieuwe regeling inzake de personenvennootschappen. Mijn verhaal is hier te lezen.
Karel Frielink (advocaat)
(30 mei 2014)
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AMENDED SINT MAARTEN LEGISLATION ON CONFLICTING INTEREST
The new law gives shareholders more freedom
As per April 1, 2014 the amended Corporate Code (Book 2 Civil Code) of St. Maarten entered into force. Among other things, the provisions with regard to conflicting interest have been thoroughly reviewed and strongly curtailed.
The basic rule provides that the authority with regard to certain legal acts involving the legal entity and its Managing Director (e.g., agreements between the legal entity and its director) as well as lawsuits between a legal entity and its Managing Director rests with the Supervisory Board. If the company has no Supervisory Board, this authority rests …
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REVISED SINT MAARTEN LEGISLATION ON DIRECTORS’ LIABILITY IN BANKRUPTCY
Improper bookkeeping may result in liability
As per April 1, 2014 the amended Corporate Code (Book 2 Civil Code) of St. Maarten entered into force. Among other things, the provisions with regard to Managing Director’s liability have been improved.
In the event of the bankruptcy of the legal entity each Managing Director is jointly and severally liable to the estate for the deficit being the amount of the debts insofar as they cannot be settled by liquidation of the other assets if apparent improper management had been involved and it is plausible that this is a major cause of the …
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NEW SINT MAARTEN LEGISLATION ON CORPORATE REPRESENTATION
Restrictions in managing authority work through into the representative authority
As per April 1, 2014 the amended Corporate Code (Book 2 Civil Code) of St. Maarten entered into force.
Restrictions of the managing authority can arise from a by-law or a corporate agreement. Individual Managing Directors exercise their powers with due observance of the resolutions of the Management Board (Article 2:8 paragraph 2 Corporate Code). Subject to restrictions arising from the law or the Articles of Association, the legal entity is represented by the Management Board. If there are multiple Managing Directors the legal entity is represented by each Managing …
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OUTBOUND MERGER INTRODUCED IN SINT MAARTEN
Outbound mergers now possible
As per April 1, 2014 the amended Corporate Code (Book 2 Civil Code) of St. Maarten entered into force.
The possibility already existed that in connection with a merger, a foreign legal entity as the disappearing legal entity merges with a comparable legal form of the Corporate Code of St. Maarten on the condition that the law governing that foreign legal entity is not incompatible with the merger and the manner in which it is brought about (Article 2:323a BW; ‘inbound ’).
It has now also become possible that a legal entity within the sense of the …
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INQUIRY PROCEDURE INTRODUCED IN SINT MAARTEN
The Joint Court is the forum of choice for corporate disputes
As per April 1, 2014 the amended Corporate Code (Book 2 Civil Code) of St. Maarten entered into force. The new legislation introduces a so-called inquiry procedure for, amongst others, limited liability companies. The corporate inquiry procedure (a.k.a. investigation proceedings) can result in a court ordered investigation into the affairs of a corporation. In Curaçao the revised Corporate Code took effect as of January 1, 2012.
Shareholders of such a corporation (i.e. an NV or BV) may file a petition with the Joint Court of Justice of Aruba, Curacao …
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