Parties have to bear their own attorney costs Under the laws of Aruba, Bonaire, Curaçao, St. Maarten, St. Eustatius and Saba, generally speaking, each party has to bear its own attorney costs, except if there is an agreement in place between the parties providing for such compensation. Other costs related to proceedings are for instance… Continue reading THE COSTS OF LITIGATION
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THE CURACAO TRUST
Can be used as protected or segregated cell company On 1 January 2012, new legislation entered into force according to which it is now possible to set up a trust (Curacao Trust) similar to the trust in Anglo-Saxon common law jurisdictions. The introduction of the Curacao Trust serves as an important instrument which could be… Continue reading THE CURACAO TRUST
A CURACAO COMPANY WITH NEGATIVE EQUITY AND FINANCIAL SUPPORT
Restrictions for providing financial support to a party acquiring shares in its capital? A company cannot purchase its own shares if it has a negative equity capital or when this equity capital becomes negative by purchasing them, whereby the nominal capital applies as the lower limit (Section 2:114 subsection 2 of the Curaçao Civil Code… Continue reading A CURACAO COMPANY WITH NEGATIVE EQUITY AND FINANCIAL SUPPORT
THE INDEPENDENT SUPERVISORY BOARD IN CURACAO
Should be mandatory for government-owned entities Under the laws of Curaçao, the main task of a board of supervisory directors is to supervise the board of managing directors of a limited liability company (NV or BV). The Corporate Code provides for two different kinds of boards of supervisory directors, a “regular” board of supervisory directors… Continue reading THE INDEPENDENT SUPERVISORY BOARD IN CURACAO
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today can be studied for years to come I’m thrilled to learn from Robert Ambrogi’s blog that “Karel’s Legal Blog” has been archived in the Library of Congress: On the Internet there is no rule against perpetuities.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
THE REPAYMENT OF SHARE PREMIUM IN CURACAO
Net equity may not be or become negative From the legal point of view in Curaçao, share premium (’agio’) forms part of the company’s free reserves (Curaçao law does not provide for statutory reserves), and does not qualify as share capital. If share premium is to be repaid, the company’s financial condition should at the… Continue reading THE REPAYMENT OF SHARE PREMIUM IN CURACAO
BEARER SHARES IN A CURACAO COMPANY
Registered shares must be issued first According to the Curaçao act on corporate law (Book 2 Curaçao Civil Code) it is not possible to (directly) issue bearer shares. A company with only bearer shares has no shareholders’ register. Only a public limited liability company (NV) may issue bearer shares, provided that registered shares be issued… Continue reading BEARER SHARES IN A CURACAO COMPANY
PREJUDGMENT ATTACHMENT IN CURACAO
A petition is only marginally examined How easily can one obtain permission to freeze assets? The Curaçao Code of Civil Procedure provides the possibility to seize and freeze assets in anticipation of a court order to pay a certain amount or to return certain goods. This legal remedy is referred to as prejudgment attachment or… Continue reading PREJUDGMENT ATTACHMENT IN CURACAO
LAWYERS AND THE INTERNET: BACK IN TIME
A 1996 Tour of some interesting WWW sites for Lawyers In 1996 Delia Venables wrote an internet tour for lawyers (‘Around the World in 80 Minutes‘, Web Review, 1996 (3) The Journal of Information, Law and Technology; click here). She referred to the website of the Daily Telegraph as a good example of how the… Continue reading LAWYERS AND THE INTERNET: BACK IN TIME
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)
ENQUETEPROCEDURE OVERHEIDSVENNOOTSCHAPPEN CURACAO
Behandeling bij het Gemeenschappelijk Hof van Justitie Op 5 juni 2013 heeft bij het Gemeenschappelijk Hof van Justitie van Aruba, Curaçao en Sint Maarten en van Bonaire, Sint Eustatius en Saba de behandeling plaatsgevonden van het verzoek van het Openbaar Ministerie om een enquête op grond van het Burgerlijk Wetboek van Curacao te gelasten naar… Continue reading ENQUETEPROCEDURE OVERHEIDSVENNOOTSCHAPPEN CURACAO