The Joint Court is the forum of choice for corporate disputes As per January 1, 2012 the amended Corporate Code (Book 2 Civil Code) of Curacao entered into force. The new legislation introduces a so-called inquiry procedure for, amongst others, limited liability companies. The inquiry procedure (a.k.a. investigation proceedings) can result in a court ordered… Continue reading INQUIRY PROCEDURE INTRODUCED IN CURACAO
Tag: Corporate
APPELLATE PROCEEDINGS IN THE DUTCH CARIBBEAN
Full review of the case Appellate proceedings in the Dutch Caribbean provide for a full review of the appealed decision: the grounds on which the Appellate Court can reverse the original judgment are not, as in certain other jurisdictions, limited to procedural matters. It is furthermore permissible to introduce new documentary evidence in the course… Continue reading APPELLATE PROCEEDINGS IN THE DUTCH CARIBBEAN
INSURANCE BUSINESS IN ARUBA (II)
Different insurance contracts According to the SOSIB a “life insurance agreement” is an insurance contract concerning the payment of cash benefits related to the life or death of man, and a “general insurance contract” is an insurance contract, other than a life insurance contract. Generally, an insurance contract is understood to be an agreement whereby… Continue reading INSURANCE BUSINESS IN ARUBA (II)
INSURANCE BUSINESS IN ARUBA (I)
The Central Bank of Aruba is the regulator The Central Bank of Aruba supervises insurers incorporated in Aruba and the branches and agencies in Aruba of insurers incorporated outside Aruba based on the State Ordinance on the Supervision of the Insurance Business (SOSIB). The SOSIB, effective since 2001, stipulates that life and non-life insurance business… Continue reading INSURANCE BUSINESS IN ARUBA (I)
CREDIT INSTITUTIONS IN ARUBA
A license is required According to Section 4 of the Aruba State Ordinance on the Supervision of the Credit System 1998 (SOSC), no enterprise or institution established in Aruba shall pursue the business of a credit institution unless it has obtained authorization to that end from the Central Bank. No enterprise or institution established outside… Continue reading CREDIT INSTITUTIONS IN ARUBA
THE CURACAO MEMBER-MANAGED COMPANY
The right form for small businesses Until March 1, 2004 only manager managed companies were known. According to the current Curacao Civil Code, the articles of a company may provide that such company be a member managed company, which is a company without a board of directors. The shareholders (members) are then in charge of… Continue reading THE CURACAO MEMBER-MANAGED COMPANY
THE CURACAO PRIVATE FOUNDATION
A Private Foundation can be used for tax planning and asset protection The Curacao Private Foundation was introduced by the National Ordinance Regarding Foundations as published on October 31, 1998. Since March 1st, 2004, these rules are laid down in Book 2 of the Curacao Civil Code. The Private Foundation possesses corporate personality but does… Continue reading THE CURACAO PRIVATE FOUNDATION
THE ENFORCEMENT OF A JUDGEMENT BY THE COURTS IN CURACAO
Judgments are immediately enforceable most of the time According to Article 55, par. 1 of the Curacao Code of Civil Procedure, opposition (in the case of a default judgment) or appeal (in the event of adversarial proceedings) prevent the enforcement (execution) of a judgment unless the decision is ‘enforceable notwithstanding opposition or appeal’ a.k.a. a… Continue reading THE ENFORCEMENT OF A JUDGEMENT BY THE COURTS IN CURACAO
THE DUTCH CARIBBEAN JUDICIAL SYSTEM
A well developed system The judicial system of the various islands in the Dutch Caribbean (Aruba, Bonaire, Curacao, St. Maarten, Saba and St. Eustatius) is independent, has a long history, and is well developed. It is capable of resolving complex commercial disputes in a just and efficient manner. The judges in the Dutch Caribbean are… Continue reading THE DUTCH CARIBBEAN JUDICIAL SYSTEM
U.S. JUDGMENTS AND CURACAO
The recognition and enforceability of foreign judgments in the absence of a treaty In the absence of an applicable treaty between foreign countries (for example the U.S.) and Curacao, a judgment rendered by a U.S. court will not be enforced by Curacaoan courts. In order to obtain a judgment which is enforceable in Curacao the… Continue reading U.S. JUDGMENTS AND CURACAO
SECURITIZATION IN CURACAO
Curacaoan special purpose vehicles are commonly used in cross–border financing transactions Curacaoan special purpose vehicles (SPVs) are commonly used in both cross–border financing transactions as well as in Curacao domestic financing transactions. As far as cross–border transactions are concerned, (synthetic and cash) securitizations, repackagings, collateralized debt obligations (CDOs), collateralized loan obligations (CLOs), leasing transactions, MTN… Continue reading SECURITIZATION IN CURACAO
THE ANNUAL ACCOUNTS OF A LARGE CURACAO COMPANY
Stricter rules for large companies Under Curacao law the annual accounts of limited liability companies which do not qualify as so called large companies, need to be prepared in accordance with generally accepted standards and shall provide sufficient insight as to enable a sound judgment to be formed regarding the assets and the results and,… Continue reading THE ANNUAL ACCOUNTS OF A LARGE CURACAO COMPANY