Entered into force on 1 January 2012 On January 1st 2012, new legalization entered into force pursuant to which it is now possible to set up a trust, similar to the trust in Anglo-Saxon common law jurisdictions, in Curacao. This trust is a legal exception to the paritas creditorum rule as we know it and… Continue reading CURACAO TRUST LEGISLATION
Tag: curacao
PARALLEL DEBT IN CURACAO
New legislation It has become market practice in Curacao, and also in the Netherlands, to create a separate (parallel) obligation, owed by the borrower (or guarantor) to the security agent in its own name, on the terms and in an amount equal to the original (principal) obligations owing by the borrower (or guarantor) to the… Continue reading PARALLEL DEBT IN CURACAO
ON THE GERMAN – DUTCH CARIBBEAN RELATIONSHIP
Interesting editorial in The Daily Herald (St. Maarten) Economic powerhouse “The visit of German ambassador Heinz-Peter Behr last week should serve as an eye-opener on the largely untapped possibilities that European market offers. Up to now much of the attention regarding the “Old Continent” understandably regards the Netherlands and France from which “The Friendly Island”… Continue reading ON THE GERMAN – DUTCH CARIBBEAN RELATIONSHIP
INQUIRY PROCEDURE INTRODUCED IN CURACAO
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
FINAL POSTING OF 2011
What a year! This will be my final posting for 2011. What a year. It feels as if the whole world has changed more rapidly than ever before and not only as a result of the Arabic Spring and the economic turmoil. The year 2012 is about to begin and it won’t be an easy… Continue reading FINAL POSTING OF 2011
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
KERSTTOESPRAAK 2011
Respect Van de woorden die hier op Curacao veel worden gebruikt behoren ‘integriteit’ en ‘respect’ ongetwijfeld tot de toppers. Over integriteit wil ik vandaag niets zeggen. Maar wel over het begrip ‘respect’. Er zijn veel gevallen waarin van ons respect wordt verlangd: respect voor het leven, respect voor een taal, cultuur of mening, respect voor… Continue reading KERSTTOESPRAAK 2011
ERIC GARCIA: CURACAO NOT READY FOR INDEPENDENCE
VBC Lunch Lecture Held Wednesday, December 14, 2011 According to Eric Garcia (CEO Girobank) “we need to be honest and acknowledge the fact that we are simply not ready for independence. Neither financially nor politically. Instead of continuously focusing on independence, our government should deal with the many macro-economic challenges our country is facing at… Continue reading ERIC GARCIA: CURACAO NOT READY FOR INDEPENDENCE
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
1001 PROVERBIO
Papiamentu proverbs with English translation This book is a tribute to the colourful Papiamentu language. A language spoken by only 260.000 people on three islands of the former Dutch Antilles; Bonaire, Curacao and Aruba. Although this language is only spoken in a small region, this collection of proverbs shows how by use of creativity, humour… Continue reading 1001 PROVERBIO