Curaçao: a jurisdiction not to be missed A Curaçao private foundation or a trust is often used for asset protection and privacy purposes. The Curaçao private foundation and the Curaçao trust must be set up by a notarial deed executed before a civil law notary in Curaçao. Both the private foundation and the trust are… Continue reading ASSET PROTECTION IN CURACAO
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SERVICE OF PROCESS
A bailiff must be engaged What is the procedure for the service of foreign proceedings under the procedural laws of Aruba, Bonaire, Curaçao, St. Maarten, St. Eustatius and Saba for a company having its registered address in one of those territories, for instance Curaçao? Under Curaçao procedural law, the service of proceedings on a Curaçao… Continue reading SERVICE OF PROCESS
THE COSTS OF LITIGATION
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
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
CURACAOSE JONGEREN NAAR TENNISTOERNOOI IN DOMINICAANSE REPUBLIEK
Internationaal JITIC-kampioenschap Vandaag zijn 14 jeugdige tennisspelers voor ruim een week naar Santo Domingo vertrokken om mee te doen aan het regionale JITIC-kampioenschap (Junior International Tennis Championships). Het tennistoernooi vindt plaats van 3 tot 9 augustus 2013. Aan dit internationale tennistoernooi nemen verschillende landen in de regio deel. De host van het toernooi is de… Continue reading CURACAOSE JONGEREN NAAR TENNISTOERNOOI IN DOMINICAANSE REPUBLIEK
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