Different types of interests A receiver cannot escape the weighing of interests. Such a weighing should be verifiable. The line of thought followed by the receiver should be clear. Particularly because, apart from his liability and remuneration, these being of a different order, he has no self-interest in the winding-up of the bankrupt estate, the… Continue reading CONFLICTING INTERESTS IN CURACAO INSOLVENCY LAW (part 5)
Tag: finance
CONFLICTING INTERESTS IN CURACAO INSOLVENCY LAW (part 4)
The receiver and personal interests The duties of the receiver are to represent the interests of others. When his personal interests are affected he must observe extreme restraint and openness. If there is a conflict of interest or if a semblance of it has been created, he ought to withdraw as the receiver. The receiver… Continue reading CONFLICTING INTERESTS IN CURACAO INSOLVENCY LAW (part 4)
CONFLICTING INTERESTS IN CURACAO INSOLVENCY LAW (part 3)
Conflicting interests of the receiver/advocate and his law firm A receiver must be able to take decisions freely and be able to weigh the interests involved in a bankruptcy against each other in an objective and unbiased manner. Before accepting an appointment as receiver, the respective person must make certain that he is free to… Continue reading CONFLICTING INTERESTS IN CURACAO INSOLVENCY LAW (part 3)
CONFLICTING INTERESTS IN CURACAO INSOLVENCY LAW (part 2)
The liability of the receiver The special characteristics of the duty of a receiver bring with them that his liability, if any, must be assessed against a standard of due care which has been tuned to this. This standard boils down to the fact that a receiver ought to act as can reasonably be required… Continue reading CONFLICTING INTERESTS IN CURACAO INSOLVENCY LAW (part 2)
CONFLICTING INTERESTS IN CURACAO INSOLVENCY LAW (part 1)
The receiver is sometimes described as an octopus The receiver (trustee in bankruptcy) as an octopus: this means that in connection with each appointment he is in a way thrown in at the deep end because he has to make himself familiar with the relevant issues in a very short period and because of the… Continue reading CONFLICTING INTERESTS IN CURACAO INSOLVENCY LAW (part 1)
SYMPOSIUM ON 35 YEARS OF THE CURACAO BAR ASSOCIATION (16 NOVEMBER 2012)
Presentation by Karel Frielink – President (part 2) Civil Litigation Law should be better So now I will deal with the subject of this symposium. I begin straight away with a provoking statement: Our Civil Litigation Law should be better. This goes further than it ‘could’ be better. However, we shouldn’t only think about the… Continue reading SYMPOSIUM ON 35 YEARS OF THE CURACAO BAR ASSOCIATION (16 NOVEMBER 2012)
SYMPOSIUM ON 35 YEARS OF THE CURACAO BAR ASSOCIATION (16 NOVEMBER 2012)
Presentation by Karel Frielink – President (part 1) Ladies and gentlemen! Today the symposium on the “Seven years of the new Code of Civil Procedure” is taking place in honor of the 35th anniversary of the Curacao Bar Association. The 35-year existence of the Bar is an occasion for celebration which is quite rightly paid… Continue reading SYMPOSIUM ON 35 YEARS OF THE CURACAO BAR ASSOCIATION (16 NOVEMBER 2012)
LEGAL ACTION AGAINST A CURACAO TRUSTEE
Who can bring an action? If the trust assets have been prejudiced, the action can be brought by any co-trustee. Unless provided for to the contrary in the trust deed the action can also be brought by a protector or beneficiary on the understanding that the compensation is paid as soon as possible to a… Continue reading LEGAL ACTION AGAINST A CURACAO TRUSTEE
MY VIEW ON THE LIABILITY OF A CURACAO TRUSTEE
The Reference Trustee The trust originates from Anglo Saxon law. On designing the Curacao trust system the systems in other jurisdictions have obviously been studied. However, the Curacao trust is a civil law and not a common law trust. Therefore in answering the question of the (possible) extent of the liability as given shape in… Continue reading MY VIEW ON THE LIABILITY OF A CURACAO TRUSTEE
CURACAO TRUSTEE HAS A DUTY OF CARE
Trustee is liable if he fails to exercise due care A duty of care is justified in those cases where someone entrusts his financial or other interests to another or takes care of these himself with the assistance of the other, particularly because that other possesses more knowledge and experience in that field. The law… Continue reading CURACAO TRUSTEE HAS A DUTY OF CARE
THE CURACAO TRUSTEE
Breach of trust results in liability Usually a Curacao trust office (service provider) uses one of its own public limited liability companies (NVs) or private companies with limited liability (BVs) to provide the services. This in-house NV or BV will then for instance become the managing director of the client company. A trust office offering… Continue reading THE CURACAO TRUSTEE
POWERS AND OBLIGATIONS OF A CURACAO TRUSTEE
Brief summary On 1 January 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 (a civil law jurisdiction). Here follows a brief summary of several of the powers and obligations of a Trustee: the Trustee… Continue reading POWERS AND OBLIGATIONS OF A CURACAO TRUSTEE