Court introduces non-statutory transfer of employees In the Netherlands (the European part of the Kingdom), when an undertaking (onderneming) is transferred from one person or entity to another, by operation of law the employees have an employment relationship with the new owner on the terms and conditions agreed with the old employer. For example, such… Continue reading SURPRISE RULING BY SINT MAARTEN COURT
Tag: karel frielink
ASSIGNMENT OF RECEIVABLES IN CURACAO
Notification no longer necessary for perfection of assignment Under Curacao law the transfer of ownership requires transfer of title (levering) pursuant to a valid legal title (geldige titel) by a person who has the power of disposal over the asset (beschikkingsbevoegheid) being transferred. The rules on transfer of title (levering) are equally applicable to the… Continue reading ASSIGNMENT OF RECEIVABLES IN CURACAO
REGULATORY LEGISLATION IN CURACAO
General requirements on the business operation Regulatory legislation in Curacao does not distinguish between different kinds of products, such as for instance hedge funds, but is of a more general nature. The regulatory legislation of Curacao applicable to financial institutions is divided into four categories being: credit institutions, institutional investors, investment institutions & administrators and… Continue reading REGULATORY LEGISLATION IN CURACAO
CURACAO TRUST LEGISLATION
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
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
CORPORATE GOVERNANCE AND BAD HABITS
Letter to the editor of The Daily Herald Dear Editor, According to Leroy de Weever (DP), he doesn’t need a Corporate Governance Council to come tell him how to do his job. He wants to disband the Corporate Governance Council as soon as possible. Corporate governance rules were designed to protect companies from politicians, in… Continue reading CORPORATE GOVERNANCE AND BAD HABITS
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
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)