Curaçao court as court of last resort for civil matters An attachment on assets located in Curaçao generally establishes jurisdiction over the cause of action for which the attachment is made, also if neither of the parties involved are domiciled in Curaçao. According to Section 767 of the Curaçao Code of Civil Procedure, the Curaçao… Continue reading THE COURT OF LAST RESORT
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150 JURIDISCHE PUBLICATIES
Een persoonlijke mijlpaal Afgelopen donderdag was het dan zo ver: mijn 150e juridische publicatie zag het levenslicht. Het gaat om mijn bijdrage aan het Liber Amicorum ‘Christels Koers’ dat toen werd aangeboden aan prof.mr. drs. C.M. Grundmann-van de Krol: “Openbaarmaking door de financiële toezichthouders”. De volledige lijst met publicaties is hier te vinden. Nummer 151 is overigens… Continue reading 150 JURIDISCHE PUBLICATIES
CHALLENGING THE VALIDITY OF A CONTRACT
Based on error, fraud or undue influence The validity of a contract can be challenged on various grounds, including error, fraud or undue influence. In the case to be discussed here a contract was entered into by an intermediary. Appellants in cassation (Van Eendenberg) were owners of the parcels on which a preferential right was… Continue reading CHALLENGING THE VALIDITY OF A CONTRACT
CREDIT INSTITUTIONS IN THE BES ISLANDS
Strictly regulated With effect from 1 July 2012, the Financial Markets (BES Islands) Act [Wet financiële markten BES; “Wfm BES”] came into force, with the associated subordinate regulations. The Wfm BES applies to financial institutions in the BES islands (Bonaire, St. Eustatius and Saba). There are several categories of financial institutions, including credit institutions (banks).… Continue reading CREDIT INSTITUTIONS IN THE BES ISLANDS
ELECTRONIC MONEY INSTITUTIONS IN ARUBA
A license is required The European Central Bank defines e-money as follows (a non-legal definition): “E-money can be defined as any amount of monetary value represented by a claim issued on a prepaid basis, stored in an electronic medium (for example, a card or computer) and accepted as a means of payment by undertakings other… Continue reading ELECTRONIC MONEY INSTITUTIONS IN ARUBA
THE ARTICLES OF ASSOCIATION OF A CURAÇAO COMPANY (III)
Controlling minority? Such a situation (i.e. example 2) is possibly less desirable from the company’s perspective, certainly where the more essential decision-making is concerned. Although decisions should be taken on the basis of a discussion of content and it will not always be possible to predict how the meeting of shareholders will vote, the possibility… Continue reading THE ARTICLES OF ASSOCIATION OF A CURAÇAO COMPANY (III)
THE ARTICLES OF ASSOCIATION OF A CURAÇAO COMPANY (I)
Comparable with a constitution The articles of association of a Curaçao company (a public [NV] or private [BV] limited liability company) are somewhat comparable with a constitution or state regulations: the articles of association comprise – like the law, but also additionally to the law and, where permitted, unlike the law – the rules of… Continue reading THE ARTICLES OF ASSOCIATION OF A CURAÇAO COMPANY (I)
VALIDLY REPRESENTING A CURACAO COMPANY
Extract and Articles are of importance Limited liability companies like the Curaçao NV or BV are legal entities. Whether or not a managing director has the authority to validly represent a company can be derived from the extract from the Trade Register of the Chamber of Commerce of Curaçao together with the articles of association… Continue reading VALIDLY REPRESENTING A CURACAO COMPANY
ON THE BRIDGE OF THE OSPREY EXPLORER WITH THE CAPTAIN
Me on the left… Click here to learn more about the 2D S/V Osprey Explorer and click here to learn more about reflection seismology. Bij 2D of tweedimensionale seismiek worden langs een lijn aan het aardoppervlak trillingen opgewekt. Er wordt gebruik gemaakt van een air gun (of seismische vibrator), een apparaat dat vlak achter het schip… Continue reading ON THE BRIDGE OF THE OSPREY EXPLORER WITH THE CAPTAIN
IMPACT OF THE LIABILITY TO THE DIRECTOR OF THE DIRECTOR (I)
Liability of the 2nd degree director Under Section 2:17 subsection 1 of the Curaçao Civil Code, the liability of a legal entity as a director of another legal entity (the direct or 1st degree director) also rests jointly and severally on each person who at the time this liability arose for the legal entity was… Continue reading IMPACT OF THE LIABILITY TO THE DIRECTOR OF THE DIRECTOR (I)
ASSET PROTECTION IN CURACAO
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
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