The bankruptcy of a general partnership (‘VOF’) does not automatically mean the bankruptcy of its partners For many decades the rule had to be adhered to that the bankruptcy of a general partnership (vennootschap onder firma: ‘VOF’) also meant the bankruptcy of the individual partners (Supreme Court 14 April 1927, NJ 1927, page 725). However,… Continue reading SUPREME COURT U-TURN
Tag: liability
LIABILITY OF A NEW PARTNER
Supreme Court creates clarity The National Ordinance on Partnerships (Landsverordening personenvennootschappen) of Curacao (1 January 2012) and St. Maarten (1 April 2014) mentions two main variants of the partnership: the public partnership and the silent partnership. The public partnership is a partnership (i) for carrying on a profession or business or performing professional or business… Continue reading LIABILITY OF A NEW PARTNER
LIABILITY OF A TRUST DIRECTOR
No lighter liability system The National Ordinance on the supervision of Trust Service Providers (Landsverordening toezicht trustwezen) does not provide anything with regard to the liability of trust offices (a.k.a. management services companies) or their representatives acting as a director under the Articles (of Association) of a legal entity (for instance a company limited by… Continue reading LIABILITY OF A TRUST DIRECTOR
KAREL FRIELINK NEW FRAUDNET MEMBER
Global network that can help victims Karel Frielink has been appointed member of FraudNet for all six islands of the Dutch Antilles. FraudNet is a worldwide network of lawyers specialized in asset tracing and recovery. Set up in 2004 by the anti-crime arm of the International Chamber of Commerce, FraudNet currently numbers 70 members… Continue reading KAREL FRIELINK NEW FRAUDNET MEMBER
ICC FRAUDNET
The leading specialist international network of fraud and asset recovery lawyers Organized and operating under the auspices of the Commercial Crime Services of the International Chamber of Commerce (ICC), FraudNet is a 24/7 international rapid deployment force that pries open the vault of bank secrecy and helps victims locate and recover their stolen assets with… Continue reading ICC FRAUDNET
OFFERING SECURITIES FROM CURACAO AND ST. MAARTEN
About the obligation to publish a prospectus The legal regulations in connection with the law providing for financial supervision are materially identical in Curaçao and Sint Maarten. For convenience sake we will mainly refer to Curaçao below. The search for a prospectus requirement in the law on supervision will be in vain. The National Ordinance… Continue reading OFFERING SECURITIES FROM CURACAO AND ST. MAARTEN
STATUTORY FRAMEWORK FOR PROSPECTUS LIABILITY (II)
The Netherlands, Curaçao, St. Maarten and the BES-islands compared The Netherlands In the Netherlands there is a two-track law concerning prospectus liability as professor L. Timmerman calls it. There are two sets of rules supplementing the general doctrine of the wrongful act (Section 6:162 of the Dutch Civil Code (‘BW-NL‘): the rules with regard to… Continue reading STATUTORY FRAMEWORK FOR PROSPECTUS LIABILITY (II)
STATUTORY FRAMEWORK FOR PROSPECTUS LIABILITY (I)
The Netherlands, Curaçao, St. Maarten and the BES-islands compared That a prospectus must be approved (in the Netherlands and the BES Islands by the Authority for the Financial Markets, and in Curaçao and Sint Maarten by the Joint Central Bank of these countries) does not guarantee that the prospectus is not misleading. Therefore approval by… Continue reading STATUTORY FRAMEWORK FOR PROSPECTUS LIABILITY (I)
WHEN IS A PROSPECTUS REQUIRED?
The Netherlands, Curaçao, St. Maarten and the BES-islands compared The Netherlands The legal system in the Netherlands has a European origin. We will not discuss this further here.* Chapter 5.1 of the Dutch Financial Supervision Act (Wet op het financieel toezicht: ‘Wft’) includes the rules for offering securities. Section 5:2 Wft stipulates: “It is forbidden… Continue reading WHEN IS A PROSPECTUS REQUIRED?
PROSPECTUS LIABILITY AND PRIVATE INTERNATIONAL LAW
The Netherlands, Curaçao, St. Maarten and the BES-islands The Netherlands Since 11 January 2009 Rome II* has been applicable in the Netherlands with regard to the applicable law on non-contractual obligations. Rome II is not applicable in Curaçao, St. Maarten, Aruba and the BES Islands. This observation obviously does not exclude a certain reflex effect.… Continue reading PROSPECTUS LIABILITY AND PRIVATE INTERNATIONAL LAW
PROSPECTUS LIABILITY IN THE NETHERLANDS
World Online is the landmark case Undoubtedly the most important ruling with regard to prospectus liability is the ruling of the Dutch Supreme Court (Hoge Raad) in the case of World Online (WOL) of 27 November 2009 (JOR 2010, 43 with annotation by Karel Frielink). World Online was a European Internet Service Provider and its… Continue reading PROSPECTUS LIABILITY IN THE NETHERLANDS
DE ZORGPLICHT VAN PROFESSIONELE PARTIJEN
Naleving van de zorgplicht is een vorm van risicobeheersing Google het woord ‘zorgplicht’ en constateer dat je dit begrip in relatie tot uiteenlopende onderwerpen tegenkomt: sport, kinderopvang, leerlingen, cliënten, werknemers, gevangenen, afvalwaterzorg, krijgsgevangenen, hemelwaterzorg, huurauto’s, grondwaterzorg, bancaire en financiële dienstverlening, enz. enz. enz. Ons recht is met de zorgplicht doordrenkt. Dat is niet iets van… Continue reading DE ZORGPLICHT VAN PROFESSIONELE PARTIJEN