No obligation to file for bankruptcy There is no statutory obligation in the Netherlands Antilles for managing directors of a company to file for the bankruptcy of the company. Managing directors are therefore not responsible to the creditors for damages sustained by them as a result of any ‘late’ filing for bankruptcy. There is no… Continue reading LIABILITY FOR NOT OR LATE FILING FOR BANKRUPTCY IN THE DUTCH CARIBBEAN
Tag: liability
INADEQUATE CAPITALIZATION IN THE DUTCH CARIBBEAN
Liability for thin-capitalization? In terms of ‘piercing the corporate veil’, thin or inadequate capitalization usually means capitalization that is not in proportion to the nature of the risks the business of the corporation necessarily entails; in other words it is based on likely economic needs rather than legal requirements. Shareholders of a company in the… Continue reading INADEQUATE CAPITALIZATION IN THE DUTCH CARIBBEAN
LIABILITY OF DE FACTO MANAGING DIRECTORS IN THE DUTCH CARIBBEAN
Policy maker can be held liable As a general rule a corporation in the Netherlands Antilles is a legal entity distinct from its shareholders. In terms of liability for mismanagement the law focuses on the managing directors as well as other persons who actually “act as managers” (a.k.a. policy makers or de facto managing directors).… Continue reading LIABILITY OF DE FACTO MANAGING DIRECTORS IN THE DUTCH CARIBBEAN