Brief summary of several of the powers and obligations of a Trustee On April 1, 2014, new legislation 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 St. Maarten (a civil law jurisdiction). Similar legislation entered into force in… Continue reading TRUST INTRODUCED IN SINT MAARTEN
Tag: maike bergervoet
LAWYERS AND BILLABLE HOURS
What is wrong with this exactly? You read everywhere that law firms (lawyers, advocates, attorneys) have to change. Lawyers are too conservative. They hold on to the past and are anything but innovative. As the economic climate deteriorates the call for change becomes increasingly stronger. The system of “hourly rate billing” in particular has to… Continue reading LAWYERS AND BILLABLE HOURS
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
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
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
SEIZING ASSETS IN THE DUTCH CARIBBEAN
Court approval required, but freezing assets is rather easy Under the laws of Aruba, Bonaire, Curaçao, St. Maarten, St. Eustatius and Saba any party with a prima facie claim may file a petition for a court order granting an attachment, which petitions are generally granted, solely based on the allegations in the petition. Seizing assets… Continue reading SEIZING ASSETS IN THE DUTCH CARIBBEAN
THE CURACAO TRUST
Can be used as protected or segregated cell company On 1 January 2012, new legislation entered into force according to which it is now possible to set up a trust (Curacao Trust) similar to the trust in Anglo-Saxon common law jurisdictions. The introduction of the Curacao Trust serves as an important instrument which could be… Continue reading THE CURACAO TRUST
CONFLICTING INTERESTS IN CURACAO INSOLVENCY LAW (part 8)
Final remarks The receiver can be faced with a multitude of conflicting interests. Often he will be able to reach a weighing of interests relatively quickly and without many problems, but sometimes he has to balance on a thin bankruptcy tightrope. In doing so the law offers him hardly any support and neither does case… Continue reading CONFLICTING INTERESTS IN CURACAO INSOLVENCY LAW (part 8)
CONFLICTING INTERESTS IN CURACAO INSOLVENCY LAW (part 7)
Conflicting interests in connection with consolidated business operations When multiple companies of the same group go bankrupt, it can be of major importance for a creditor of one of these companies to know how the winding up is developing of one or more of the other companies. Particularly when a consolidated bankruptcy is involved, the… Continue reading CONFLICTING INTERESTS IN CURACAO INSOLVENCY LAW (part 7)
CONFLICTING INTERESTS IN CURACAO INSOLVENCY LAW (part 6)
Conflicting interests of different bankruptcy estates The management of different but associated bankruptcy estates can be entrusted to one and the same person who therefore is appointed several times as receiver. In this connection group relationships come to mind. It is true that in connection with different estates with one and the same person as… Continue reading CONFLICTING INTERESTS IN CURACAO INSOLVENCY LAW (part 6)
CONFLICTING INTERESTS IN CURACAO INSOLVENCY LAW (part 5)
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)
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)