Failure to properly perform Under the Netherlands Antilles Civil Code (CC) breach of contract is defined as a failure to properly perform, perform on time, or to perform at all, which failure is attributable to one of the parties If a debtor breaches his obligations there are various courses of action available to the creditor.… Continue reading BREACH OF CONTRACT IN THE DUTCH ANTILLES (I)
Tag: netherlands antilles
RESTARTING SECURITIZATION MARKETS IS CRITICAL
IMF: securitization can positively contribute to financial stability and sustainable economic growth Although recent public opinion has focused on what went wrong with securitization, according to the International Monetary Fund (IMF), it is important to recognize the many benefits associated with sound securitization. Mobilizing illiquid assets and transferring credit risk away from the banking system… Continue reading RESTARTING SECURITIZATION MARKETS IS CRITICAL
THE MANAGEMENT OF A DUTCH ANTILLES FOUNDATION
Management must act in the best interests of the foundation The members of the management board of a Netherlands Antilles foundation have collective powers and responsibilities. The management board shall be in charge of the management of the foundation. Although not explicitly provided for in Book 2 of the Netherlands Antilles Civil Code, it is… Continue reading THE MANAGEMENT OF A DUTCH ANTILLES FOUNDATION
CROSS-BORDER CONVERSIONS AND MERGERS IN THE DUTCH ANTILLES
No outbound mergers allowed According to the laws of the Netherlands Antilles, a limited liability company (NV or BV) may convert to a foreign legal entity provided that under the laws governing such a foreign legal entity the consequence of such conversion shall be the continued existence of the company as a legal entity –… Continue reading CROSS-BORDER CONVERSIONS AND MERGERS IN THE DUTCH ANTILLES
BEARER SHARES IN A NETHERLANDS CARIBBEAN COMPANY
Registered shares must be issued first On 1 March 2004, the new Netherlands Antilles act on corporate law (Book 2 Civil Code) became effective. Since that date it is no longer possible to (directly) issue bearer shares. A company with only bearer shares has no shareholders’ register. Only a public limited liability company (NV) may… Continue reading BEARER SHARES IN A NETHERLANDS CARIBBEAN COMPANY
LEGAL REBELS ARE REMAKING THE LEGAL PROFESSION
Dozens of lawyers are remaking their corners of the profession According to the American Bar Association (ABA), “the legal profession is not just struggling through a recession but undergoing a structural break with the past. There is a growing consensus that the profession that emerges from this downturn will be different in fundamental ways from… Continue reading LEGAL REBELS ARE REMAKING THE LEGAL PROFESSION
THE REPAYMENT OF SHARE PREMIUM IN THE NETHERLANDS CARIBBEAN
Net equity may not be or become negative From the legal point of view in Netherlands Antilles, share premium (’agio’) forms part of the company’s free reserves, and does not qualify as share capital. If share premium is to be repaid, the company’s financial condition should at the time allow for it, i.e. the net… Continue reading THE REPAYMENT OF SHARE PREMIUM IN THE NETHERLANDS CARIBBEAN
LIFTING OF AN ATTACHMENT UNDER THE LAWS OF THE DUTCH CARIBBEAN (II)
Defendant has to show that the claim is invalid Article 705, Paragraph 2 of the Netherlands Antilles Code of Civil Procedure states that the lifting of an attachment may be ordered if it appears summarily that the claim is invalid. According to existing case law of the Dutch Supreme Court (see for instance Supreme Court… Continue reading LIFTING OF AN ATTACHMENT UNDER THE LAWS OF THE DUTCH CARIBBEAN (II)
LIFTING OF AN ATTACHMENT UNDER THE LAWS OF THE DUTCH CARIBBEAN (I)
Freezing assets is rather easy Under Netherlands Antilles law 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. It is not required, under Netherlands Antilles law, that the litigant needs to demonstrate that,… Continue reading LIFTING OF AN ATTACHMENT UNDER THE LAWS OF THE DUTCH CARIBBEAN (I)
SUMMARY PROCEEDINGS IN THE DUTCH CARIBBEAN (IV)
Only condemnatory judgments are allowed As far as the form and the content of a decision in summary proceedings is concerned, the judge has great latitude in reaching a decision. A guiding principle for the judge will always be a policy of not going beyond what might be necessary or well-balanced as far as the… Continue reading SUMMARY PROCEEDINGS IN THE DUTCH CARIBBEAN (IV)
SUMMARY PROCEEDINGS IN THE DUTCH CARIBBEAN (III)
Judge will balance interests In general the court will take into account the detriment which the plaintiff in summary proceedings will suffer if he has to wait too long for a judgment in a procedure on the merits. In summary proceedings the judge needs to balance the interests of the plaintiff and the defendant. In… Continue reading SUMMARY PROCEEDINGS IN THE DUTCH CARIBBEAN (III)
SUMMARY PROCEEDINGS IN THE DUTCH CARIBBEAN (II)
Urgency is a requirement Provisional measures may always be given in summary proceedings in civil cases if the claim meets the following three conditions: (i) there is an urgent interest at stake; (ii) the interests of both parties needs to be balanced; and (iii) the balancing of interests justifies a decision in summary proceedings. The… Continue reading SUMMARY PROCEEDINGS IN THE DUTCH CARIBBEAN (II)