The Reference Trustee The trust originates from Anglo Saxon law. On designing the Curacao trust system the systems in other jurisdictions have obviously been studied. However, the Curacao trust is a civil law and not a common law trust. Therefore in answering the question of the (possible) extent of the liability as given shape in… Continue reading MY VIEW ON THE LIABILITY OF A CURACAO TRUSTEE
Tag: spigthoff
CURACAO TRUSTEE HAS A DUTY OF CARE
Trustee is liable if he fails to exercise due care A duty of care is justified in those cases where someone entrusts his financial or other interests to another or takes care of these himself with the assistance of the other, particularly because that other possesses more knowledge and experience in that field. The law… Continue reading CURACAO TRUSTEE HAS A DUTY OF CARE
THE CURACAO TRUSTEE
Breach of trust results in liability Usually a Curacao trust office (service provider) uses one of its own public limited liability companies (NVs) or private companies with limited liability (BVs) to provide the services. This in-house NV or BV will then for instance become the managing director of the client company. A trust office offering… Continue reading THE CURACAO TRUSTEE
POWERS AND OBLIGATIONS OF A CURACAO TRUSTEE
Brief summary On 1 January 2012, new legalization 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 Curacao (a civil law jurisdiction). Here follows a brief summary of several of the powers and obligations of a Trustee: the Trustee… Continue reading POWERS AND OBLIGATIONS OF A CURACAO TRUSTEE
TYPES OF LIABILITY IN CURACAO
A three-part distinction With regard to liability a three-part distinction can be made. The first distinction relates to the basis of the liability: liability pursuant to a contractual relationship (the attributable failure in this respect) and liability pursuant to a wrongful act. Another distinction relates to the personal liability (thus for the party’s own actions… Continue reading TYPES OF LIABILITY IN CURACAO
CURACAO CREDIT INSTITUTIONS
Prudential supervision The Curacao regulatory legislation applicable to credit institutions provides for requirements with regard to the prudential supervision in general. Such prudential supervision sees to the liquidity and solvency position of a bank without going into further detail for instance as to the safekeeping of assets or maintaining of accounts of third parties. The… Continue reading CURACAO CREDIT INSTITUTIONS
CURACAO FUNDS AND ADMINISTRATORS
Statutory requirements applicable to the organizational and legal structure The National Ordinance on the Supervision of Investment Institutions and Administators (Landsverordening regelende het toezicht op beleggingsinstellingen en administrateurs; NOSIIA) provides for a regime of supervision for investment institutions and administrators with the objective of an adequate operation of the financial markets and the protection of… Continue reading CURACAO FUNDS AND ADMINISTRATORS
SEMINAR ONDERNEMINGSRECHT
22, 23 en 24 oktober 2012 Het ondernemingsrecht is continu in beweging. Hier bij ons in Curacao, maar ook in Nederland. Boek 2 van het Burgerlijk Wetboek Curacao is op 1 januari 2012 op tal van punten gewijzigd. Wat houden deze wijzigingen precies in? Wat betekent de invoering van de Flex-BV in Nederland per 1… Continue reading SEMINAR ONDERNEMINGSRECHT
THE TRANSFER OF BEARER BONDS IN THE DUTCH CARIBBEAN
No deed required Under the laws of the Dutch Caribbean (Aruba, Bonaire, Curacao, St. Maarten) transferring the title of bearer bonds (i.e. bonds which are owned by whoever is holding them, rather than having a registered owner) does not require a transfer deed. In other words: such a bond is transferred by surrendering the original… Continue reading THE TRANSFER OF BEARER BONDS IN THE DUTCH CARIBBEAN
SEMINAR CURACAO TRUST
Curacao Trust is expected to become a popular alternative to foreign trusts On 1 January 2012, new legalization 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 Curacao (a civil law jurisdiction). On 28 August 2012, a seminar was… Continue reading SEMINAR CURACAO TRUST
CIVIL PROCEEDINGS IN CURACAO
Information for foreign plaintiffs Are there any particular issues that concern foreign plaintiffs in Curacao? If proceedings on the merits are initiated by a non-resident plaintiff, the defendant may ask the court to order that the plaintiff provide security for damages, costs and interest which it might be liable to pay as a result of… Continue reading CIVIL PROCEEDINGS IN CURACAO
INADEQUATE CAPITALIZATION OF A CURACAO COMPANY
Liability for thin-capitalization? A shareholder is not personally liable for acts performed in the name of the company and is not liable to contribute to losses of the company in excess of the amount which he must pay to the company as contribution for his shares. In terms of ‘piercing the corporate veil’, thin or… Continue reading INADEQUATE CAPITALIZATION OF A CURACAO COMPANY