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International Law

Karel's Legal Blog

Attorney / Lawyer Karel Frielink discusses legal issues relating to Aruba and the Netherlands Antilles (Curacao, Bonaire, St. Maarten, Saba and St. Eustatia).
By Karel Frielink

Post Frequency: 1/day

Last Entry: November 02, 2020 at 12:06:26

WHO IS TO BLAME FOR BLACK MONDAY?

Posted on September 30, 2008
That remains to be seen ‘Blaming others is a sign of low self-esteem because in doing so we are not taking responsibility‘ On Monday 29 September 2008, the US House of Representatives rejected a $700 billion bailout plan aimed at stabilizing the financial system, triggering the largest point drop in Wall Street’s market history...

DUTCH CARIBBEAN REGULATORY FRAMEWORK

Posted on September 23, 2008
Central Bank monitors compliance The regulatory rules and regulations in the Netherlands Antilles deal with credit institutions, investment institutions and administrators, insurers and insurance brokers, company pension funds, trust service providers, capital markets, anti-money laundering and identification, and foreign exchange control and license fees...

DECLARING DIVIDENDS IN THE DUTCH CARIBBEAN

Posted on September 20, 2008
Resolutions only marginally examined by the court Directly connected with the approval of the annual accounts, the general meeting of the NV (or BV, as the case may be) or any other body designated in the articles of incorporation shall resolve as to the distribution or reservation of the profit according to such annual accounts and [...

KEEPING, MAINTAINING AND RETAINING RECORDS FOR TAX PURPOSES IN THE DUTCH CARIBBEAN

Posted on September 16, 2008
Records must be kept for 10 years Pursuant to article 43 of the Netherlands Antilles State Ordinance on National Taxes (Algemene Landsverordening Landsbelastingen, ?GONT?) an entity is obliged to keep the records (?administratie?) of its assets and liabilities that clearly show the rights and obligations at all times and that provide the data relevant to the [...

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PROVIDING INFORMATION TO THE DUTCH CARIBBEAN TAX INSPECTOR

Posted on September 13, 2008
Digital information is not sufficient In general every company is obliged to supply the Tax Inspector with data and information that is or can be significant for levying taxes from that company. Regarding the aforementioned all data carriers or their content have to be made available at the request (and discretion) of the Tax Inspector...

THE DUTCH SUPERVISION ON TRUST COMPANIES (IV)

Posted on September 06, 2008
Identity of ultimate beneficiary must be known According to the Order on Sound Operational Management (the Order)(?Regeling integere bedrijfsvoering Wet toezicht trustkantoren?) pursuant to the ASTO, a trust office shall know the identity of the ultimate beneficial owner (?UBO?) of an object company and keep the evidence used to determine who qualifies as the ultimate beneficial [...

THE DUTCH SUPERVISION ON TRUST COMPANIES (III)

Posted on September 02, 2008
Policy rule on integrity testing The integrity of those having a certain interest in, or control over, a trust office (such as managers, supervisory directors and persons who determine or help determine policy) will be tested and their antecedents investigated (Article 3 of the Dutch Act on the Supervision of Trust Offices; ?ASTO?)...

THE DUTCH SUPERVISION ON TRUST COMPANIES (II)

Posted on August 30, 2008
Regulatory framework aims at sound operational management Section 10 (1) of the Dutch Act on the Supervision of Trust Offices (the ?ASTO?) states that rules may be issued for trust offices, pursuant to an order in council, i.e. a governmental decree, with the intention of ensuring sound operational management...

CURACAO RECEIVES TOP RANKING IN HEDGE FUND ADMINISTRATION SURVEY

Posted on August 28, 2008
Curacao is again ranked #1 According to the 2008 Global Custodian Hedge Fund Administration Survey, Curacao (Dutch Caribbean) is the # 1 location for hedge fund administration services. Curacao outperformed Singapore, Dublin, Toronto, Hong Kong, Luxembourg, Amsterdam and the Cayman Islands, to name just a few...

THE DUTCH SUPERVISION ON TRUST COMPANIES (I)

Posted on August 26, 2008
The Dutch Central Bank is the supervisor The Dutch Act on the Supervision of Trust Offices (?ASTO?) (?Wet toezicht trustkantoren? ) entered into force on the 1st of March 2004. According to the legislative history, the Explanatory Notes to the Act, the aim of the ASTO is to promote the integrity of the financial system by [...

CHURANDY MARTINA WINS SILVER ON 200M IN BEIJING, BUT?

Posted on August 25, 2008
was wrongly disqualified On 20 August 2008, Churandy Martina won the silver medal in the 200 metres at the Olympics behind Usain Bolt in 19.82 seconds, the first time he had run sub-20s. He was the first medal winner for the Netherlands Antilles after Jan Boersma won silver in sailing at the 1988 Summer Olympics in Seoul...

DUTCH CARIBBEAN PRIVATE INTERNATIONAL LAW

Posted on August 23, 2008
The legal effects doctrine: an exception to the lex loci delicti rule Under Dutch Caribbean rules of private international law, a claim arising from an unlawful act is governed, in the absence of a choice of jurisdiction by the parties, by the law of the country were the unlawful was committed (lex loci delicti)...

CHURANDY MARTINA WINS SILVER ON 200M IN BEIJING

Posted on August 20, 2008
Netherlands Antilles sprinter On 20 August 2008, Churandy Martina won the silver medal in the 200 metres at the Olympics behind Usain Bolt in 19.82 seconds, the first time he had run sub-20s. He was the first medal winner for the Netherlands Antilles after Jan Boersma won silver in sailing at the 1988 Summer Olympics in Seoul...

LIABILITY FOR NOT OR LATE FILING FOR BANKRUPTCY IN THE DUTCH CARIBBEAN

Posted on August 19, 2008
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...

INADEQUATE CAPITALIZATION IN THE DUTCH CARIBBEAN

Posted on August 16, 2008
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...

LIABILITY OF DE FACTO MANAGING DIRECTORS IN THE DUTCH CARIBBEAN

Posted on August 12, 2008
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...

PRE-EMPTION RIGHTS IN THE DUTCH CARIBBEAN

Posted on August 09, 2008
Prevent a shareholder from dilution According to article 2:106 of the Netherlands Antilles Civil Code shareholders have a pre-emption right on the issue of new shares, being the right to be offered any new issue in each class, pro rata to the number of shares of such class held by them...

DUTCH SAME-SEX COUPLES HAVE THE SAME RIGHTS AS DUTCH CARIBBEAN OPPOSITE-MARRIED COUPLES

Posted on August 07, 2008
Spigthoff represented plaintiff According to a recent court ruling in the Netherlands Antilles (Court of First Instance, 17 July 2008), a same-sex couple that was married in the Netherlands and subsequently moved to the Netherlands Antilles (Curacao), has the same rights under Netherlands Antilles law (or Aruba law as the case may be) as Netherlands Antilles opposite-married [...

THE FINANCIALS OF A DUTCH CARIBBEAN COMPANY

Posted on August 05, 2008
Management?s responsibility According to Netherlands Antilles law, annually, within eight months after the company’s financial year has ended, (unless this term has been extended by the general meeting) annual statements must be drawn up by the management board and submitted to the general meeting of shareholders...

HEALTH INSTITUTIONS IN THE DUTCH CARIBBEAN

Posted on August 02, 2008
Quality of health care is regulated Secondary health care in the Netherlands Antilles is provided in hospitals. There are seven hospitals on Curaçao, with a total of 1,187 beds, 46% of them in the Sint Elizabeth Hospital (Sehos) and 16.9% in various specialized institutes for the disabled and drug addicts...

MORATORIUM OF PAYMENTS IN THE DUTCH CARIBBEAN (II)

Posted on July 29, 2008
The debtor can offer a composition The nature of a Netherlands Antilles’ moratorium differs substantially from a moratorium under US law and does, in particular, not cause pending proceedings to be stayed. Generally, a Netherlands Antilles moratorium protects a debtor from claims existing at the time of the moratorium...

MORATORIUM OF PAYMENTS IN THE DUTCH CARIBBEAN (I)

Posted on July 26, 2008
An opportunity to recover Many companies face financial difficulties. Sometimes bankruptcy is the only option. The goal of the bankruptcy is the liquidation of the assets of the company and not to save the business, and therefore, this procedure is not always the best one to realize the full value of the company as a going [...

SECURITY RIGHTS AND DUTCH CARIBBEAN INTERNATIONAL PRIVATE LAW

Posted on July 22, 2008
Foreign security right can be valid and enforceable According to Netherlands Antilles law, the question whether or not a security right can be created in a certain receivable must be determined according to the law governing that receivable. Netherlands Antilles international private law determines that the law that governs the receivable is the law that governs [...

OFFICE DISBURSEMENTS IN THE DUTCH CARIBBEAN

Posted on July 19, 2008
Not always charged at actual cost Most law firms charge their fees on the basis of hourly rates, which are determined by the seniority of the attorneys involved. It is standard practice for Netherlands Antilles law firms to also charge separately office disbursements as a percentage, e...

IMF REPORT ON THE DUTCH CARIBBEAN

Posted on July 17, 2008
A long period of stagnation appears to have ended in the Netherlands Antilles The International Monetary Fund (IMF) undertook a mission - an official staff visit to the Netherlands Antilles - as part of regular consultations under Article IV of the IMF’s Articles of Agreement...

CORPORATE PENSION FUNDS IN THE DUTCH CARIBBEAN

Posted on July 15, 2008
Only legal entities may serve as a fund According to the Netherlands Antilles National Ordinance on Corporate Pension Funds only legal entities may serve as a corporate pension fund. The foundation (?stichting?) is the legal form most used for these purposes...

INVESTMENT TREATIES AND THE RUSSIAN FEDERATION

Posted on July 12, 2008
Russia relatively immune In the May 2008 issue of Business Law International (Volume 9, No 2, pp. 100-113), an article by Noah Rubins and Azizjon Nazarov was published. In this article, ‘Investment Treaties and the Russian Federation: Baiting the Bear?‘, the authors look at international treaties for the encouragement and protection of foreign investment such as [...

DUTCH CARIBBEAN COMPANIES AND LIABILITY ISSUES

Posted on July 08, 2008
Shareholders are not personally liable Shareholders of an NV or BV are not personally liable for the liabilities of the company, except where this would be contrary to the law. With the exception of actions based on tort or when a shareholder may be held liable because he is considered a policy maker (see below), in [...

DIRECTORS OF A DUTCH CARIBBEAN COMPANY

Posted on July 05, 2008
May a director resign when he chooses to do so? A Netherlands Antilles company (NV or BV) must have either a local director or a local representative. A company is not required to have more than one director, unless the articles of association provide otherwise...

VOLUNTARY DISSOLUTION OF A DUTCH CARIBBEAN COMPANY

Posted on July 01, 2008
Dissolution requires a shareholders? decision The shareholders of a Netherlands Antilles company may voluntarily decide to dissolve a company (NV or BV), which requires a shareholders? resolution in accordance with the articles of association. Publication of the dissolution of the company in the ?Curaçaosche Courant? (the Official Gazette of the Netherlands Antilles) by the liquidator (a...

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