Legal Blog

Thursday, February 27, 2014

A corporation and its alter ego

As a general rule under Curaçao law, shareholders of corporate entities with limited liability do not risk more than their capital contribution. Such shareholders cannot be held liable for their corporations' debts or obligations. These corporations are recognized as legal entities separate from their shareholders and managing directors. However, in exceptional cases, the veil of limited liability is pierced and a corporation's debts or obligations are attributed to the shareholder, which may be a parent corporation.

Read more Filed under: Corporate by Karel Frielink.


Thursday, February 13, 2014

Dinesh Mishre speaker at Product Development seminar

On 31 January 2014 the Curacao International Financial Services Association (CIFA) organized the seminar “Product Development: Creating New Opportunities”. Dinesh Mishre of Spigt Dutch Caribbean was one of the invited speakers. Dinesh spoke about the opportunities for Curacao in the offshore aircraft registration and aviation financing market. Dinesh compared the possibilities for Curacao with the well-developed aircraft registration and aviation finance practice in Aruba. The conclusion is that Curacao could have a similar practice, but needs to take certain steps to get there. The first step being the upgrade to a category 1 status at the FAA. 

Read more Filed under: Aviation by Dinesh Mishre.


Tuesday, February 11, 2014

The Curaçao Trust becomes more and more popular

The Curaçao Trust can be used for many purposes, including as a top holding vehicle for international structures, as asset protection tool for previously privately owned assets, as a business or investment trust, in financing- and securitization transactions, as a security trustee and also to set up a protected cell company (or segregated portfolio company). The protected cell company is an interesting vehicle to be used for umbrella funds and captive insurance companies.

Read more Filed under: Finance by Karel Frielink.


Tuesday, February 04, 2014

Fraude en ontslag

Uit internationaal onderzoek is gebleken dat maar liefst de helft van de bedrijven het afgelopen jaar te maken heeft gehad met fraude. Bij bedrijven die actief zijn in de financiële sector ligt dat percentage nog hoger. Ook neemt het aantal fraudegevallen steeds toe. Bedrijven lopen daardoor ieder jaar vele miljoenen mis. Veel voorkomende vormen van fraude zijn: het stelen van goederen of verduisteren van geld, het ten onrechte indienen van declaraties, het claimen van salaris over niet gewerkte (over)uren. 

Read more Filed under: Labor Law by Annemarijke Bach Kolling.


Monday, February 03, 2014

Curacao Corporate Code on representation

Restrictions of the managing authority can arise from a by-law or a corporate agreement. Individual Managing Directors exercise their powers with due observance of the resolutions of the Management Board (Article 2:8 paragraph 2 Civil Code). Subject to restrictions arising from the law or the Articles of Association, the legal entity is represented by the Management Board. If there are multiple Managing Directors the legal entity is represented by each Managing Director insofar as not otherwise provided for in the Articles of Association (Article 2:10 paragraph 1 Civil Code). Restrictions of the managing authority as meant in Article 2:8 paragraph 2 BW also serve to restrict the associated representative authority (Article 2:10 paragraph 2 Civil Code).

Read more Filed under: Corporate by Karel Frielink.