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The Netherlands Antilles and Aruba. Focco W. Lunsingh Scheurleer attorney-at-law Conference on Netting of OTC Financial Contracts in Latin America and the Caribbean 10 November 2000 Final Version.

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The Netherlands Antilles and Aruba

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The netherlands antilles and aruba l.jpg

The Netherlands Antilles and Aruba

Focco W. Lunsingh Scheurleerattorney-at-law

Conference on Netting of OTC Financial Contracts in Latin America and the Caribbean

10 November 2000

Final Version


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Legislative Issues on Netting, Bankruptcy and Collateral of Securities in theNetherlands Antilles and Aruba


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Topics

  • General information on Netherlands Antilles and Aruba and their law systems

  • Close out

  • Set-off

  • Fraudulent Preference

  • Conflict of law

  • Collateral issues and collateralisation of securities


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Netherlands Antilles and Aruba

  • Aruba: separate jurisdiction

  • Netherlands Antilles: group of five islands in the Caribbean

  • Kingdom of the Netherlands: the Netherlands, the Netherlands Antilles and Aruba


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Law System

  • Civil law jurisdiction

  • Most important codes:

    • Civil code

    • Commercial Code

    • Bankruptcy Code


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Courts

  • Netherlands Antilles and Aruba: own courts

  • Netherlands Antilles and Aruba share one Appellate Court, Curaçao

  • Subject to jurisdiction of the Supreme Court of the Netherlands


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Most Important Legal Entities

  • the company limited by shares (NV: naamloze vennootschap)

  • For Aruba apart from N.V.: A.V.V. (Aruba exempt company)


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Close Out

  • Bankruptcy code: close-out netting

  • Suspension of Payments: same applies

  • Termination clauses are recognised

  • Contractual provisions not necessary


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Insolvency set-off

  • Insolvency set-off is permitted. Requirements:

    • Mutuality

    • Delivery of goods and payment of money can not be set-off

    • Pre-bankruptcy claims and debts


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Fraudulent preference

  • Close-out netting and insolvency set-off allowed and not fraudulent, exceptions:

    • Assigned debts/claims and assignee not acting in good faith

    • Claims or debts assigned after the adjudication of the bankruptcy


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Conflict of law

  • Choice of law recognised


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Multibranch Netting Issues

  • Treatment of local entities with global operations and foreign branches or offices

  • Treatment of local branches and offices of foreign entities


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Collateral Issues

  • Tangible assets: lex rei sitae

  • Claims: the law that governs the contract between the assignor/pledgor and the assignee/pledgee

  • Securities: depends on nature of the security


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Collateralisation of Securities

  • bearer securities: lex rei sitae

  • non-bearer securities, registered in the name of the investor:

    • laws of the state in which the issuer has its corporate seat

  • securities registered in a book entry system: position unclear


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Collateralisation of Securities

  • The law of the first intermediary is advocated in the Netherlands Antilles

  • Promes Trenité Van Doorne is advising law makers in the Netherlands Antilles


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Promes Trenité Van Doorne

Focco W. Lunsingh Scheurleer

Julianaplein 22

P.O. Box 504

Curaçao, Netherlands Antilles

Telephone: + 599 9 461 3400 ext. 160

Telefax: + 599 9 461 2023

lunsinghscheurleer@promes-trenite.com


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