PATAN District Primary School Jaher - Marjiyat Raja List 2021Curiel’s Bank N.V. in the negotiations with Telem, our firm was responsible for the drafting of all transaction documentation, the assessment of the required concessions and the coordination with respect to the repayment of the outstanding bonds.Diek is an expert in the area of corporate law and has about 20 years of experience. He is particularly engaged in takeovers, cooperative ventures and commercial contracts. In his role as counsel, he was among others involved in the acquisition of all activities from Nova Scotia Bank by Republic Bank in St. Maarten in the past year. In addition to that, he also led the team that was involved in the international bond listing at the Dutch Caribbean Securities Exchange and regulatory procedures towards the Central Banks for Staatsolie Maatschappij Suriname N.V.
PATAN District Primary School Jaher - Marjiyat Raja List 2021Since COVID-19 measures allowed only four guests to be present at the swearing in, as a surprise colleagues awaited Sjurdriëlle to make the traditional picture on the stairs of the Courthouse.Besides this surprise, Sjurdriëlle says she finds it very special to be working at the law firm where she, not that long ago, worked as an intern.One of the goals of the Leerorkest is to make musical education more accessible, so children of all different backgrounds get an opportunity to learn how to make music and to have an instrument at home to practice with. To accomplish this, the Leerorkest Foundation joins forces with local organizations, such as Mangazina di Rei on Bonaire.
PATAN District Primary School Jaher Raja List 2021In the context of establishing a Leerorkest on Bonaire, our firm has assisted both parties by drawing up a cooperation agreement. Our colleagues on Bonaire recently witnessed the first results of this collaboration during the first performance of the Leerorkest on Bonaire. Colleague Tessa Breugom: ‘It was a performance we wouldn’t have wanted to miss; how special!’ First and foremost, in case of financial difficulties an entrepreneur is basically free to determine who is paid first on the basis of his own considerations (payment autonomy). This type of selective payment of creditors is often inevitable and is usually even part of attempts to get an enterprise back on track again. Hence, the selective payment of creditors is not always unlawful: ‘the creditor who comes first, is served first’.
PATAN District Primary School Marjiyat Raja List 2021The Curacao Bankruptcy Decree does include an important exception. Payment of an exigible claim can be undone in two ways. Namely, if (i) the party who received the payment knew that a bankruptcy petition had already been filed. However, also if (ii) the payment was the result of discussions between the debtor and the creditor with the objective of favoring the latter with the said payment over other creditors. In other words: although it can be very tempting to favor a certain creditor in case of financial difficulties, this kind of collusion does bring about (liability) risks for both parties.
PATAN District Primary School Raja List 2021 Also if a bankruptcy petition has not been filed yet, selective payment could be unlawful. If the director manages to get the corporation back on track again then he basically should not fear his liability position; after all, afterwards the creditors took advantage of the selective payments. Should the corporation nonetheless unexpectedly collapse then the prejudiced creditors can try to recover from the director in person.Although the case law in recent years has not been unambiguous, the Dutch Supreme Court appears to align itself with a frequently used standard. Namely,
PATAN District Primary School RAJA PARIPATRA that selective payments can be unlawful from the moment that the bankruptcy of the corporation is irreversible, or from the moment that termination of the business operations was resolved. However, as the occasion arises, the relevant director should have acted negligently in respect of the creditor to such degree that a serious personal reproach can be made. To remain safe, we recommend handling creditors the same (whether or not proportionately) in case of discontinuity of the business. For that matter, directors of a group of businesses and multiple corporations should pay additional attention: payments to related creditors (or if the director would otherwise benefit from the payment) are assessed even more strictly.
PATAN District PRATHMIK SHALA RAJA LIST 2021Hence, vigilance is required in ‘on the verge of disaster’ situations. Not just because in case of a potential bankruptcy a prejudiced creditor can address the director in person, but also because a bankruptcy receiver shall scrutinize the administration of the bankrupt corporation and shall look into all payments in the year prior to the date of the bankruptcy. In this respect, a receiver has his
PATAN RAJA 2021 LIST own statutory tools that can be used in the interest of the joint creditors. Think about a so-called ‘gratuitous alienation’ on the basis of which certain legal acts can be undone, e.g. the reversal of a sale / purchase of the business. The receiver also has the previously mentioned option of claiming back payments, which were made in the face of the already filed bankruptcy petition. Are you, as a director, forced to make choices in the interest of the continuity of the business? Then always gain legal advice.
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