Complicated buy-out procedure (uitkoopprocedure) successfully conducted

January 08, 2010 5:05 AM

Randolph Van Eps, Aike Krips and Yvo Peters of VanEps Kunneman VanDoorne successfully assisted Stichting Beheer Aandelen Rif Resort (the “Stichting”) in its request for buying out the minority shareholders in Rif Resort Hotel N.V. (Marriott Hotel).

The Curacao Court of First Instance granted the Stichting’s request for buy out of the minority shareholders for ANG 10 per share and ordered such minority shareholders to transfer their shares to the Stichting for such price.

The buy out was of crucial importance since the Stichting is in the process of selling the Hotel, i.e. shares or assets, to a third party. Such sale would obviously have not been possible without firstly obtaining the full 100% of the shares.

Compelled buy-out procedures are very rare in Curacao, there are hardly any precedents. Presumably, this is the first (successful) buy out-procedure in Curacao in which several minority shareholders also tried to contest the buy out.

In the Netherlands buy out procedures are being conducted before the (specially equipped) Enterprise Chamber of the Amsterdam Court of Appeal.

(Source: www.ekvandoorne.com)

8 January, 2010