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CURACAO | Foreign bankruptcies

In Curacao the rules concerning the recognition and the execution of foreign legal decisions are, as a general rule, based on the principle of sovereign territoriality. Judgments from a court within a certain territory only have binding force inside such territory. The assets of the foreign bankrupt estate do not include the assets located in Curacao. However, the principle of territoriality does not mean that a foreign bankruptcy will not be acknowledged in Curacao. A lawfully acquired foreign legal status with respect to foreign assets, which is not in conflict with Curacao law, will be acknowledged in Curacao. This means that a foreign bankruptcy trustee is entitled to file a claim with a Curacao bankruptcy estate and to defend its claims before the court if and when such claim will be dismissed by a Curacao bankruptcy trustee in his schedule of claims.