Hakort International Country Credit Risk update: Curaçao

Hakort International collects debts in every country in the world. In this Country Credit Risk update we focus on Curaçao

Citizens: 159.849
Languages: Dutch, English and Papiamento.
Currency: Antillean guilder (ANG)
Statue of limitation: 5 years
Law: Regional law is applicable (it’s NOT the same as Dutch law)

Average credit risk: high
(Pre) legal options: extensive & reliable
Economic situation: fragile
Political situation: fragile

Background
Curaçao is a tropical island located in the southern part of the Caribbean Sea. Together with Bonaire and Aruba the islands are also known as the ABC islands. Curaçao is the largest of these three islands. The Netherlands Antilles was an autonomous Caribbean country within the Kingdom of The Netherlands. It was dissolved on 10 October 2010.

Local approach
We believe that the success of collecting a debt is always based on a local approach. Our local debt collection officers, paralegals and attorneys need to be as close to the debtor as possible. They speak the language, and know their culture and even more importantly; they also know how the legal process works as one of the best. Our average length of the pre-legal fase in Curaçao takes approximately two months. Keep in mind that legal procedures on Curaçao can take a long time. That is why a powerful and decent pre-legal procedure is of great importance.

Risks
Curaçao’s economic mainstays include tourism, offshore finance and the oil industry, making the island’s economy vulnerable to external changes in both demand and terms of trade. Like every country, Curaçao has been hit hard by the COVID-19 crisis, partly because the economy of Curaçao is highly dependent on tourism. In the meanwhile recently tourism has now started again on the basis of strict controls. Next to that it was recently announced that the takeover of an oil refinery in Curaçao will not take place. This may put an end to more than a hundred years of oil refining in Curaçao. This development will have a major impact on economic developments

Hakort International Services
– Debt collection (pre-legal and legal)
– Litigation
– Address research
– Site visits
– Credit checks

NOTE: The information in this article is provided by Hakort international. We are one of the key players providing global debt collection services. This article represents a compilation of information of several reputable sources. Please always look at the date of publication to determine how actual the information is. To get the most recent and accurate Country Credit Risk update, always contact our office first: info@hakortinternational.com. No rights can be derived from this article.