WILLEMSTAD – The Court of First Instance has rejected a bankruptcy petition filed by Vanddis against Lovers Curaçao, ruling that the request constituted an abuse of legal authority. The decision centers on an ongoing shareholder dispute within the Van der Dijs family rather than on any genuine financial distress at the company.
Vanddis, which holds a 62.6 percent majority stake in Lovers Curaçao through shareholder Cicely van der Dijs, sought the company’s bankruptcy with the aim of liquidating its assets. The remaining shares are held by Cindy and Oswald Jr., children of the late Oswald van der Dijs Sr., the founder of Lovers, through Lovers Industrial USA LLC (LIUSA).
In its ruling, the court emphasized that bankruptcy proceedings are intended solely to protect creditors when a company is no longer able to meet its financial obligations. According to the judge, that condition has not been met in this case. Lovers Curaçao demonstrated that it is financially solvent and capable of fulfilling its payment obligations, removing a key legal requirement for declaring bankruptcy.
The court further found that the bankruptcy application was being used as a pressure tactic in the internal shareholder conflict and could potentially influence related legal proceedings, including cases pending in the United States. Such use of bankruptcy law, the court ruled, falls outside its intended purpose.
As a result, the petition was denied, and Lovers Curaçao will continue its operations without entering bankruptcy proceedings. The ruling underscores the judiciary’s position that insolvency law should not be misused as a strategic instrument in corporate or family disputes.