WILLEMSTAD – The Foundation for Debt Restructuring and Guardianship Curaçao is expanding its efforts to assist residents struggling with financial problems. The organization will host a free online information session on debt solutions, while warning that Curaçao still does not have a legal debt restructuring system that allows heavily indebted individuals to obtain a fresh financial start.
The online session will take place today at 6:00 p.m. and will feature explanations from debt administrator Arthur Nivillac and foundation chairman Limar Francisca. They will discuss the steps people with financial difficulties can take and the options available to manage their debts.
The foundation says the initiative aims to provide guidance to people who often do not know where to turn when they face serious financial problems.
The organization became publicly known in 2024 as the first office on Curaçao specifically focused on debt restructuring and financial guardianship. During its first two months of operation, the foundation reported handling 18 urgent cases, including 15 involving individuals and three involving businesses.
Voluntary agreements remain the main option
On Curaçao, debt restructuring currently depends mainly on voluntary agreements between debtors and creditors. The process generally involves reviewing income, expenses and outstanding debts, followed by attempts to reach payment arrangements with creditors.
However, if a bank, landlord, government agency or another creditor refuses to cooperate, there is no general legal mechanism allowing that creditor to be forced into a restructuring agreement.
This creates a major difference with the Netherlands, where individuals who cannot reach agreements with creditors through a voluntary process may qualify under the Dutch Natural Persons Debt Restructuring Act (WSNP). Those who successfully complete the process and comply with the conditions can receive a so-called “fresh start,” meaning remaining debts are legally discharged.
Dutch courts have previously confirmed that this legal framework and the possibility of a clean financial slate do not exist in Curaçao.
Growing need for assistance
The foundation says the lack of a formal legal framework leaves many residents dependent on negotiations and voluntary cooperation. For people with significant debts, this can make it difficult to escape long-term financial problems.
Through education, guidance and financial supervision, the organization wants to help residents better understand their options and take steps toward restoring financial stability.
The foundation’s latest information session is part of broader efforts to raise awareness about debt problems and available support on Curaçao.