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Business Bankruptcy laws on French/Dutch Side #229058
06/30/2020 07:31 PM
06/30/2020 07:31 PM
Joined: Aug 2012
Posts: 1,947
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PelicanPirate Offline OP
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PelicanPirate  Offline OP
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Joined: Aug 2012
Posts: 1,947
After watching companies after Irma having to pay wages during periods of zero revenue it got me to wondering how difficult is it for a resort, restaurant to declare bankruptcy on either side. and shed its costs/requirement to continue paying employees.

Is there restructuring and liquidation types?

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Re: Business Bankruptcy laws on French/Dutch Side [Re: PelicanPirate] #229101
07/01/2020 11:21 AM
07/01/2020 11:21 AM
Joined: Aug 2012
Posts: 260
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foreversxm Offline
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foreversxm  Offline
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Posts: 260
Great question. With many of us having our favorite Hotel , Restaurant businesses etc that we Frequent I too wonder who can survive. I had been in contact with many or our sxm business friends over the past 3 months Even the longest operating and strongest are suffering and in danger of closure or bankruptcy. Unfortunately until the Island opens to foreign tourism it will only get worse as they were almost totally dependent on tourist. This by far is worse than any hurricane as loss of income insurance for the few that can afford doesn’t apply to pandemic. No real government assistance for business and mostly limited lip service help for employees. With a hurricane at least some have insurance coverage and those payments to start rebuilding which keeps employment going with a light at the end of the Tunnel. . Only a few lucky ones On island have savings or retirement accounts , those are the generally the ones crying when they talk about opening the airport. Most have to work to survive. Damn if you do Damn if you don’t. Labor Laws are very anti-employer And very pro employee and many employees almost socialist expecting free everything from government to employer. As Government wakes up and sees no tourists taxes etc coming in snd the dutch gov more and more not willing to help and finally applying logical conditions I think you will see the local government more interested in opening the economy again. Notice how government Ministers and the few employees that are working freak out when you talk about a pay cut or Vacation cut when they should be thankful to even have a job. When the island opens those that care about their island friends need to return ASAP and spend money 💰! For those that had to postpone the SXM trip let the hotel keep the room deposit as a credit for future visits or book cars and hotels now for your fall or winter trip....things like that really help. Hopefully when we return are favorite places are still in business.


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