WILLEMSTAD – The Curaçao-based trust company Carmanco has been ordered to pay damages exceeding $1.2 million in a legal case brought forward by the bankruptcy trustee of the online gaming company Stacktrace NV.
In the same case, Cyberluck, a former master license holder, was also held liable for $1 million in damages. However, Cyberluck declared bankruptcy at the end of 2024, leaving uncertainties about the impact of its insolvency on the judgment.
Case Background
The legal proceedings center on a damages claim following a 2020 ruling by the Court of Justice. In that ruling, Carmanco was found liable as a director for the financial shortfall in Stacktrace’s bankruptcy. The recent case sought to quantify the damages owed in the bankruptcy settlement.
The court also determined that Cyberluck acted unlawfully by facilitating Stacktrace’s online gambling operations without implementing oversight measures. This negligence contributed to financial losses for claimants who could not recover funds owed by Stacktrace.
Stacktrace’s Operations and Collapse
Stacktrace was established in 2012 and began operating online gambling platforms Lockpoker and Lockcasino in 2013 under Cyberluck’s license. The operations were later managed by Cipaco, another entity created by Carmanco. Both companies offered online gaming services but failed to meet financial obligations to their stakeholders.
Carmanco served as Stacktrace’s director from its inception until February 2015, when it formally withdrew its directorship. Just a few months later, in May 2015, Stacktrace was declared bankrupt, with attorney Arend de Winter appointed as the bankruptcy trustee.
Court Rulings and Financial Implications
In a 2018 ruling, both Carmanco and Cyberluck were held jointly liable for damages due to mismanagement and negligence. They were ordered to pay an initial advance of 100,000 guilders each. Cyberluck complied with this payment.
The Court of Justice reaffirmed this decision in 2020, and no appeals were filed. By February 2022, the trustee recognized creditors’ claims totaling over $1 million. The court also approved costs associated with the bankruptcy process, amounting to approximately 187,000 guilders, with an additional estimate of 75,000 guilders for ongoing expenses.
The Role of Cyberluck’s Bankruptcy
While Cyberluck’s bankruptcy declaration in October 2024 complicates the situation, it does not directly affect the damages case as a ruling had been requested before the insolvency was finalized.
