WILLEMSTAD – Ralph Palm, the former CEO of the embattled insurance group Ennia, has been officially declared bankrupt, both personally and through his management firm, R.A.R. Palm Management Services BV. The bankruptcy ruling was handed down following a petition filed by Ennia and two of its affiliated companies: E.C. Investments BV and Vehia NV.
According to court documents, the claims against Palm and his management company stem from several enforceable judgments issued over recent years, totaling hundreds of millions of guilders.
Multiple Court Judgments
One of the most significant rulings dates back to March 6, 2023, when the Court ordered Palm to pay nearly 4 million guilders to Ennia, plus statutory interest. Another judgment from the Court of Appeal on April 15, 2025, required both Palm and his management firm to pay more than 23,000 guilders.
Perhaps the most staggering is the November 29, 2021 judgment—immediately enforceable—ordering Palm to pay approximately 200 million guilders to Ennia. Palm has appealed this decision, but the outstanding debt remains a central issue in the bankruptcy proceedings.
Palm’s management company, R.A.R. Palm Management Services, was also held liable for nearly 3.4 million guilders, plus interest, in the same March 2023 ruling.
Additional Debts to Banco di Caribe
Further financial pressure stems from an October 7, 2024 ruling, in which both Palm and his management company were ordered to pay a combined 4 million guilders to Banco di Caribe (BdC)—2.2 million from Palm personally and 1.7 million from the company.
Ennia argued in court that Palm and his firm had "ceased to pay" their debts and are in a state of insolvency, pointing to a consistent failure to meet their financial obligations.
Palm's Defense
Palm challenged the bankruptcy petition, claiming the debts stem from a single dispute involving the same group of creditors—various entities within the Ennia group. He argued that this lacks the plurality of creditors typically required for bankruptcy, as all claims originate from what he called a “single conflict with one creditor.”
However, the Court rejected this argument, agreeing with Ennia that the number and scope of judgments—across multiple legal entities and involving multiple enforceable debts—demonstrated a legitimate case for bankruptcy.
The ruling marks a dramatic turn in the long-running legal and financial fallout from Ennia’s internal crisis and highlights the continued efforts to recover funds in one of Curaçao’s most high-profile financial disputes.
