Insights

• More investors are taking their disputes against sovereign states and entities to arbitration and judicial forums.
• However, demanding payment of a defaulted debt, judgment or award does not always lead to the sovereign paying up.
• We explore aggressive non-traditional strategies investors should deploy to ensure a sovereign debtor agrees to a settlement.

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• Winning an arbitral award often marks the beginning of a long and costly global enforcement campaign for international investors, especially against a sovereign state.
• To speed up a settlement, investors should take a bold stand against sovereigns, leveraging international treaty protections.
• A recent landmark win against the Kingdom of Spain shows one way for investors.

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• The Middle East is opening up to cross-border investors, creditors and claimants, as Saudi Arabia’s adoption of rules based on the UNCITRAL Model Law on Cross-Border Insolvency demonstrates.
• The openness is not limited to that country – the United Arab Emirates has also made strides that gives more tools for creditors considering a global enforcement campaign.
• We explain what these developments mean for creditors.

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• As a key economic center in the region, the United Arab Emirates (UAE) is increasingly the place where many international creditors go as they pursue their debtor’s assets.
• However, some recalcitrant debtors may try to transfer their assets away to avoid payment in a fraudulent transfer.
• Our team explores what strategies are available in the UAE to restore a creditor’s interests.

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• A coming global economic downturn will put sovereign debt under pressure.
• It may appear near impossible for creditors and investors to enforce this debt against sovereigns, but those who succeed can see extraordinary returns.
• We explain how deploying creative cross-border strategies can overcome the toughest sovereign debtors and unlock the key to success.

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• The United Arab Emirates (UAE) is becoming increasingly friendly to global judgment creditors looking to enforce their judgments.
• Recent developments signal increased receptivity to fast-tracking recognition and enforcement through reciprocity.
• We survey the landscape and look at how the country can form a crucial part of a worldwide enforcement campaign.

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• A Chinese court recently recognized a commercial judgment issued by the English High Court in a landmark judgment.
• China has also made it easier for Hong Kong arbitrations to be recognized and enforced in China, as well as opening the door to interim measures.
• Our Claim Monetization team analyzes what these developments mean to foreign judgment and award creditors looking for opportunities in a historically tricky jurisdiction.

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• Many parties, especially those based in Asia Pacific, soon discover that a recalcitrant debtor can frustrate enforcement of a hard-won arbitration award.
• In cross-border enforcement campaigns, the debtor may throw up obscure legal challenges to cause delays and distraction.
• A recent Kobre & Kim victory demonstrates how, through quick and strategic action, these distractions can be defeated and pressure can be maintained on the debtor.

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• The Dubai International Financial Centre (DIFC), a gateway to enforcing judgments in the Middle East, has just seen significant barriers to enforcement removed.
• Creditors now have a much smoother path to collect on what they are owed both in onshore Dubai and across the region.
• Our global Claim Monetization & Dilution team unpacks how creditors can save significant time and money.

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• The current economic downturn has triggered record-breaking amounts of debt owed by governments to overseas investors.
• The crisis, however, has the potential to create large returns for creditors and investors willing to aggressively pursue their claims over a sovereign government.
• A proven yet unorthodox cross-border litigation strategy that catches sovereigns by surprise can achieve the monetization of judgments previously thought too tough to enforce.

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• Investors and creditors can gain potentially large returns if they successfully enforce a large judgment against a sovereign debtor.
• However, with such high-stakes, sovereign governments have begun fighting back using state powers against creditors, turning civil proceedings into a quasi-criminal cross-border dispute.
• A creditor must employ anticipatory and nonconventional counteroffensive measures in order to protect themselves and maximize their odds of success.

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• There are many reasons why sovereign debtors can be challenging targets.
• The right combination of high-pressure tactics, coupled with aggressive, creative, multijurisdictional strategies, can force sovereign debtors to take a seat at the bargaining table.
• Here are specific examples of effective techniques from recent successful matters where legitimate claims were recovered against sovereign entities.

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• U.S. courts traditionally have been a generous forum for foreign judgment creditors.
• A recent ruling from a New York state court has further broken down barriers for recognition of a foreign judgment in the U.S., even when the debtor is subject to a foreign insolvency proceeding.
• The New York decision is part of a trend of U.S. courts rejecting "fairness" and "corruption" challenges to Russian courts' judgments. Similar challenges can be overcome with the aid of proper counsel.

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