Insights

• Enforcement success is often decided well before an award or judgment.
• While debtors move to shield assets, proactive creditors can gain the advantage by thoughtfully planning their pre-enforcement phase, mapping key jurisdictions, preparing discovery filings, and coordinating a sequenced enforcement strategy.
• Early, disciplined planning often transforms an award or judgment into a real recovery.

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• A recent Texas decision denying enforcement of a Dubai judgment shows that success in a civil law court does not guarantee recognition in all common law jurisdictions.
• To avoid a hollow victory, creditors must plan ahead and take additional steps to ensure they can demonstrate due process, valid service, and procedural fairness.

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• The U.S. is ramping up cross-border enforcement with two new fraud task forces targeting non-U.S. entities, particularly those linked to China.
• These companies should proactively manage disinformation, coordinate legal and communications strategies, and review asset structures with experienced counsel to mitigate escalating risks.

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• In light of the sanctions imposed on Minister Alexandre de Moraes, the Brazilian Supreme Federal Court (STF) recently issued a decision reaffirming that foreign laws and acts do not have automatic effect in Brazil—essentially establishing what is known in international law as a “blocking statute.”
• For companies with operations in both Brazil and the U.S., this creates a clear dilemma: complying with U.S. sanctions may violate Brazilian rules; ignoring them may result in penalties in the U.S.
• To mitigate these risks, it is essential to assess potential exposures, coordinate international strategies, and proactively manage reputational and legal risks.

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• As Western sanctions limit access to traditional dispute resolution forums for parties from Russia and other sanctioned jurisdictions, entities are increasingly turning to Hong Kong for cross-border arbitration.
• With its neutral legal environment, absence of local sanctions, and global enforceability of awards under the New York Convention, Hong Kong offers a strategic and practical alternative—particularly for sensitive, high-stakes disputes and those involving offshore asset structures.

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• Kobre & Kim currently represents ConocoPhillips in its efforts to enforce over US $10 billion in judgments and arbitration awards against the Republic of Venezuela and related state-owned entities. 
• A recent victory in the U.S. Third Circuit Court of Appeals has cleared a path for ConocoPhillips to enforce a judgment recognizing an ICSID award against Venezuela's state-owned oil company's shares in its Delaware subsidiary. 
• This victory shows how the "alter ego" theory can be used as an effective leverage point against a recalcitrant sovereign debtor, increasing claimant chances of achieving favorable returns.

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• International investors and other claimants have long struggled to enforce cross-border claims in the United Arab Emirates (UAE) and the wider Middle East.
• Recent UAE courts decisions informing how they approach enforcement against debtors, including sovereigns, have signalled that the tides may be turning in creditors’ favor.
• As China looks to consolidate its new investment model for China-Middle East collaboration, this issue may particularly impact PRC-based investors with an eye on the region.

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• On October 22, England’s Court of Appeal dismissed the Kingdom of Spain’s challenge to enforce a US $109 million arbitral award in favor of Kobre & Kim’s client.
• Despite Spain’s arguments asserting state immunity, Lord Justice Phillips interpreted the 1965 ICSID Convention.

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• When large-scale cryptocurrency fraud or cyber-attacks hit, the stolen assets can quickly be dispersed across the globe, with perpetrators hard to find. In these cases, the initial hours and days can be critical.
• However, a recent victory shows that even after considerable time has passed since a hack, victims can trace stolen assets and react quickly to recover them due to the public nature of blockchain transactions and the powers of the English and US Courts to order injunctive relief.

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• As geopolitical tensions pressure sovereign debt, more investors are taking their disputes against sovereign states and entities to arbitration and judicial forums. There is a world of difference between demanding payment of a defaulted debt, judgment, or award from a sovereign and seeing the sovereign pay up.
• Meanwhile, Chinese private investors have become more prominent in sovereign-related investments through acquisitions, joint ventures, and infrastructure projects in Europe, Africa and Latin America.
• Investors and other claimants should not be afraid to stand up to sovereign debtors with aggressive non-traditional strategies.

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• Commercial parties worldwide have long struggled to enforce cross-border arbitration awards and judgments in the Middle East.
• However, recent decisions of the UAE courts have signaled that the tides may be turning more in creditors’ favor. which can inform how they may approach enforcement against a sovereign debtor.
• Our team explains recent updates advancing cross-border judgment enforcement efforts in the region.

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• Over the past few years, Kobre & Kim has successfully enforced cross-border judgments and arbitration awards collectively valued valued in the hundreds of millions of US dollars.
• Many of the firm’s engagements have involved judgments and awards valued in the billions or even tens of billions of US dollars.  
• Large monetary judgments or awards cannot be successfully enforced by a strategy that solely focuses on pursuing assets worldwide.

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• The U.S. Department of Justice announced a new policy promising companies leniency if they report uncovered misconduct within six months of a merger or acquisition.
• Though this may at first appear to be “good news,” it demonstrates the DOJ’s increasing aggressiveness to companies – including non-U.S. companies – that did not commit any wrongdoing.
• We look at why companies should be wary of cooperation, and how they can approach the DOJ more prudently.

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• Korean banks are holding an increasing amount of non-performing loans, putting their financial health at risk.
• For many with large portfolios exposed to cross-border unsecured debt and loans to high-yield borrowers, sale and write downs may not be optimal.
• A cross-border strategy to monetize their claims could offer a superior alternative.

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• It is commonly assumed that it is difficult and impractical to enforcement judgments in the United Arab Emirates.
• However, this is increasingly untrue – even when no bilateral enforcement treaty exists, creditors can obtain recognition of their common law judgments.
• A recent Kobre & Kim case shows how that can happen.

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