Insights

• 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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• Chinese and other Asia-based investors have targeted the U.S. commercial real estate market recently, whether by direct investment or through CMBS or REITs.
• However, the pandemic, credit tightening and regional bank failures have accelerated a market downturn, and many investors are vulnerable to losses.
• Investors should consider proactive or counteroffensive strategies to enforce their legal rights, even against big industry players, to mitigate their losses and protect their bottom lines.

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• Global bond issuers looking to restructure their debt have often turned to English courts, relying on debtor-friendly rules such as the ability to cram down creditors.
• Two recent English court decision, however, are improving prospects for global bondholders.
• Creditors who are willing to take swift and forceful action against even the biggest players can see the greatest chances of success.

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• Israeli and other Middle Eastern and African nationals are increasingly at risk as U.S. and Western enforcement agencies aggressively pursue cross-border actions, in many cases based on incomplete facts.
• With cooperation from countries like Israel, those targeted can risk their assets, reputation and liberty if they are not adequately prepared.
• We explain what steps individuals can take to push back and get the facts straight.

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• More Chinese companies are entering the Korean market, running head-on into family-owned conglomerates known as chaebols.
• In a dispute, the overwhelming dominance of chaebols and the intricacies of the Korea legal market make it hard for Chinese companies to find a way out.
• However, by combining creative legal and PR strategies, Chinese companies can put pressure on their competitors and protect their business interests.

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• Recent comments by top U.S. Department of Justice (DOJ) officials seem to signal an emphasis on leniency programs for companies cooperating on corruption and bribery investigations.
• However, non-U.S. companies should not let their guard down – the DOJ continues to stretch the bounds of its jurisdiction to aggressively prosecute companies beyond the U.S.
• We unpack counteroffensive strategies at-risk companies should consider to stand up to DOJ overreach and drive successful outcomes.

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• The tumultuous power transfer in Brazil has sparked investigations into the new administration’s political opponents.
• This is an example of a larger global trend where regime change may result in politically motivated investigations, threatening a politically exposed person’s liberty, reputation and assets.
• Our team walks through proactive steps those at risk can take to protect themselves.

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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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• Judgment and award debtors often hold assets in offshore jurisdictions such as the BVI – but these places are notoriously creditor- and enforcement-friendly.
• When cornered by a creditor, debtors often find few – if any – legal avenues to challenge the claim against them.
• However, a recent Kobre & Kim victory in the BVI demonstrates that, through deep familiarity of and ability to connect both offshore and foreign law, debtors can defy conventional wisdom and succeed.

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• Governments have increased focus on third parties – including offshore trustees – as they look to enforce their sanctions regimes.
• This increases the risk trustees could become embroiled in an accusation of violating sanctions.
• Trustees should take proactive, globally comprehensive measures to reduce their risk and avoid a cross-border crisis.

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• Debtor-friendly Delaware has strong asset protection laws that make it a destination of choice for global entities and individuals looking to hold their assets in a trust.
• This creates a headache for international creditors – recovering assets in a Delaware trust can seem like an insurmountable challenge.
• By adopting a creative, aggressive and multijurisdictional strategy, however, creditors can crack even Delaware’s notoriously tough trusts.

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• In Chapter 11 bankruptcy cases where the chances of recovery seem slim, global unsecured creditors may have to get creative and look outside the U.S. to improve their prospects.
• Assets in the People’s Republic of China (PRC) – the world’s second largest economy – offers a surprising source of asset recovery opportunities.
• We explain how creditors can unlock value in China and maximize their recovery.

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• The global crypto industry may have celebrated prematurely at a reported win by LBRY amici against the U.S. Securities and Exchange Commission.
• In fact, enforcement threats are at an all-time high, and the SEC and other regulators are emboldened.
• Only by matching the regulator’s aggressiveness with equally aggressive strategies can industry players see success.

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• U.S. government regulators are ramping up enforcement actions against traders for alleged market manipulation and spoofing.
• Exchanges and self-regulatory organizations are piling on, subjecting traders to their own investigations.
• Traders should not be afraid to stand up to these entities, and there are effective counteroffensive measures that can drive successful outcomes.

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