Insights

• Aggressive antitrust enforcement is a priority for the U.S., both at home and abroad.
• Korean companies are on the radar, particularly with alleged procurement fraud, putting them at risk of massive fines and multijurisdictional investigations.
• We explain the risks and responses Korean companies should consider.

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• 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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• Cross-border disputes involving ultra-high-net-worth individuals (UHNWIs) can often turn personal.
• Commercial counterparties may try to make the UHNWI individually liable, putting their personal assets at risk.
• However, if there is a connection to Delaware, UHNWIs can leverage the favorable tools available in the jurisdiction to resolve disputes in their favor.

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• As global geopolitical tensions rise, Cypriot-held assets are increasingly under threat.
• Governments, competitors and other counterparties are increasingly launching aggressive and often unwarranted attacks against the Cyprus assets of ultra-high-net-worth individuals.
• At-risk individuals should work with a cross-border team and local counsel to take strategic steps to defend their assets.

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• U.S. government antitrust agencies – including the U.S. Department of Justice Antitrust Division and Federal Trade Commission – have become increasingly aggressive in their enforcement.
• While this puts more multinational companies with U.S. links at risk, it could also present an opportunity.
• Our team explains how the changing antitrust enforcement environment can provide tools for companies to keep their competitors in check.

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• After the SPAC boom of 2020 and 2021, many de-SPACed companies are now facing cash constraints and even bankruptcy.
• Companies and their sponsors could face increasing scrutiny and disputes from shareholders, creditors or regulators as a result.
• We explain how sponsors can be best positioned to prepare for the legal, financial and reputational risks that follow.

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• Distressed debt investors who are beneficial owners or contingent creditors of bonds face uncertainty when bond issuers stop paying.
• Courts in key jurisdictions are beginning to answer the question of whether creditors can wind-up issuers but are offering diverging decisions.
• We explain how a recent ruling in the BVI opens the offshore jurisdiction to creditors considering a cross-border enforcement campaign.

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• The Americanas fraud has led a wave of insolvencies in Brazil, shaking the market.
• This wave of financial distress has ensnared international creditors into the slow-moving Brazilian insolvency landscape.
• However, new developments in Brazil – combined with an assertive cross-border strategy – can help creditors gain the upper hand and reach a quicker resolution.

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• Many Chinese debt issuers are still undergoing a wave of defaults, putting offshore general unsecured creditors at risk.
• One way to secure substantial recovery is to enforce keepwell agreements, promises by a PRC onshore parent company to maintain a debt issuer’s liquidity and solvency.
• This can expand the range of enforcement targets, increasing creditors’ options and chances of success.

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• The South Korean Police are expanding their extraterritorial activities, with many multinational companies now in their sightline.
• Many companies are unfamiliar with handling Korean inquiries and investigations, but their next steps can be crucial to risks to their business.
• Our cross-border team explores strategies to help companies mitigate their risks and stand up to prosecutorial overreach.

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• Ultra-high-net-worth individuals embroiled in onshore government, commercial or family disputes may find their offshore trusts a vulnerable target.
• These often-aggressive attacks set up a complex clash of onshore and offshore law, and demand an equally aggressive and comprehensive response.
• There are steps UHNWIs and their advisors can take to reduce their risk exposure and respond to attacks on their wealth.

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• 2023 has continued a trend of increasingly energetic shareholder activism in Korea.
• The most recent annual general meeting season has shed light on the paths activist investors can take to increase their chances of success.
• Our team explores the main takeaways and lessons learned from the season.

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• The U.S., UK and their allies are continuing to find tools to exert pressure on China.
• Businesspeople in Greater China with global interests could become targets of financial sanctions if diplomatic relations between China and the U.S. deteriorate further.
• We explain how financial and wealth advisors can mitigate the risks these clients face if they act early and decisively.

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• Recent developments in the Korean legal landscape have been in activist investors’ favor, opening new opportunities to assert their rights and interests in Korean companies.
• Still, the intricacies of the Korean market and the dominance of chaebols mean investors should still tread carefully.
• Creative strategies that navigate these complexities can bring investors the greatest chances of success.

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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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