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New publication: “Piercing the Sovereign Veil: Spanish Law in Comparative Perspective”
I am pleased to announce the publication of Héctor Sbert’s article, Piercing the Sovereign Veil: Spanish Law in Comparative Perspective, in volume 11, issue 1, of the European Investment Law and Arbitration Review (2026). The article examines one of the most challenging issues in cross-border enforcement: collecting on judgments and arbitral awards against sovereign states,…
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Embedding Victims in Criminal Enforcement: Spain’s Public–Private Model for Crypto Asset Recovery
This article expands on remarks delivered at the IBA Annual Conference 2025 in Toronto (November 2–7), during a panel discussion titled “Public Recovery: Private Partners? Case Studies in Cross-Border Asset Recovery.” This contribution focuses on Spain’s distinctive model: one in which victims themselves act as embedded prosecutors within criminal proceedings, fundamentally reshaping the incentive structure…
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Spain’s Equity Interest Reform: A Quiet Revolution for Asset Tracing?
Spain is rarely the first jurisdiction that comes to mind when discussing corporate ownership transparency. Yet a proposed reform currently making its way through the Spanish legislative process may produce results that are more relevant to international asset recovery practitioners than many comparable initiatives in other jurisdictions. The draft Ley de Integridad Pública (Law on Public Integrity)…
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Asset tracing in EU insolvency: a modest step where bold moves are needed
Directive (EU) 2026/799 on the harmonisation of certain aspects of insolvency law introduces, among other reforms, a new framework for asset tracing by insolvency practitioners across the European Union. While this initiative is a welcome recognition that effective insolvency proceedings require the ability to identify and locate debtor assets, the Directive ultimately reflects a principle…
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Rethinking Enforcement: The CJEU’s “H Limited” Ruling and Its Strategic Value for Creditors in the EU
This article was originally published as part of the ICC FraudNet Global Annual Report 2025, an annual international publication bringing together leading practitioners and experts in fraud, asset recovery, and cross-border enforcement. The Global Annual Report explores current and emerging challenges in the field, including the impact of artificial intelligence, crypto-assets, cybersecurity, and technological innovation…
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🇪🇸 Impacto de las sanciones de la UE contra Rusia en la ejecución de sentencias y laudos arbitrales
A version of this post is also available in English Introducción La invasión de Ucrania por Rusia desencadenó un extenso régimen de sanciones de la Unión Europea contra personas físicas y jurídicas vinculadas al régimen ruso. Estas medidas restrictivas incluyen la congelación de activos (fondos y recursos económicos) de los sancionados y la prohibición de…
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Mareva Injunction: 50 Years of Freezing Assets
Lee esta entrada en español This year marks the 50th anniversary of the Mareva injunction, a landmark remedy in the common law tradition. Essentially, it is a court order that prohibits the defendant from disposing of their assets during proceedings—preventing them from hiding or transferring them out of the jurisdiction before a judgment is rendered.…
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🇪🇸 Mareva Injunction: 50 años congelando activos
Read this post in English Este año se celebra el 50º aniversario de la Mareva injunction, una figura jurídica clave del derecho anglosajón. Se trata, básicamente, de una orden judicial que prohíbe al demandado disponer de sus bienes durante un proceso, impidiéndole ocultarlos o sacarlos de la jurisdicción antes de que haya sentencia. En términos…
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🇪🇸 Recuperación de activos en casos graves de fraude : Vía penal española vs. mecanismos civiles del common law
Read this post in English Introducción En casos graves de fraude, como el soborno (cohecho), la corrupción, o las insolvencias punibles, la localización, congelación y recuperación de activos ilícitos es crucial para resarcir a las víctimas y desincentivar estas conductas. Tradicionalmente, en jurisdicciones de common law (como Reino Unido o EE.UU.), las víctimas suelen recurrir…
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Criminal or Civil? Spain’s Asset Recovery Advantage in Serious Fraud Cases
Lee esta entrada en español Introduction Asset recovery in cases of bribery and corruption (and other serious fraud cases) often pits criminal law remedies against civil litigation tools. In common law jurisdictions such as England and the United States, practitioners frequently rely on civil asset tracing and recovery mechanisms – for example, freezing injunctions (Mareva…
Hector Sbert 