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Harmonizing Insolvency Law Across the EU: A Path to Predictability and Efficiency
In an interconnected world where business transactions often transcend borders, insolvency law plays a crucial role in providing clarity and fairness during financial distress. Yet, in the European Union (EU), the absence of harmonized insolvency frameworks creates significant challenges. Fragmented national laws lead to inefficiencies, varied recovery outcomes, and higher costs for creditors, debtors, and…
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Trends Spotted in 2024: The Evolving Landscape of Asset Tracing and Recovery
As global markets evolve and technology continues to advance, the methods used to hide, trace, and recover assets are also changing. In 2024, several key trends have been reshaping the asset recovery landscape, driving innovation and changing how investigators and legal professionals approach complex cases. In this blog post, we’ll explore some of the most…
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Section 1782’s Influence and UNCITRAL’s Progressive Stance on International Asset Recovery
Introduction In the realm of international asset tracing and recovery, the landscape is marked by a paucity of efficient legal mechanisms for cross-border cooperation. This gap is highlighted by the unique characteristics of Section 1782 of the United States Code, a provision that stands out for its direct approach in assisting foreign legal proceedings. This…
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Spain- New regulation on the access and use of the UBO Register
This post is dedicated to my good friend and ICC FraudNet fellow member, Martin Kenney, “the oracle of the BVI”. Martin had long proclaimed that unrestricted access to beneficial ownership registries was contrary to the right to privacy and would have a counterproductive effect in terms of asset tracing and recovery. As is well known,…
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25th Anniversary of UNCITRAL’s Model Law on Cross-Border Insolvency and Expert Group Meeting on Asset Tracing and Recovery in Insolvency Proceedings
Some of the participants at the UNCITRAL’s Expert Group Meeting on Asset Tracing and Recovery in Insolvency Proceedings (from left to right): Steven Philippsohn (UK), Héctor Sbert (Spain), David Mizrachi (Panama), Henrique Forssell (Brazil), Christopher Redmond (USA), Shaun Reardon-John ( BVI), Karen Fellowes (Canada), Debby Lim (Singapore) and Jeremy Lightfoot (Hong Kong). On 16 December…
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Tracing of assets of the insolvency estate in the EU – the Proposal for a new Directive harmonizing certain aspects of insolvency law
On 7 December 2022, the European Commission published its “Proposal for a Directive of the European Parliament and of the Council harmonising certain aspects of insolvency law“. The Proposal is published when the previous Directive dealing with insolvency law (Directive 2019/1023 on preventive restructuring frameworks) is still in the process of being transposed to all…
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Hector Sbert 