Attachment of Assets

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About the Book:
Practitioners from leading firms in over 90 countries provide practical information about procedural and substantive issues regarding attachment of assets.

Because the availability of attachments in advance of judgments can make the difference between success and failure in a lawsuit for money damages, and because attachments may often be obtained in places far removed from the venues of proceedings on the merits, it is important for litigation counsel to be aware of the potential for multi-jurisdictional assaults on the assets of their clients or of their clients’ adversaries.

Attachment of Assets is designed to give practical information and guidance to lawyers and businessmen who are interested in securing expected future judgments and in making strategic decisions concerning the deployment of moveable assets in the face of possible attachments of them. The chapters, each discussing the requirements of a separate country, are written by lawyers with practical expertise in this field.

The procedure by which attachments are obtained vary, ranging from court orders authorizing a court official to take custody of a defendant’s assets to orders restraining the defendant from transferring his assets. The effects of such orders differ as well: some create a lien superior to those of other creditors and others do no more than immobilize the debtor’s assets, leaving them open to being levied upon by later-arriving judgment creditors.

Countries vary in the ways in which they permit attachments to be carried out -- whether, for example, all of the banks in a given city may be served with attachment notices or orders. They vary as well with respect to the information that is imparted to the attaching creditor after attachment orders have been served. Some rules make available to creditor information concerning the value of assets on which they have successfully levied, while others leave creditors in the dark, or dependent on informal hints from garnishees as to whether or not pay dirt has been struck.

Most importantly, jurisdictional requirements for the issuance of attachment orders are not similar. Some countries permit attachments only if the defendant is subject to the jurisdiction of their courts with respect to the merits of the case. Others are less demanding, permitting attachments solely on the basis and to the extent of the presence of the assets successfully attached.

It is probably fair to say that, in many foreign jurisdictions, the protection of creditors through fraudulent conveyance laws and the like is inadequate, or even, as a practical matter, unavailable. The enforcement of judgments is therefore often dependent on a creditor’s ability to obtain -- early, even prior to the commencement of a lawsuit -- a prejudgment attachment (or the equivalent) of his debtor’s assets. The extent to which attachments are obtainable in various countries of the world and the basis under which they may be obtained under local law are the focus of Attachment of Assets.

Format of Publication:
Organized in a uniform question and answer format that addresses the receptiveness of each country toward the attachment of assets; the procedural requirements for filing for attachment; reciprocity; treaty provisions; and defenses.

Every Chapter is organized with the same special three part arrangement - allowing you to quickly and easily locate the information you need for each country.

Part I contains a survey of the current attitude of each country’s courts and government toward the attachment of assets, including anticipated changes and recent cases.

Part II discusses procedure the judgment creditor must follow to file for the attachment of assets in the other country, including translation of the judgment, currency conversion, attorneys’ fees and recovery of interest.

Part III summarizes the requirements the judgment creditor must meet for attachment, and the defense the judgment, and the defenses the judgment debtor must establish to prevent attachment.

VOLUME 1

Table of Contents

Introduction

Questionnaire

Argentina
By Alfredo L. Rovira and Mariana A. Miglino

Armenia
By Mariam Ghulyan and Anna Hakobyan

Australia
By Clinton Hinchen, Emma Mitchell and Carly Dunn

Austria
By Dr. Florian Kremslehner

Bangladesh
By A.B.M. Badrud Doulah & A.B.M. Shamsud Doulah

Belarus
by Mikalai Markounik

Belgium
By Prof. Dr. Piet Taelman

Belize
By Dean R. Lindo

Bermuda
By Narinder K. Hargun and Christian R. Luthi

Bolivia
By Pablo Rojas

Brazil
By Jose Orlando A. Arrochela Lobo and Ana Paula Hubinger Araujo

Brunei Darussalam
by Dr. Colin Y.C. Ong

Cambodia
By Naryth H. Hem and Sovearcha Yangny

Canada
Richard R. Wozenilek and Seher Goderya

Chile
By Cristian Eyzaguirre

China - Hong Kong, Special Administrative Region
By Alan Linning and Carman Yung

Colombia
By Bernardo Salazar-Parra

Costa Rica
by Roy de J. Herrera M.

Cyprus
By Xenios L. Xenopoulos

Czech Republic
By Hedvika Hartmanova and Arthur Braun

Democratic Republic of Congo (formerly Zaire)
By Armand K. Ciamala

Denmark
By Carsten Brink

Ecuador
By Jorge Dousdebes

El Salvador
By Ricardo A. Cevallos

Egypt
By Samir M. Hamza

Fiji
By Nicholas Barnes and Rajnil Krishna

Finland
By Petri Taivalkoski

France
By Paul de Dree and Katia Boneva-Desmicht

Germany
By Peter Bert and Daniel W. Shinn

Ghana
By Larry Otoo

Greece
By Gregory J. Timagenis

Guatemala
by Luis Fernando Bermejo

Hungary
By Andrea Vincze

Iceland
By Othar Orn Peterson Heidar Asberg Atlason

India
By Clarence Anthony, Dhiraj Totala, Rozmin Lakhani and Neha Samant

Indonesia
Joel Hogarth, Oene Marseille and Kevin Sidharta

Ireland
By Klaus Reichert and Peter Shanley

Isle of Man
By Peter J. Taylor

Israel
By Yitzhak (Ian) Fierstein

Italy
By Alessio Ruvolo, Marianna E. Gurrado and Davide Pozzoli

Jamaica
By Julianne Mais-Cox and Hyacinth Lightbourne

Japan
By Masafumi Kodama

Jersey Channel Islands 
By Gillian Robinson and Kai McGriele

Jordan
By Sami and Adib Habayeb

VOLUME 2

Kenya
By Peter Le Pelley

Korea
By Byung-Suk Chung and Tam Hee Kim

Kuwait
By Reema Ali

Kyrgyzstan
by Nurzhan Albanov

Latvia
By Z. Udris

Lebanon
By Jihan R. Khattar

Liechtenstein
By Christoph Bruckschweiger

Lithuania
By Jurate Kugyte and Egle Zmlyte

Luxembourg
By Arendt and Medernach

Malaysia
By Dr. Colin Y.C. Ong and Dato’ Noorashikin Binte Tan Sri Abdul Rahim

Mauritius
By Gilbert Noel

Mexico
By Reynaldo Urtiaga

Moldova 
By Irina Moghiliova and Alexandr Munteanu 

Mongolia
By David C. Buxbaum and Solongo Zulbaatar

Myanmar (Burma)
By Thida Aye and James Finch

The Netherlands
By Antonius I.M. van Mierlo and Bo Ra D. Hoebeke

New Zealand
By Campbell A.J. Clark and Darise L. Bennington

Norway
By Knut Boye

Pakistan
By Qamar Abbas & Co.

Panama
By Alfredo Ramírez, Jr.

Paraguay
By Theodore Stimson

Peru
By Jorge Verlarde

The Philippines
By Karl Arian A. Castillo

Portugal
By Ines Gomes da Cruz

Qatar
By Hani Al Naddaf

Romania
By Mark A. Meyer and Rodica Vremescu

Saudi Arabia
By The Law Firm of Salah Al-Hejailan

Singapore
By Eugene Lim and Sharon Tay

South Africa
By R..N. Wakefield, Assisted by A. Erasmus and V. Lichter

Spain
By Antonio Fernandez and Juan Verdugo

St. Christopher (St. Kitts) and Nevis
By Jeffrey E. Nisbett

St. Lucia
By Nicholas John

Sweden
By Einar Wanhainen and Fredrik Elmer

Switzerland
By Bernard Dorsaz

Syria 
By Kanaan Al-Ahmar, LL.M.

Tanzania
Dr. Wilbert B. Kapinga and Felix Klopmeier

Thailand
By Suteeratt Chanthacharoenchoke

Tunisia
By Adly Bellagha

Turkey
By Serap Zuvin

Ukraine
By Dr. Tatyana Slipachuk, Pavlo Byelousov, and Sergiy Uvarov

United Arab Emirates
By C. Chakradaran, Bashir Ahmed and Nakul Asthana

United Kingdom (England & Wales)
By Christopher I. Millar

United States
By Michael L. Morkin and Ethan A. Berghoff

Uruguay
By Nicholas Herrera and Mercedes J. De Arechaga

Venezuela
By Eugenio Hernandez-Breton

About the Editor:
Lawrence W. Newman has been a partner in the New York office of Baker & McKenzie since 1971, when, together with the late Professor Henry deVries, he founded the litigation department in that office. He is the author/editor of 4 works on international litigation/arbitration.

Contributors by Country:

VOLUME 1

Argentina
by
Alfredo L. Rovira and Mariana A. Miglino
Brons & Salas

Armenia
by
Mariam Ghulyan and Anna Hakobyan
Karakhanyan and Partners LLC

Australia
by
Clint Hinchen, Partner
Emma Mitchell, Senior Associate
And Carly Dunn, Lawyer
Allens Arthur Robinson

Austria
by
Dr. Florian Kremslehner
Dorda Brugger Jordis

Bangladesh
by
A.B.M. Badrud Doulah and A.B.M. Shamsud Doulah
Doulah & Doulah

Belarus
by
Mikalai Markounik
Senior associate
“Vlasova Mikhel & Partners” Law firm

Belgium
by
Prof. Dr. Piet Taelman
Institute of Procedural Law
Law School
Ghent University

Belize
by
Dean R. Lindo

Bermuda
by
Narinder K. Hargun and Christian R. Luthi
Conyers Dill & Pearman

Bolivia
by
Pablo Rojas
C.R. & F. Rojas
Abogados

Brazil
by
Jose Orlando A. Arrochela Lobo and
Ana Paula Hubinger Araujo
Lobo & de Rizzo Advogados

Brunei Darussalam
by
Dr. Colin Y.C. Ong
Messrs Dr Colin Ong Legal Services
Advocates & Solicitors

Cambodia
by
Naryth H. Hem and Sovearcha Yangny
B.N.G. – Legal

Canada
by
Richard R. Wozenilek, Partner
and Seher Goderya, Student at Law
Keel Cottrelle LLP
Barristers and Solicitors

Chile
by
Cristián Eyzaguirre
EYZAGUIRRE & CIA.

China – Hong Kong, Special Administrative Region
by
John R. Budge and Thomas Wai Kit Wong
Wilkinson & Grist,
Solicitors & Notaries

Colombia
by
Bernardo Salazar-Parra
Jose Lloreda Camacho & Co

Costa Rica
by
Roy de J. Herrera M.
Socio/Partner
Arias & Muñoz

Cyprus
by
Xenios L. Xenopoulos
Xenios L. Xenopoulos Law Office

Czech Republic
by
Hedvika Hartmanova, Associate
and Arthur Braun, Partner
bpv Braun Partners s.r.o.

Democratic Republic of Congo (formerly Zaire)
by
Armand K. Ciamala
CIAMALA KANYINDA & ASSOCIATES

Denmark
by
Carsten Brink

Ecuador
by
Jorge Dousdebes
Perez, Bustamante and Perez

Egypt
by
Samir M. Hamza
Attorney at Law
Helmy, Hamza & Partners

El Salvador
by
Ricardo A. Cevallos
Partner
Consortium Centro America Abogados

Fiji
by
Nicholas Barnes, Partner
and Rajnil Krishna, Solicitor
MUNRO LEYS
Lawyers & Notaries Public

Finland
by
Petri Taivalkoski
Roschier, Attorneys Ltd.

France
by
Paul de Drée
Avocat à la Courde DRÉE Avocats

Germany
by
Peter Bert
Schurmann & Partner

and Daniel W. Shinn
Shook, Hardy & Bacon

Ghana
by
Larry Otoo
Fugar & Company
Legal Practitioners & Notaries Public

Greece
by
Gregory J. Timagenis
Attorney-at-law, Piraeus
Law Office Gr. J. Timagenis

Guatemala
by
Luis Fernando Bermejo
BERMEJO & ASOCIADOS

Hungary
by
Dr. Andrea Vincze

Iceland
by
Othar Orn Peterson and Heidar Asberg Atlason
LOGOS legal services

India
by
Detty Davis, Partner
Dhiraj Totala, Senior Associate
and Neha Samant, Trainee
Juris Corp

Indonesia
by
Joel Hogarth, Counsel
White & Case LLP

Oene Marseille, Foreign Counsel, and Kevin Sidharta, Senior Associate
Ali Budiardjo, Nugroho, Reksodiputro

Ireland
by
Klaus Reichert
Law Library/Brick Court Chambers

and Peter Shanley
Law Library, Four Courts

Isle of Man
by
Peter J. Taylor
Simcocks Advocates Limited

Israel
by
Yitzhak (Ian) Fierstein

Italy
by
Avv. Alessio Ruvolo, J.D. State University of Milan,
LL.M. London Guildhall University
Avv. Marianna E. Gurrado, J.D. State University of Milan,
LL.M. New York University
Dott. Davide Pozzoli, J.D. State University of Milan
STUDIO SANTA MARIA
in association with Greenberg-Traurig LLP, New York

Jamaica
by
Julianne Mais-Cox and Hyacinth Lightbourne
DunnCox
Attorneys-at-Law, Notaries Public, Patent & Trade Mark Agents

Japan
by
Masafumi Kodama
Kitahama Partners

Jersey Channel Islands
by
Gillian Robinson, Advocate of the
Royal Court of Jersey
and Kai McGriele
Appleby Hunter Bailhache

Jordan
by
Sami and Adib Habayeb
Jabal Amman

VOLUME 2

Kenya
by
Peter Le Pelley

Korea
by
Byung-Suk Chung and Tam Hee Kim
Kim & Chang

Kuwait
by
Reema Ali
Ali & Partners

Kyrgyzstan
by
Nurzhan Albanov
Associate at Salans Almaty
LL.M. Finance, Frankfurt am Main University

Latvia
by
Z. Udris
SKUDRA & UDRIS Law Offices

Lebanon
by
Jihan R. Khattar
LL.M, Harvard Law School
Khattar Associates

Liechtenstein
by
Christoph Bruckschweiger
Wolff Gstoehl Bruckschweiger
bruckschweiger@wgb-law.li

Lithuania
by
Jūratė Kūgytė, Advocate
and Eglė Zemlytė, Associate Advocate
Baltic Legal Solutions Lithuania
Professional Law Partnership

Luxembourg
by
Donata Grasso
Counsel, Avocat à la Cour
Allen & Overy Luxembourg

Malaysia
by
Dr. Colin Y.C. Ong and
Dato’ Noorashikin Binte Tan Sri Abdul Rahim
Kuala Lumpur Regional Centre for Arbitration

Mauritius
by
Gilbert Noel
Partner
Appleby
Mauritius office

Mexico
by
Reynaldo Urtiaga
Bryan, Gonzalez Vargas & Gonzalez Baz

Moldova
by
Irina Moghiliova Partner
Munteanu Alexandr, LL.M.
Brodsky Uskov Looper Reed & Partners
CONSULTANTS & LEGAL ADVISERS

Mongolia
by
David C. Buxbaum, Senior Counsel
Pagamsuren Lkhagvasuren, and Annie Kwong
Anderson & Anderson LLP

Myanmar (Burma)
by
Thida Aye, Attorney
Myanmar International Legal Advisors
And James Finch, Managing Partner
Russin & Vecchi, Limited

The Netherlands
by
Antonius I.M. van Mierlo
Professor of Law
Erasmus University Rotterdam
Department of Civil Law & Civil Procedure Law
Attorney at Law
NautaDutilh

and Bo Ra D. Hoebeke
Attorney at Law
NautaDutilh

New Zealand
by
Campbell A.J. Clark and Darise L. Bennington
Bell Gully

Norway
by
Knut Boye, Partner
Advokatfirma Simonsen Vogt Wiig AS

Pakistan
by
Qamar Abbas & Co.
Barristers, Advocates & Legal Advisors

Panama
by
Alfredo Ramírez, Jr.
Alfaro, Ferrer &Ramírez

Paraguay
by
Theodore Stimson
Vouga & Olmedo

Peru
by
Jorge Velarde
Rodrigo, Elias & Medrano

The Philippines
by
Karl Arian A. Castillo
Fortun Narvasa & Salazar Law Offices

Portugal
by
Inês Gomes da Cruz
PLMJ – Sociedade de Advogados, RL,

Qatar
by
Hani Al Naddaf
Partner and Head of Dispute Resolution Department-
Qatar Office
Doha
Al Tamimi & Company

Romania
by
Mark A. Meyer and Rodica Vremescu
Rubin Meyer Doru & Trandafir

Saudi Arabia
by
The Law Firm of Salah Al-Hejailan

Singapore
by
Eugene Lim and Sharon Tay
Donaldson & Burkinshaw
Advocates & solicitors

South Africa
by
R..N. Wakefield
Assisted by A. Erasmus and V. Lichter
Werksmans Incorporated

Spain
by
Antonio Fernández and Juan Verdugo
GARRIGUES

St. Christopher (St. Kitts) and Nevis
by
Jeffrey E. Nisbett
Nisbetts
Barristers and Solicitors

St. Lucia
by
Nicholas John & Co.

Sweden
by
Einar Wanhainen and Sofia Böhlin
G Grönberg Advokatbyrå AB

Switzerland
by
Bernard Dorsaz
Gillioz Dorsaz & Associés

Syria
by
Kanaan Al-Ahmar
Attorney at Law
Al-Ahmar & Partners,
Attorneys and Legal Advisors,

Tanzania
by
Dr. Wilbert B. Kapinga and Felix Klopmeier
Mkono & Co. Advocates, Tanzania

Thailand
by
Suteeratt Chanthacharoenchoke
Anek & Associates

Tunisia
by
Adly Bellagha

Turkey
by
Serap Zuvin
Serap Zuvin Law Offices

Ukraine
by
Dr. Tatyana Slipachuk
Partner
Sayenko Kharenko

Pavlo Byelousov
Attorney at law
Vasil Kisil & Partners
Attorneys and Counsellors at Law

and Serhii Uvarov
Associate
Egorov Puginsky Afanasiev & Partners

United Arab Emirates
by
C Chakradaran, Bashir Ahmed, and Nakul Asthana
Afridi & Angell

United Kingdom (England & Wales)
by
Christopher I. Millar
DOWNS SOLICITORS LLP

United States
by
Michael L. Morkin and Ethan A. Berghoff
Baker & McKenzie

Uruguay
by
Nicholas Herrera and Mercedes J. De Arechaga
Guyer & Regules

Venezuela
by
Dr. Eugenio Hernandez-Bretón
Baker & McKenzie