The Privy Council ruled on the liability of state-owned corporations for debts of the state in La Générale des Carrières et des Mines v FG Hemisphere Associates LLC [2012] UKPC 27 (17 July 2012) (Gécamines). The case provides a statement of the law that will be decisive in many jurisdictions. The Privy Council gave a very restrictive reading of the circumstances in which a state-owned entity may be vulnerable to enforcement action by a creditor of the state. A state-owned entity will only be equated with the state for this purpose in specific extreme circumstances. This makes finding and enforcing against state assets even more difficult than it was. Parties should consider the implications of Gécamines carefully when contracting with state bodies.