Lending and taking security in Argentina: overview

A Q&A guide to lending and taking security in Argentina. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security and guarantees. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform.

To compare answers across multiple jurisdictions, visit the Finance Country Q&A tool. This article is part of the global guide to finance. For a full list of contents visit www.practicallaw.com/finance-guide.

Sebastián Córdova Moyano and Felipe Oviedo Roscoe, Córdova Francos Abogados
Contents

Overview of the lending market

1. What have been the main trends and important developments in the lending market in your jurisdiction in the last 12 months?

In the last decade the lending market in Argentina has been strongly influenced by government economic policies aimed at limiting the influence of foreign capital, and strengthening national industries. A lack of agreement on sovereign debt restructuring has also impeded access to the lending market for both the public and private sectors. However, in December 2015 a new government took office and announced an intention to reverse certain previous policies. In April 2016 Argentina settled US court proceedings related to the sovereign debt dispute.

It is now anticipated that a recent issue of new sovereign debt will combine with lifting restrictions on access to foreign exchange markets and removing restrictions in funds entering Argentina to give sectors inside Argentina access to the lending market on improved terms.

 

Forms of security over assets

Real estate

2. What is considered real estate in your jurisdiction? What are the most common forms of security granted over it? How are they created and perfected (that is, made valid and enforceable)?

Real estate

Real estate can be defined as (National Civil and Commercial Code (CCC)):

  • Real estate by nature, which is the ground and all things naturally incorporated in or under it without human intervention.

  • Real estate by accession, which is both:

    • otherwise movable property;

    • of a lasting character that has become physically attached to the ground.

Common forms of security

The mortgage is the most common form of security granted over real estate. Real estate can also be the subject of a guarantee trust (fideicomiso en garantía), although it is rarely used in this way.

Formalities

A mortgage over real estate must be:

  • Created by deed.

  • Executed by a notary public.

To be enforceable against third parties the deed must be registered at the public real estate registry.

A registered mortgagee has priority over the proceeds of sale of the underlying real estate against subsequent mortgagees from the date on which the mortgage was executed before a notary public.

Foreclosure of a mortgage can be by either:

  • Out-of-court agreement, subject to certain conditions.

  • Summary court proceedings that provide for a sale of the property by public auction.

Additional rules apply if the debtor is subject to bankruptcy proceedings.

Tangible movable property

3. What is considered tangible movable property in your jurisdiction? What are the most common forms of security granted over it? How are they created and perfected?

Tangible movable property

Tangible movable property is property that can move by itself or be moved by an external force (National Civil and Commercial Code (CCC)). Tangible movable property includes:

  • Machinery.

  • Aircraft.

  • Ships.

  • Trading stock.

Common forms of security

Common forms of security over tangible movable assets are a:

  • Mortgage (usually applied to aircraft and ships).

  • Pledge (prenda), applied to a wide variety of assets, and which can be:

    • unregistered;

    • registered.

  • Guarantee trust, (for example, applied to agribusiness commodities such as grain).

Formalities

Mortgage over aircraft and ships. To be enforceable against third parties a mortgage over aircraft and ships must be:

  • Created by a notarised deed or authenticated private instrument.

  • Registered at the relevant public registry.

Registered mortgage holders are granted a collection privilege according to their order of priority (Shipping Law 20,094).

Unregistered pledge. To be enforceable against a third party, an unregistered pledge must:

  • Be created by a notarised deed or authenticated private instrument.

  • State the amount of the debt secured.

  • Identify the asset pledged.

  • Give a detailed description of the pledged asset including, for example, its quality, weight or measure.

As a general rule, to perfect a pledge, the pledged asset must be delivered to the creditor or to a third party appointed by the parties involved.

If the debtor defaults on the pledge, the creditor can either:

  • Acquire full ownership of the asset, subject to independent expert opinion confirming that the value of the debt equals or exceeds the value of the asset.

  • Sell the pledged asset by public auction, in which case the creditor has a priority right to the proceeds of sale.

Registered pledge. A registered pledge is useful if the asset is to remain in the possession of the debtor. A registered pledge can be a fixed pledge or a floating pledge. A fixed pledge affects only the relevant registered asset itself. A floating pledge affects the registered asset plus any asset it is converted to or a replacement asset. A registered pledge is usually created by authenticated private instrument, using a standard form provided by the registry of pledges. The registry of pledges then issues a pledge certificate.

A pledge certificate grants the pledgee the right to initiate summary enforcement proceedings. If summary proceedings are started the:

  • Court will:

    • issue an attachment and execution order against the asset;

    • notify the debtor of a proposed auction of the asset.

  • Debtor will have three days to oppose the sale based on certain specified grounds.

  • Auction of the asset will proceed (if the debtor fails to oppose the sale).

Financial instruments

4. What are the most common types of financial instrument over which security is granted in your jurisdiction? What are the most common forms of security granted over those instruments? How are they created and perfected?

Financial instruments

The most common types of financial instruments over which security is granted in Argentina are shares and debt securities (debentures, notes, bonds).

Common forms of security

The most common forms of security granted over financial instruments are pledges and guarantee trusts.

Formalities

Pledge. A pledge of a financial instrument is created by authenticated private instrument. A pledge of shares only becomes effective against the company or third parties when it is registered in the company's corporate books.

If a pledgor defaults in its obligations under the pledge, there is no need for court proceedings. The collateral can be sold through a stockbroker provided the sale complies with regulations from the Argentine Securities Commission (Comisión Nacional de Valore).

Guarantee trust. To be valid and enforceable, a guarantee trust must be:

  • Created by a notarised deed or an authenticated private instrument.

  • Registered with the Argentine Securities Commission.

Performance of a guarantee trust is governed by the trust contract. The trustee is usually responsible for administering the trust, including withdrawing appropriate amounts and paying the relevant creditor.

Claims and receivables

5. What are the most common types of claims and receivables over which security is granted in your jurisdiction? What are the most common forms of security granted over claims and receivables? How are they created and perfected?

Claims and receivables

Claims and receivables over which security can be granted generally include:

  • Debts.

  • Rights under contracts.

Common forms of security

The most common type of security over claims and receivables are the pledge and the guarantee trust.

Formalities

Pledge. The parties are free to agree the terms of a pledge agreement (Article 2229, Civil and Commercial Code (CCC)). A pledge agreement must be:

  • In writing.

  • Executed by the relevant parties.

See Question 6, Cash deposits: Formalities.

To be enforceable against third parties the true date of the document must be established either by (Articles 2219 and 2222, CCC):

  • Notarisation.

  • Other permitted method of authentication.

Guarantee trust. A guarantee trust must be:

  • In writing.

  • Registered, if it is to be enforceable against third parties (Article 1669, CCC).

Performance of a guarantee trust is governed by the trust contract. The trustee is usually responsible for administering the trust, including withdrawing appropriate amounts and paying the relevant creditor.

Cash deposits

6. What are the most common forms of security over cash deposits? How are they created and perfected?

Common forms of security

The most common forms of security over cash deposits are:

  • Pledge

  • Guarantee trust.

Formalities

Both a pledge and a guarantee trust must be:

  • In writing.

  • Executed by the parties.

To be enforceable against third parties the true date of either a pledge or a guarantee trust must have been established by (Articles 2219 and 2222, Civil and Commercial Code (CCC)):

  • Notary public.

  • Other permitted method.

To be enforceable against third parties a guarantee trust must be registered at the public registry for the relevant province (Article 1669, CCC).

The parties to a pledge agreement are free to agree on the terms of the agreement (Article 2229, CCC).

With a pledge over cash deposits and receivables:

  • If the creditor is the bank into which the cash is to be deposited then it is usually agreed that in the event of a default the bank can use the cash deposited to satisfy the debts owed to it.

  • If the creditor is not a bank in which the cash is deposited, the creditor must follow the procedure given in the pledge agreement, which may require notification to the bank.

Performance of a guarantee trust is governed by the trust contract. The trustee is usually responsible for administering the trust, including withdrawing appropriate amounts and paying the relevant creditor.

Intellectual property

7. What are the most common types of intellectual property over which security is granted in your jurisdiction? What are the most common forms of security granted over intellectual property? How are they created and perfected?

Intellectual property

The most common types of intellectual property over which security is granted are:

  • Trade mark.

  • Patent.

  • Design.

Common forms of security

The most common form of security over intellectual property is the pledge.

Formalities

A pledge over intellectual property must be:

  • Created by an authenticated private instrument.

  • Registered in the registry of pledges.

Registered pledge certificates, can be subject to summary enforcement proceedings.

Problem assets

8. Are there types of assets over which security cannot be granted or can only be granted with difficulty? Which assets are difficult or problematic when security is granted over them?

Future assets

The Civil and Commercial Code (CCC) allows the creation of security over future assets, provided that those assets do actually exist in the future.

Fungible assets

The creation of a pledge over a fungible asset is expressly allowed (Decree Law 15.348/46).

 

Release of security over assets

9. How are common forms of security released? Are any formalities required?

Mortgage

A mortgage can be released by either:

  • Deed of release. A deed of release must:

    • state that the real estate is free of any security;

    • be executed by the debtor and creditor;

    • be registered with the Public Real Estate Registry for it to be valid and enforceable against third parties.

  • Cancellation by judicial ruling.

Pledge

Release of a pledge must be registered with the Registry of Pledges. Registration of a release of pledge can occur in any of the following three circumstances:

  • Release is granted by a judicial ruling.

  • Release is requested by the creditor or the owner of the pledged asset, who attaches a certificate of pledge endorsed by its legitimate holder.

  • Release is requested by the owner of the pledged asset, who attaches proof that he or she has deposited the amount of the debt to the order of the creditor and at the official bank nearest to where the asset is located.

 

Special purpose vehicles (SPVs) in secured lending

10. Is it common in your jurisdiction to take security over the shares of an SPV set up to hold certain of the borrower's assets, rather than to take direct security over those assets?

In Argentina it is more common to take security over the shares of an SPV rather than over its assets. However, it is possible to take security over either. The decision about which option to take partly depends on the liquidity of the asset and its importance to the borrower's business. For example, a piece of industrial plant essential to a borrower's business can be taken as direct security even if it is not a liquid asset.

Security can be created by mortgage, pledge or guarantee trust, depending on the asset.

 

Quasi-security

11. What types of quasi-security structures are common in your jurisdiction? Is there a risk of such structures being recharacterised as a security interest?

Sale and leaseback

Sale and leaseback is specifically contemplated in Article 1231(e) of the Civil and Commercial Code (CCC). Provision is contained in Chapter 5 of the CCC, which regulates leasing in general, so the risk of recharacterisation is low. Sale and leaseback is usually regarded as a financial transaction.

Sale and leaseback arrangements must be created by written contract. Notarisation may be required if the asset subject to the arrangement requires such formalities, for example real estate. The risks of sale and leaseback are associated with non-payment by the lessee. The CCC includes detailed regulation on the right of the lessor to recover the asset subject to limits depending on the proportion of the price that the taker of the lease has already paid at the time of the non-payment. Sale and leaseback arrangements are generally enforceable against third party creditors provided the creation and registration formalities have been complied with.

Factoring

Factoring (factoraje) is regulated by Chapter 13 of the CCC, so the risk of recharacterisation is low. Factoring is an arrangement in which a factor buys credit receivables from the factoree at a pre-determined price or a price to be determined. The receivables can be acquired individually or in bulk and can be acquired with or without the factor assuming the risks associated with collecting the payments. The factor can provide additional services such as administration and commercial or technical assistance. The debtor must be notified of an assignment of debt to a factor. If the debtor does not pay the debt then the factoree remains responsible for pursuing non-payment and answering issues raised by the debtor, even where the factor has no non-recourse against the factoree and the factoring agreement is unsecured.

Hire purchase

Hire purchase is not subject to specific regulation in Argentina, and can be recharacterised as a leasing (because of the legal definition of leasing which always contemplates the option to purchase the leased asset). Hire purchase is typically regarded as a purchase in which the price is paid in installments and ownership of the goods is transferred at the time of entering into the contract.

Retention of title

Retention of title is rarely used in Argentina because it conflicts with the specific rules on ownership rights contained in the CCC. These ownership rights differ between movable assets, and real estate or other assets for which ownership is subject to registration.

 

Guarantees

12. Are guarantees commonly used in your jurisdiction? How are they created?

Guarantees are otherwise known in the Civil and Commercial Code as bonds (fianza). They are common in different types of financial transaction. A fianza must be created in writing. It can be a side agreement to the main agreement or it can be included in the main agreement.

 

Risk areas for lenders

13. Do any laws affect the validity of a loan, security or guarantee (or the terms on which they are made or agreed)?

Financial assistance

There are no specific laws that affect the validity of a loan, security or guarantee in Argentina.

Corporate benefit

Company officers must act in the best interest of the company (Article 59, General Law on Corporations 19,550). Any financial transaction must have a corporate benefit. Therefore, it is possible for a financial transaction, such as a guarantee on parent company financing, to conflict with an officer's duty to act in the best interests of his company. This conflict may limit an officer's ability to approve such a transaction.

Loans to directors

There is a general prohibition on a company entering into a contract with an individual member of its board of directors (Article 271, General Law on Corporations 19,550). There are exceptions for those contracts that are both:

  • Within the corporate purpose of the company.

  • Executed at arms' length.

These excepted contracts must be:

  • Approved by the board.

  • Reported to a shareholders' meeting, which must vote whether to accept the contract.

If the shareholders vote against an excepted contract, the contract will be invalid and the director may be personally liable if the contract has caused loss or damage to the company.

There are no specific Argentine rules on usury. However, under general principles of civil and commercial law judges can amend interest provisions deemed abusive (in particular, Articles 794 and 989 of the Civil and Commercial Code (CCC)).

Judges have discretion to determine what is abusive by reference to the facts of each case. Because of the persistent inflation affecting the Argentine economy, there are no standard parameters for what may be considered abusive.

Others

The current Argentinean government has been in place since December 2015 and has effectively eased most of the prior administration's restrictions on foreign investments. However, there are still limits on foreign exchange and international financing, for example:

  • The loan term must be a minimum of 120 days.

  • A borrower must register the debt with the central bank before it can access the local currency market for the purposes of paying capital and interest abroad.

 
14. Can a lender be liable under environmental laws for the actions of a borrower, security provider or guarantor?

It is unlikely that a lender will be liable under environmental laws for the actions of a borrower, security provider or guarantor. There are no precedents for this liability under Argentine case law.

 

Structuring the priority of debts

15. What methods of subordination are there?

Contractual subordination

The contractual subordination of debt is recognised in Argentina (Article 2575, Civil and Commercial Code (CCC)) and is relatively common. In practice contractual subordination is achieved through a specific contractual clause.

Structural subordination

Structural subordination is not common but can be achieved by lending at different levels of a structure.

Inter-creditor arrangements

Inter-creditor arrangements are relatively common and can include provisions similar to those found in syndicated loans in international markets. These provisions can include loan contribution, loan participation, and collective action provisions.

 

Debt trading and transfer mechanisms

16. Is debt traded in your jurisdiction and what transfer mechanisms are used? How do buyers ensure that they obtain the benefit of the security and guarantees associated with the transferred debt?

Debt trading is common in Argentina. It can be achieved through either:

  • Assignment of an individual debt.

  • Bulk assignment, for example in the context of a securitisation scheme or factoring scheme.

Specific rules apply to each form of assignment. Generally to perfect an assignment notice must be served on the assigned debtor (according to the formalities set out in the contract between the debtor and the original creditor). The formalities required for assignment of securities depend on the type of security involved. For example, a mortgage must be created by deed, notarised by a notary public, and registered.

 

Agent and trust concepts

17. Is the agent concept (such as a facility agent under a syndicated loan) recognised in your jurisdiction?

The agent concept is recognised in Argentina. A facility agent under a facility agreement is usually entitled to take collective action on behalf of the participant lenders. For example, this empowers the facility agent to enforce guarantees, and send and receive notices.

A facility agent can represent other lenders in court proceedings, as long as it can provide sufficient proof of appointment.

 
18. Is the trust concept recognised in your jurisdiction?

The trust concept is recognised in Argentina. It is specifically regulated by Chapter 30 of the Civil and Commercial Code (CCC). A foreign trustee can also be recognised by local courts, as long as the foreign trustee can provide sufficient proof of appointment.

 

Enforcement of security interests and borrower insolvency

19. What are the circumstances in which a lender can enforce its loan, guarantee or security interest? What requirements must the lender comply with?

The circumstances in which a lender can enforce its loan, guarantee or security interest will depend on what was agreed between the parties. Usually enforcement will be triggered by some sort of default event. Depending on the security involved, the lender may have to formally demand payment from the debtor. At a later stage of enforcement the lender may be required to submit to arbitration proceedings, if that was set out in the original agreement.

If the debtor becomes insolvent and files for statutory reorganisation proceedings or bankruptcy proceedings then the creditor will have to prove its debt in those proceedings.

Methods of enforcement

20. How are the main types of security interest usually enforced? What requirements must a lender comply with?

The method of enforcement and requirements with which the lender must comply will depend on the type of security (see Questions 2, 3, 4 and 7).

Rescue, reorganisation and insolvency

21. Are company rescue or reorganisation procedures (outside of insolvency proceedings) available in your jurisdiction? How do they affect a lender's rights to enforce its loan, guarantee or security?

Company rescue or reorganisation procedures are available in Argentina. There are two possibilities that are alternatives to insolvency proceedings (quiebra):

  • Judicial reorganisation (concurso preventivo) (Law 24,522 as amended).

  • Extra-judicial reorganisation (acuerdo preventivo extrajudicial).

Judicial reorganisation

In judicial reorganisation (concurso preventivo) proceedings the debtor continues to run its business (with certain limitations) and has the opportunity to agree a debt restructuring with its creditors. If a majority of the creditors are in favour of the restructuring then it is imposed on all creditors, under the supervision of a receiver (sindico) appointed by the court and subject to various formalities. The receiver oversees the management of the company (which continues to be run by the debtor), but any disposals require prior authorisation from the court.

The main steps in the procedure are:

  • The court calls for all creditors to appear before the receiver to claim their credits (the debts owed to them).

  • The receiver analyses the claimed credits and makes recommendations on their admissibility to the court.

  • The court confirms which credits are accepted. This defines the base for future calculation of the majorities needed to approve the reorganisation plan.

  • The debtor proposes a restructuring plan, and then has limited time to obtain the required consents from its creditors.

  • The court analyses whether the consents obtained meet the majority requirements:

    • if the requirements are met, the plan is approved and imposed on 100% of the creditors, whether or not they consented to it;

    • if the requirements are not met, third parties are invited to offer a new proposal that can include buying out the company from its original owner. If this fails, the court will declare the debtor bankrupt.

Extra-judicial reorganisation

Extra-judicial reorganisation proceedings (acuerdo preventivo extrajudicial (APE)) are statutory proceedings that offer a less formal alternative to judicial reorganisation proceedings. The procedure occurs mostly out of court:

  • The debtor makes a private restructuring proposal to its creditors, and obtains the required majority consents.

  • The debtor then files the restructuring proposal and consent documents with the court and requests approval of the restructuring.

Simply filing the APE documents at court prevents further litigation being brought against the debtor's property. To file an APE the debtor must have consent to the restructuring proposal from an absolute majority of creditors, representing at least two thirds of total non-preferential liabilities. The debtor is not obliged to consult all creditors to achieve these majorities. Once the debtor obtains this majority it must file the APE.

The court then:

  • Publishes a notice inviting any creditors to raise objections to the proposal within five days.

  • Considers the APE proposal and any objections and decides whether to approve or reject the APE.

Once an APE is approved by the court it becomes binding on unsecured creditors, even if they did not participate in the procedure or vote for the APE.

An APE is not binding on secured lenders, who can enforce their interests individually in accordance with their privileges. An APE enables debtors and unsecured creditors to negotiate a restructuring without being subject to most of the procedural and substantive encumbrances and limitations of a concurso preventivo procedure.

 
22. How does the start of insolvency procedures affect a lender's rights to enforce its loan, guarantee or security?

The start of statutory in-court re-organisation proceedings (concurso preventivo) or a declaration of bankruptcy (quiebra) produce the following effects on a lender's rights:

  • All claims from unsecured creditors, including lenders under a loan, are automatically stayed.

  • Interest stops accruing from the date of filing.

  • Any foreclosure process of guarantees is also stayed.

  • The creditor must prove its claim and any security interest.

A statutory reorganisation may result in the debtor continuing to run its business. A declaration of bankruptcy will halt the operations of the business to enable all assets to be liquidated and the proceeds paid to the business's creditors.

 
23. What transactions involving loans, guarantees, or security interests can be made void if the borrower, guarantor or security provider becomes insolvent?

Bankruptcy Law 24,522 provides for a "suspicion period" (período de sospecha). Transactions made within the suspicion period and which may be regarded as prejudicial to the creditors can be declared void or rendered unenforceable if the borrower, guarantor, or security provider becomes insolvent.

The suspicion period starts with the date of insolvency or bankrupty and goes back for two years. The following types of transaction within this period can be declared void:

  • Agreement with no consideration paid to the debtor.

  • Pre-payment.

  • Guarantee, such as mortgages, pledges or other payment priority:

    • created or conceded for credit obligations not yet due;

    • originally unsecured;

    • which did not enjoy such right of priority.

  • Transaction resulting in a loss to creditors if it is proved that the counterparty knew or ought to have known that the debtor had become insolvent.

 
24. In what order are creditors paid on the borrower's insolvency?

Creditors to a reorganisation include the following categories (Bankruptcy Law 24,522 (as amended)):

  • Secured creditors.

  • General or unsecured creditors.

  • Labour creditors, including employees and other workers.

As part of any re-organisation agreement, creditors within these categories can be grouped into different subsets according to the nature of the debts owed to them, for the purpose of voting on a restructuring proposal.

Creditors are paid in the following order:

  • Secured creditors with a special privilege (they have a priority over the asset that was mortgaged or pledged).

  • Creditors with a general privilege (including employees, statutory claims from government for taxes, and the expenses of the proceedings).

  • General or unsecured creditors.

  • Subordinated creditors (who will be entitled according to the agreed subordination order).

Priority

Where secured creditors have the same priority over an asset, priority between them is determined by the date on which each secured creditor takes action to enforce its security.

A creditor whose security interest has not been validly perfected can face objections to their claim during reorganisation proceedings or a bankruptcy. A judge must decide whether to include the creditor in the reorganisation proceedings or bankruptcy and whether to accept the claim.

Payments to unsecured creditors are pro rata.

 

Cross-border issues on loans

25. Are there restrictions on the making of loans by foreign lenders or granting security (over all forms of property) or guarantees to foreign lenders?

Generally there are no restrictions on the making of loans by foreign lenders or the granting of security (over all forms of property) or guarantees to foreign lenders.

 
26. Are there exchange controls that restrict payments to a foreign lender under a security document, guarantee or loan agreement?

Argentinian entities have a general allowance permitting them to access the equivalent of up to US$5 million per month in foreign currency.

Most exchange control restrictions affecting debts to foreign lenders have now been removed in Argentina. However, certain rules still apply:

  • Foreign indebtedness must be registered with the central bank before a debtor can make payments of interest and principal abroad.

  • The minimum term for foreign loans is 120 days.

  • A debtor who raises foreign financing does not need to dispose of the funds on the local market.

  • A debtor that wishes to raise foreign currency on the local market to pay principal and interest totaling more than US$5 million per month on a foreign debt must have registered that foreign debt with the central bank.

 

Taxes and fees on loans, guarantees and security interests

27. Are taxes or fees paid on the granting and enforcement of a loan, guarantee or security interest?

Documentary taxes

Stamp tax commonly applies to a wide variety of agreements, including the granting of a loan, guarantee or security interest. The general rate of stamp tax is 1% of the total value of the agreement.

Registration fees

Registration fees are generally a nominal amount.

Notaries' fees

Notaries' fees usually apply only when security has to be created by a notarised deed, for example a mortgage. The fee for creating a mortgage is around 2% of the amount of the mortgage.

In other circumstances, notaries' fees may apply to the execution of an authenticated private instrument, although these fees are generally a nominal amount.

 
28. Are there strategies to minimise the costs of taxes and fees on the granting and enforcement of a loan, guarantee or security interest?

To minimise the cost of taxes, the parties to a loan, guarantee, or security agreement can agree to execute the agreement by offer letter, which is accepted by being acted on. This can allow the parties to bypass stamp tax. However, each province in Argentina is an individual jurisdiction with its own tax rules. Therefore, such an action must be considered carefully, as it can amount to the avoidance of stamp tax.

 

Reform

29. Are there any proposals for reform?

There are no current proposals for reform in Argentina.

 

Online resources

Civil and Commercial Code (CCC)

W www.infoleg.gob.ar/infolegInternet/anexos/235000-239999/235975/texact.htm

Description. The website of the CCC is maintained by the Argentine ministry of economy and public finance. It is official and up to date. No English translation is available.

Insolvency law

W www.infoleg.gob.ar/infolegInternet/anexos/25000-29999/25379/texact.htm

Description. The website is maintained by the Argentine ministry of economy and public finance. It is official and up to date. No English translation is available.

Pledge law

W http://infoleg.mecon.gov.ar/infolegInternet/anexos/30000-4999/31308/norma.htm

Description. The website is maintained by the Argentine ministry of economy and public finance. It is official and up to date. No English translation is available.



Contributor profiles

Sebastián Córdova Moyano, Partner

Córdova Francos Abogados

T +54 11 3220 2550
F +54 11 3220 2551
E scordova@cfgd.com.ar
W www.cfgd.com.ar

Professional qualifications. Argentina, Attorney, 1997

Areas of practice. International and domestic financing; capital markets; mergers and acquisitions.

Non- professional qualifications. LLM Columbia Law School, 2003, (honors) (Harlan Fiske Stone Scholar)

Languages. English, Spanish

Felipe Oviedo Roscoe, Partner

Córdova Francos Abogados

T +54 11 3220 2550
F +54 11 3220 2551
E foviedo@cfgd.com.ar
W www.cfgd.com.ar

Professional qualifications. Argentina, Attorney, 2006

Areas of practice. International and domestic financing; mergers and acquisitions; corporate advice.

Languages. English, Spanish


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