Enforcing U.S. Judgments Outside the U.S.: International Asset Location and Recovery
Course Details
- smart_display Format
On-Demand
- signal_cellular_alt Difficulty Level
- work Practice Area
Class Action and Other Litigation
- event Date
Wednesday, September 2, 2020
- schedule Time
1:00 p.m. ET./10:00 a.m. PT
- timer Program Length
90 minutes
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This 90-minute webinar is eligible in most states for 1.5 CLE credits.
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This CLE course will discuss how to locate and seize offshore assets with which to satisfy a US obligation or judgment. The panel will also address tools to prevent the removal of assets to other countries.
Mr. Krys' diverse experience, including a stint as the head of enforcement for the local financial services regulator, gives him a unique perspective in pursuing assets and untangling the web that can arise from complex offshore structures and limited information. His efforts have resulted in many precedents and new case law in the areas of cross-border recognition, asset recovery and international litigation.
Mr. Rein concentrates his practice on secured creditors’ rights, bankruptcy representation, loan enforcement and international litigation to recover claims and assets.
Ms. Reyes Co-Chairs the firm’s International Disputes practice group and is a member of its Executive Committee. She focuses her practice on complex litigation and international arbitration. Ms. Reyes has handled matters involving foreign governments, foreign officials, multi-national corporations, and international organizations, representing clients throughout the world. Along with her admissions to Bars of the United States, she is listed on the Roll of Solicitors in England and Wales.
Finding and seizing assets in the US is hard enough, but doing so abroad can be exponentially more complicated. Increasingly defendants are holding--and in many cases hiding-- in foreign countries money and property that is rightfully due to another. Their tools are secrecy and evasion. Counsel must understand how to locate and seize assets in overseas jurisdictions in order to make an informed recommendation regarding whether to pursue collection in a foreign jurisdiction, even before starting litigation.
The first step is to identify offshore assets, including real, personal, tangible, and intangible property, streams of income, bank accounts, investments, and interests in businesses. Many of the assets will be in financial accounts. If the asset owner has committed fraud, then he or she usually has access to others who will enthusiastically assist finding legal loopholes and “legitimizing” dishonest gains.
Once assets are identified, the goal can turn to seizing and freezing those assets. Counsel must overcome procedural due process requirements in the foreign jurisdiction, laws that are designed to obscure and delay seizure, and anti-US prejudices.
Listen as this experienced panel discusses what to consider before filing suit, how to identify foreign assets, and how to seize and freeze them.
- Locating assets
- Public records at home and abroad
- Domestic and foreign evidence of offshore property
- Tracing the origin of assets brought into the U.S.
- Assistance of U.S. Department of State
- Seizing and freezing assets
- Injunctions
- Statutory freeze orders
- Commentary on specific jurisdictions
The panel will review these and other related issues:
- What countries are the hardest to obtain recognition in?
- What factors in the U.S. legal system pose the most significant obstacles?
- What treaties and protocols govern notice to parties?
- What tools are available to identify and seize offshore assets?
- What are misconceptions parties have about offshore recoveries?
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