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Argentina Litigation Attorneys in Buenos Aires

TheArgentina Litigation Attorneys professionals of Kier Joffe work on a joint basis with companies and individuals on preventive measures for minimizing or eliminating the costs of legal and arbitration proceedings. In cases of conflict, Kier Joffe advises its litigation clients on the most adequate settlement. This task is carried out by the Buenos Aires litigation lawyers professionals becoming acquainted with the needs and policies of clients and applying Kier Joffe’ technical knowledge and vast experience in complex litigation matters.

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The Buenos Aires litigation attorney professionals of Kier Joffe understand that the legal capacity of its attorneys is vital to the continued success and growth of the firm and its litigation clients. The Buenos Aires litigation lawyer professionals of Kier Joffe are selected with careful consideration of both professional and personal skills, and great emphasis is placed on continued education as well as other forms of academic participation including management programs and litigation education courses, both in Argentina and abroad.

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The Buenos Aires litigation attorney professionals of Kier Joffe concentrate on the importance of each litigation client, but Kier Joffe is also integrated by professionals specialized in different practice areas with both local and international legal experience. Organized in teams, Kier Joffe constantly works to improve the legal knowledge of its Buenos Aires litigation lawyer team as well as the level of service required to be able to offer clients an immediate response and reliable and solid assistance.

Established Buenos Aires Litigation Lawyer Professionals

Kier Joffe Has structured its practice to be able to participate in a wide range of legal matters including litigation. The academic and professional expertise of its Buenos Aires litigation attorney professionals enables Kier Joffe To provide legal advice to clients as well as proactive solutions to their distinctive and individual litigation needs. Kier Joffe’ Buenos Aires litigation lawyer professionals play an important role in counselling both domestic and foreign companies and representing companies in commercial disputes during arbitration and litigation.

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All Kier Joffe’ lawyers and litigators are bilingual. Many of the Buenos Aires litigation lawyer professionals have completed graduate and postgraduate study programs abroad, as well as having worked in law firms in both the United States and Europe. This allows the Buenos Aires litigation attorney professionals of Kier Joffe to communicate with foreign clients effectively and interpret litigation needs more efficiently.

The proven Buenos Aires – Argentina lawyer professionals at the Kier Joffe law firm have experience working with foreign clients involved in all kind of cases in Argentina. Buenos Aires Argentina attorney professionals are knowledgeable in almost all the practice areas of law, to service its international cases in Buenos Aires Argentina. International clients will have the confidence of knowing that the case is being handled by an experienced and knowledgeable Buenos Aires  lawyer in Argentina.

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We offer a free initial consultation on your legal matter, with full protection of attorney-client confidentiality.
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USA: +(1) 315.359.5550

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Elias Kier Joffe
Managing Partner

www.KierJoffe.com

 

Best Litigation Attorneys Argentina, Top Litigation Lawyers Buenos Aires, International Litigation Law Firm in Buenos Aires, Argentina

Best Litigation Attorneys Argentina, Top Litigation Lawyers Buenos Aires, International Litigation Law Firm in Buenos Aires, Argentina

 

INSOLVENCY, REORGANIZATION AND BANKRUPTCY LAW IN ARGENTINA: AN OVERVIEW

I. Introduction and General Characteristics

A. Introduction

The current federal bankruptcy law for the Republic of Argentina (“Argentina”) may be found in law number 24,522 of the Commercial Code (the “Code”) which was enacted on July 20, 1995 and made effective December 9, 1995 following approval by the Executive branch of government.

The preceding Bankruptcy law, law number 19,551 of the Code, was enacted in 1972 and was later modified by law number 22,917 of the Code enacted in 1983. The current bankruptcy law is identical to approximately eighty (80) percent of the prior law. Therefore, doctrine and jurisprudence applying law number 19,551, as modified, may serve to interpret a large portion of the new law. Nevertheless, numerous commentaries have already been published regarding the new law, particularly with respect to its new aspects.

B. General Characteristics

By way of comparison with the prior legislation, the new law contains the following general characteristics:

1. Preservation of Structure

The new law maintains the structure of the prior legislation in the order by which various topics are presented, both generally and specifically. The new law also maintains substantially the same text as the old law in the majority of its chapters. Despite the introduction of new and important changes – including modifications in the “spirit” of certain statutory solutions to problems posed by insolvent entities – the preservation of structure and text permits better application of the new law by building on the important doctrine and jurisprudence created under the old law. This also permits better understanding by the non-specialist, who will find that an update in reviewing the new legislation can be completed in relatively short order.

2. Abandonment of the Project ProPosing to Adopt Foreign Legislation

Prior to the enactment of the new legislation, a proposal was circulated to adopt, in general terms, the bankruptcy law of the United States. The proposal ultimately failed, which, according to the author, was correct since insolvency legislation in any country should reflect the variety of cultural and environmental conditions present in the host country. Additionally, the author believes that bankruptcy laws of a given nation should fit, in “glove-like” fashion, the legal norms of the host country which nominally dictate the principles by which solvent institutions regulate themselves and which are applied to insolvent debtors. Each country therefore requires specific legislation for its own judicial institutions which are not copies of those present in other countries, while preserving the significant advantages of applying comparative law principles to analyze and create solutions.

3. Parallel Projects of the Ministry of Justice and Domestic Doctrine and

Legislation

Prior to the foregoing proposal, a commission created by the Ministry of Justice developed a study which was ultimately published.’ While many of the solutions incorporated in the new law originated from this study, the new law also preserves certain traditional doctrines and jurisprudence.

4. Argentine National Reality and Economic Momentum

Domestic political and economic conditions in existence in Argentina affected the formulation of the new law. An illustration of this phenomenon may be found in certain articles See, e.g., Alegria, “Lights and Shadows in the New Bankruptcy Law”, Enoikos, Faculty of

Economic Sciences (year 4, number 11).

II. Basic Structure of the New Law

Similar to its predecessor, the new statute is divided into four articles with the titles “General Principles”, “Reorganization (“Concurso Preventivo” and “Liquidation” (“Quiebra”).

The fourth section, due to a transcription error in the text of the statute, does not have a title and contains administrative provisions common to all of the other sections, including rules regarding professionals, procedure, small cases and transitions.

The provisions under the reorganization article of the new law are comparable to the reorganization provisions in chapter 11 of the United States Bankruptcy Code (11 U.S.C. et seq.). Nevertheless, the reorganization article also follows certain traditions in Argentine law.

The publisher of the study was Abelado-Perrot, which published the text in 1993.

All terms of art used in this manuscript will be followed in parentheses by the translated original term in Spanish which will be in italics. The translator used certain discretion in translating terms used in the Argentine legal system which do not have a precise counterpart or equivalent in the U.S. legal system.

III. General PrinciPles

A. Cessation of Pavments

The fundamental concept in the commencement of a reorganization continues to be the state of cessation of payments, which originates from European law and is interpreted extensively in Argentine doctrine and jurisprudence.

B. Entities Qualifying to Reorganize

Reorganizations and liquidations may encompass the assets and liabilities of any entity in the general civil arena (including associations and foundations) and in the commercial arena. The new law expressly excludes insurance companies, administrators of retirement plans and pension funds, all of which are subject to unique treatment.

The new law includes the novelty of permitting the reorganization and the liquidation of entities in which the national, provincial or municipal state may be a party regardless of the degree of the state’s participation. A case is currently pending in which this new provision is being applied.

C. Cross Border Insolvency

The fourth article of the new law contains many of the same provisions which were present in article four of the old law. The foreign creditor may exercise its rights in reorganizations and liquidations initiated in Argentina in accordance with certain internationally recognized insolvency principles. In the event of a cross border insolvency involving a domestic liquidation in Argentina and a reorganization overseas, foreign creditors receive their distributions after Argentine domestic creditors receive their distributions.

IV. Reorganizations (“Concursos Preventivos”)

A. Generality

Reorganizations, as well as nonjudicial workouts (“concursos preventivos extrajudiciales”), are the only measures available to prevent a “straight” liquidation under Argentine law. In practice, massive or global credit refinancings have been permitted in Argentine reorganizations (“clubes de bancos”).

B. Filing. Effects of Filing and the “Apertura”

The new law imposes requirements on the debtor in both the initiation and in the period immediately following the commencement of a reorganization which is designated in Argentine jurisprudence as the “Apertura”.

The effects of the Apertura include the administration of the debtor’ s affairs by management with certain restrictions and the supervision of a trustee. If certain acts are imposed contrary to certain legal requirements, management can lose administrative control over the debtor during the course of the reorganization. The Apertura serves to stay or suspend activity against the debtor by interested parties, it permits the debtor to resolve certain pending contracts and it retains certain important effects over pending litigation. The new law also acts to suspend collective bargaining agreements with labor unions over a three (3) year period, applying only general labor law. The new law also contemplates the creation of an interim collective bargaining agreement (“convenio colectivo de crisis”) which is followed until the reorganization plan (“propuesta de acuerdo”) is implemented.

C. Duration the Course of the Reorganization

Once the judge initiates the reorganization, certain rulings and letters to creditors are issued. The new law includes new provisions which permit the debtor to remove itself from the reorganization, provided that a certain majority of creditors agree with the debtor’s removal. This alternative does not require the proposal of a plan of reorganization.

Creditors have a certain period time within which to prove or verify their claims to the trustee or the judge. The verification process is complete upon the entry of a judicial ruling which verifies the claim, or which alternatively finds that the claim is admissible or inadmissible. Creditors with verified claims which have not been reviewed by the debtor or the trustee will have the advantage of resolution by adjudication. However, creditors with admissible claims by judicial ruling but which have also been reviewed by the debtor or the trustee are the onlv creditors whose claims will be counted for voting purposes in connection with a plan of reorganization.

D. General Information. Process and Voting

The trustee presents a general report (“inforrne general”) regarding the background of the debtor and any activity during the course of the reorganization.

The new law contains certain important modifications to the plan of reorganization and the voting process:

(i) Differentiation of voting creditors by classifying creditors and creditor groups in the plan. The classification is proposed by the debtor but is resolved by the judge prior to voting;

(ii) Designation by the judge of an interim creditors’ committee, the composition of which is determined by plan classes;

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(iii) An exclusive period which varies from thirty (30) to sixty (60) days commencing from the date on which the judge creates the voting classes, during which a debtor has the exclusive right to propose a plan and obtain creditor approval;

(iv) Broad latitude in making plan proposals involving any solution which may be legally implemented (such as amortization payments, refinancings, asset transfers, etc.);

(v) A requirement that the debtor propose, at a minimum, treatment for unsecured creditor classes; however, the debtor may also incorporate agreements involving secured creditor classes;

(vi) Plan voting by written and certified (by judicial or administrative notary) ballot submitted by the voting creditors. This modification is particularly significant since, under the old law, plan voting was accomplished by a special creditors’ committee (“junta de acreedores”) which is no longer in existence;

(vii) Following the expiration of the exclusive period, alternative plans may be proposed by creditors or third parties for certain types of debtor entities, namely limited liability companies (“sociedades de responsablidades limitadas”), cooperatives (“cooperativas”) or entities in which the government retains an interest. In contrast to the U.S. system, the debtor cannot make a competing proposal since the expiration of the debtor’s exclusive period in effect creates another exclusive period in favor of third party creditors. Under Argentine law and in stark contrast to U.S. Iaw, the judge does not have the authority to impose a plan on any class of creditors by means of a “cramdown”, nor do shareholders or partners comprise a separate creditor class. Another unique and controversial feature of Argentine insolvency law is a doctrine establishing that the first plan proposal to be approved by sufficient votes will be confirmed by the court regardless of the merits of a competing plan proposal which may be submitted for approval after the first plan. The plan obtaining the majority vote may request valuation of the debtor’s assets by the judge in a complex and lengthy proceeding. In practice, most confirmed plans are proposed by the debtor itself; and

(viii) The judge then confirms the plan which has either been proposed first by the debtor during its exclusive period or later by a creditor or a third party in the subsequent exclusive period. In order for the judge to confirm the plan, the requisite majority votes must exist. The old law contained a provision which has been repealed permitting a judge to reject plan confirmation, even with the requisite vote, when the plan was against the “general interest”. A new provision under the new law permits the judge to declare the completion of the reorganization following confirmation and the completion of immediate plan requirements. The trustee may therefore exit the case at an earlier stage than under the old law, which required the trustee ‘ s involvement until all plan provisions had been implemented. However, the new law also perrnits the judge to rule that the plan provisions have been satisfied and completed (“el cumplimiento del acuerdo”) through a special ruling entered when all plan provisions have been met.

E. Group Reorganization Cases

A significant development under the new law which was promoted by the project study sponsored by the Ministry of Justice involves one reorganization proceeding of various entities collectively joined in an economic group. In order for such a proceeding to be initiated, a single judge and one trustee must retain jurisdiction over all of the proposed entities in a given economic group. Despite this requirement, the new law permits that a plan be submitted individually for each entity in the group or collectively by the entire group. If an individual plan is not consummated, only the one entity which submitted the defaulted plan will be liquidated, whereas a default under the collective plan will result in the liquidation of all of the members of the group.

F. Noniudicial Workouts

Another feature under the new law is the separate treatment of nonjudicial workouts. Generally, Argentine law has provided for nonjudicial workouts (“acuerdos preconcursales”) consisting of private agreements between a debtor and all or certain of its creditors. These provisions responded to the practice of implementing nonjudicial workouts through “clubes de bancos”, and permitted certain reasonable assurances for creditors, particularly in the event of subsequent liquidation.

The current nonjudicial workout provisions under the new law implement a new procedure which is ironically judicial in nature. This procedure serves to legitimize a workout agreement by insuring that it contains certain basic provisions and by subjecting the parties to a brief proceeding. Under the new law, the workout agreement only binds the creditors which executed the agreement. Furthermore, once the agreement has been approved by the judge, it may not be collaterally attacked by preexisting or future creditors in the event that the debtor subsequently liquidates.

Significantly, the new law does not specify whether nonjudicial workouts which are not subjected to this procedure are valid and enforceable. For example, the validity of a partial or complete debt refinancing is unclear under these new provisions.

V. Liquidations (“Ouiebras”)

A. Generality

Unlike the numerous changes in the reorganization article, the new law provides fewer novel provisions with regard to liquidations. The liquidation article will therefore be summarized with brevity.

B. Declaration of a Liquidation

A judge will enter an order and thereby initiate a liquidation upon the request of a debtor or a creditor or following a default or nullification of a plan in a reorganization proceeding or nonjudicial workout. The petition filed by the creditor is processed very quickly and in many cases is used to collect accounts receivable or other debts.

C. Conversion to a Reorganization (“Conversion”)

This new procedure replaces the prior procedure under the old law, denominated the “acuerdo resolutorio”, by which an agreement was obtained following the judicial initiation of a liquidation as a means to resolve the state of liquidation. This procedure permits the debtor to require the judge to convert a liquidation proceeding to a reorganization proceeding. This may occur quickly but will not be permitted in the event that a default occurred in an agreement arising from a nonjudicial workout.

D. Effect of a Liquidation

The new law contemplates a large number of effects resulting from the initiation of a liquidation proceeding, some of which will be listed below:

(i) The debtor, its owners and management are prohibited from conducting their business from the date of the judicial declaration for a period of at least one (1) year. This restriction also applies to prior management who were active during the statutory lookback period (“periodo de sospecha”) which is described below. The prohibition period may be reduced by the judge in the event that no evidence of criminal activity exists. On the other hand, this period may be extended or even reestablished if the debtor or its management are subject to a criminal action;

(ii) The debtor is divested (“desapoderado”) of its assets which are administered and eventually disposed by the trustee in accordance with procedures set forth in the new law;

(iii) The new law establishes a lookback period (“periodo de sospecha”) extending prior to the initiation of the liquidation proceeding and which commences on the date on which the debtor ceased paying its obligations. This period may not extend beyond two (2) years prior to either (a) the date of initiation of the liquidation or (b) the date in which the nonjudicial workout agreement is presented, whichever is applicable. In exceptional cases, such as conveyances for no consideration or payments in anticipation of indebtedness, the actions by the debtor during the lookback period may be void ab initio (“ineficaces de pleno derecho”). Remaining actions by the debtor during this period are voidable (“revocables”) if the party with which the debtor performed the act had knowledge that the debtor had ceased paying its obligations. These voidable transactions require a judicial determination which is usually initiated by the trustee but which in certain instances may be initiated by the creditors;

(iv) The new law contains general provisions (“efectos generales”) generally consisting of claims verification by all of the creditors, the suspension of the transfer of assets (with the exception of collateral pledged to secured creditors), the consolidation of all pending litigation into the liquidation proceeding and other matters; and

(v) A special chapter in the new law addresses contractual issues which are pending at the time of bankruptcy which are primarily resolved by application of traditional norms under Argentine law.

E. Extension of the Liquidation Proceedings to Nondebtors

Since 1972, under certain circumstances outside nondebtor entities may be subject to a liquidation proceeding in Argentina. The extension of a liquidation proceeding automatically occurs, without any limitations, to the partners of a liquidating commercial entity. Individuals or corporate entities may also be subject to a liquidation proceeding by “piercing the corporate veil” (“sociedad pantalla”) under which parties abused their control of the corporate entity or transferred title of the debtor’s assets.

F. Other Responsible Parties

The new law provides that fraudulent activity non-debtor parties, including partners, owners or management of the debtor, will result in liability for these parties and their being subject to the bankruptcy proceeding.

G. Elimination of Conduct Evaluation (“Calificacion de Condllcta”)

The new law eliminates the conduct evaluation provisions of the old law which had been criticized for their lack of efficiency. The drafters of the new law recognized the redundancy of keeping the conduct evaluation provisions given the liability provisions for fraudulent and negligent activity under the new law which are described above.

H. Other Matters

The liquidation article in the new law also includes provisions regarding the following:

(i) The administration and sale of assets (which must be initiated four (4) months from the initiation of the liquidation). Under exceptional circumstances, a business may continue to operate after the filing;

(ii) The distribution of proceeds to creditors;

(iii) The conclusion of the liquidation proceeding by agreement among the creditors or by satisfaction of claims in full; and

(iv) Closure of the proceeding due to final distributions having been made or the liquidation of all of the debtor’s assets.

VI. Common Provisions (“Disposiciones Comunes”)

The unnamed Article IV in the new law corresponds to the same article under the old law with the title “Dispociones Comunes”.

A. Priorities

Priorities under the new law are genera]ly the same as under the former bankruptcy law in Argentina. Subordinated loans are recognized under the new law.

B. Trustees and Professionals in Bankruptcv Cases

1. Trustees

The trustee provisions in the old law have been preserved, with certain minor modifications, under the new law. Trustees in Argentina consist primarily of certified public accountants. The new law contains new provisions regarding the creation of two lists which include (i) List A, comprised of firms which serve in large, complex reorganizations and liquidations and (ii) List B, comprised of independent professionals who serve in the remaining cases. The trustees serve on each list for a period of four (4) years and the trustees are designated by each judge by drawing lots.

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2. Other Professionals

Other professionals who participate in the Argentine bankruptcy process include:

(i) Administrators (“coadminstradores”‘) who serve by judicial appointment and generally have a business degree or experience relating to the debtor’s business;

(ii) Creditors’ Committees are appointed. although the role of these committees is controversial partially due to their mandatory appointment in the process;

(iii) Liquidators serve to liquidate the debtor’s assets and may include auctioneers, banks, investment banks or other specialized professionals; and

(iv) Appraisers calculate the value of the debtor’s assets which comprise the bankruptcy estate.

3. Compensation

The new law has substantially reduced professional compensation in bankruptcy cases. Generally, compensation has been reduced by fifty (50) percent.

C. Procedural Rules

Since this is a federal law which is applied nationally in Argentina, the procedural rules have similar universal application through the country.

D. Small Business Reoroanizations and Liquidations

The new law contains two articles addressing small business reorganizations and

liquidations. In order to qualify for special treatment, the debtor must have one of the following characteristics: (i) liabilities totaling less than $100,000; (ii) no more than twenty (20) unsecured creditors; or (iii) no more than twenty (20) employees. In any event, the “simplification” of the proceedings described in the article for these small cases do not appear to be sufficient.

E Special Aspects of the New Law

1. “Cramdown”

Since no parallel laws were distinctly used as a guideline for the new law, certain practical problems exist in its application. One dilemma involves the valuation issues addressed by a judge when confronted with a “cramdown” scenario in a plan of reorganization to be imposed upon opposing creditors. These classic valuation problems may be manifested by overly optimistic values attributed to a debtor’s assets or by depressed values which do not reflect such assets as intangibles.

2. Creditors’ Committees

As discussed, the new contains numerous imprecise provisions, among them a requirement of the creation of three (3) separate creditors’ committees during the course of a reorganization. In practice, these committees are not effective or have very limited effects.

3. Small Business Reorganizations

In practice, the vast majority of reorganization cases in Argentina involve small debtors. The old law, and in part the new law, require long and convoluted reorganization proceedings which are inefficient economically and occupy substantial amounts of judicial and professional resources. A consensus exists in the professional community to greatly simplify these proceedings in order to avoid protracted resolution and great expense. The study sponsored by the Ministry of Justice contained a more comprehensive and efficient proposal than that which was ultimately enacted under the new law.

4. Time Issues

The application of the new law in reorganizations and liquidations, particularly immediately following enactment, is resulting in numerous conflicts which protract the proceedings and foster insecurity and slowness which are contrary to the goals of this legislation.

5. VotinsJ System and “Cartas Poder

The old law in Argentina provided for a simple document, the “carta poder”, which was used in voting for or against plans of reorganization. The new law omits this provision, thereby creating numerous difficulties and increasing costs, particularly in nonjudicial workouts.

6. Restrictions on Business Activitv

While the elimination of the “calificacion” system for evaluating fraudulent activity can be viewed as a positive development, its substitution by a doctrine of automatic restrictions on any business activity for the debtor and its management may be considered unjust and draconian since the duration of these restrictions may be indefinite if criminal litigation is pending.

7. Liquidation of Assets

The new law provides for a brief period during which assets are to be liquidated.

The author agrees with this concept but also believes that a more streamlined procedure with greater judicial powers should be implemented in order to further expedite asset liquidation.

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8. Refinancings and Private Agreements

The lack of any provisions in the new law regarding refinancings and nonjudicial workouts which are not judicially ratified – and the excessive costs and formalities associated with the nonjudicial workout provisions under the new law – both generate uncertainty when business refinancings or restructurings occur in practice.

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The proven Buenos Aires – Argentina lawyer professionals at the Kier Joffe law firm have experience working with foreign clients involved in all kind of cases in Argentina. Buenos Aires Argentina attorney professionals are knowledgeable in almost all the practice areas of law, to service its international cases in Buenos Aires Argentina. International clients will have the confidence of knowing that the case is being handled by an experienced and knowledgeable Buenos Aires  lawyer in Argentina.

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A renaissance in Argentina’s mining industry.

Argentina: an Overview

After centuries of inactivity, the last decade has seen a renaissance in Argentina’s mining industry. Argentina is a country for mining entrepreneurs with an appetite for risk and eager for incredible geology. Despite the very name of Argentina being a reference to its mineral resources (in Latin, Argentina is the feminine noun for silver), the second biggest South American country has yet to develop its mineral potential. After remarkable growth in the mining sector over the last 10 years, the nation should now see the beginning of a new era with very large projects coming into place for the first time. According to the Secretary of Mining, there are a total of 614 mining projects, including the large scale Barrick Gold’s Pascua Lama and Vale’s Rio Colorado. These projects range from exploration to production and from industrial minerals to precious metals and are changing the face of Argentina. According to Julio Ríos Gómez, the president of the association of exploration companies in Argentina, GEMERA: “In 2003, commodity prices started increasing again and mining companies realized that it was a good moment to invest in exploring new deposits. About 70% of the exploration activities involves small and medium companies, and subsequently the industry started developing at a very quick rate.” It is surprising that Argentina is so underexplored when compared to neighboring countries Chile and Brazil. Theories explaining this vary widely. One of the most accepted explanations is that, because Argentina has such fertile land, most investments have been focused on agriculture, generally considered to be less risky than mining. “So far, Argentina has been known for its agriculture, but if mining develops to its full potential, we should see incredible changes. We are seeing ever-larger projects such as Rio Colorado and Pascua Lama, but we expect to see much more. Projects mining for copper such as El Pachón and Agua Rica are both going to invest nearly $5 billion. These and other projects will help change the Argentinean business landscape dramatically by bringing not only investments but development to the regions where they are located,” said Leonardo Viglione, a partner at PWC Argentina. There are several provinces that do not have the potential for agriculture but have geological potential that many believe, if put together, could be the equivalent of the sum of Chile and Peru. María Inés Llorvandi, the general manager of the Argentinean subsidiary of the Chilean engineering firm JRI is optimistic when it comes to Argentina’s geology. “The mining industry in Chile is very well developed and looking at the broader size of Argentina and the geology here, it is logical to expect that in the near future the benefits could be significantly higher than the ones that Chile has received,” she said.With gold prices reaching more than $1,700/oz, a favorable context has been set for explorers and Argentina saw an increase of 664% in drilling activities for different minerals by exploration companies since 2002. Nevertheless, despite great expectations when it comes to the geology of the country, private companies look at Argentina’s political scenario with caution that leads to pragmatism. Walter Soechting, general manager of Gold Fields in Argentina said that his company drilled 8,000 meters in 2011 but only 5,000 meters in 2012, a strategy that seeks to balance the risks associated with investing in the country and its geological potential. However it should also be noted that their activities in Las Taguas, their flagship project in the country, is also close to its final stages of exploration and should enter the development stage soon where less drilling is required. The president of the Argentine Chamber of Uranium Companies (CADEU), reckons that current regulations may also continue to stifle investments. “Some provinces are trying to force mining companies to associate with provincially controlled companies. I don’t particularly consider this a negative thing in all situations, but impositions tend to be inconvenient as a general rule to most projects. It is not clear what impact these initiatives will have on the industry. Clearly it is not a specific Argentinean issue; many countries are reviewing their mineral policy with a more interventionist view,” he said. Damián Altgelt, general manager of the Argentine Chamber of Mining Companies (CAEM) is part of the front that is working to set a better context for mining companies and its investors. This has proved to be a constant effort to create a more stable and homogeneous business environment and awareness so that, if efficiently regulated, the mining sector can have even greater positive effects. “Our regulatory framework has not provided all communities with the sense of stability and security they expect. Currently, there are seven or eight provinces which have antimining legislations. Some of these include provinces which do not have a lot of mining opportunities but the rest have adopted such legislation due to political reasons because ultimately it won them votes” Altgelt said.

Conclusion

Argentina faces significant problems: rising inflation, currency exchange restrictions and national debts numbering among them. Yet a large well-educated population, sophisticated industries and geological potential also are very much in evidence.Hunt Mining’s Silva synthesized what is being observed in Argentina right now. “Because Argentina has a very special federal arrangement, mining can help the provinces develop themselves and better connect this country by diminishing the regional economic differences. When this generation of geologists was still at university, many of us did not consider Argentina as a mining country. This opinion was valid until a few years ago, but with our recent achievements we are glad to see that Argentina is now becoming a mining country again.”

Find a lawyer in the major mining provinces of Argentina: Catamarca, Chubut, Córdoba, Jujuy, La Pampa, La Rioja, Mendoza, Neuquén, Río Negro,Salta, San Juan, San Luis, Santa Cruz, Tierra del Fuego and Tucumán.

Kier Joffe – Attorney at Law – Buenos Aires – Argentina – Practice Areas: : Hydrocarbons, Energy and Natural Resources Law; Competition and Antitrust Law; Administrative and Environmental Law; Mining.

The proven Buenos Aires – Argentina lawyer professionals at the Kier Joffe law firm have experience working with foreign clients involved in all kind of cases in Argentina. Buenos Aires Argentina attorney professionals are knowledgeable in almost all the practice areas of law, to service its international cases in Buenos Aires Argentina. International clients will have the confidence of knowing that the case is being handled by an experienced and knowledgeable Buenos Aires  lawyer in Argentina.

www.kierjoffe.com

Title Insurance Company – Buenos Aires – Argentina – Real Estate

Kier Joffe Title Insurance Company is a full service state-of-the-art title insurance underwriter providing title insurance and title related services for all types of residential and commercial transactions.  Kier Joffe Title Insurance Company issues its title policies through over its Issuing Agents as well as Title, Escrow and Abstracting offices dedicated to serving individuals, businesses, attorneys, developers, lenders and Realtors in all the Argentinean provinces: Autonomous City of Buenos Aires, Buenos Aires Province, Catamarca, Chaco, Chubut, Córdoba, Corrientes, Entre Ríos, Formosa, Jujuy, La Pampa, La Rioja, Mendoza, Misiones, Neuquén, Río Negro, Salta, San Juan, San Luis, Santa Cruz, Santa Fe, Santiago del Estero, Tierra del Fuego, Antártida e Islas del Atlántico Sur y Tucumán.

The proven Buenos Aires – Argentina lawyer professionals at the Kier Joffe law firm have experience working with foreign clients involved in all kind of cases in Argentina. Buenos Aires Argentina attorney professionals are knowledgeable in almost all the practice areas of law, to service its international cases in Buenos Aires Argentina. International clients will have the confidence of knowing that the case is being handled by an experienced and knowledgeable Buenos Aires  lawyer in Argentina.

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Invest in Buenos Aires – Argentina

Invest in Buenos Aires

Introduction

Since a few years ago, the economic activities in Buenos Aires have been in constant development, turning it into a booming and cosmopolitan city like any of the large capital cities in the rest of the world.

This growth is boosted by new business opportunities in different areas, which are attractive to both local and foreign investors.

For the period 2008-2011, the Government of the City of Buenos Aires has elaborated a USD 8,000-million public investment plan, to be financed in the following way: 40% with public funds, 10% with funds from multilateral agencies, and the outstanding 40%, with private funds.

Being aware of the strong investment needed to support this vertiginous development, the Government of the City of Buenos Aires is deeply committed to provide the necessary tools and decisions for facilitating and promoting the growth of this city.

In the following section you will find the necessary information to take advantage of new business and investment opportunities, which are being offered by our City nowadays:

– Why invest: discover the main reasons why this City represents an excellent opportunity of investment.
– Where to invest: learn about business opportunities related to public works financing, the strategic sectors which boost growth in this City and the Government projects to promote investment.
– How to invest: obtain all the necessary, specific and detailed information about the requirements and special procedures to invest in this City.

Strategic industries

The city has defined 4 strategic industries for which it has elaborated policies, plans, projects and some programs oriented to sustainable growth and investment promotion.

 ICTs – Information and Communication Technologies

The City of Buenos Aires concentrates most of the companies related to Information and Communication Technologies, which are growing at a constant faster pace than the rest of the industries. Get to know the characteristics, capacities and resources that promote their development.

Audiovisual Industry

The last technological advances and the changes of habits related to the consumption of information and content-related recreation have provoked a new revolution in the development of this sector. Buenos Aires relies not only on its excellent infrastructure but also on its creative and highly qualified human capital, high level of technology (comparable to the main cities in the world) and the high purchasing power of its population. All these variables turned this industry into one of the most dynamic and influential ones in the city economy.

 Real Estate Developments

It is in this sector where the City of Buenos Aires has received the largest amount of investments in the last few years, with an unprecedented development rate. The construction of business offices, residential developments, hotel projects and mixed projects are among the most important ones. Even though the city has already experienced a great development, it still has excellent business opportunities and it can continue growing.

 Tourism

Once again, the City of Buenos Aires has been selected as the best tourist destination in Latin America and the second best destination in the world. During 2007 the City reported almost 2 million visitors (+9%) and the inflow of more that U$S 2 thousand million in foreign currencies (+15%) and this implies its consolidation as an investment focus at a regional level.

 Foreign Investments

It is not always easy to settle down in a new country, region or city.

The new sources of information, the quite uncommon routines and the need to build ties with a very different culture may turn the process of settling down in a foreign country quite difficult and long.

In order to help those people that choose Buenos Aires to stay, either for professional or personal reasons, we have developed some useful material for making your disembarking in this city simple and successful.

We will provide you the necessary information about the legal forms to operate in this country, the tax regime of the Argentine Republic, and the labor regime in force, with the different kinds of employment contracts so that you can choose the most convenient one for your project. Besides, we include some data about the different ways of entering and staying in Argentina. Regarding these two items, you will find information about the necessary procedures and requirements.

We expect this material to be useful, and we invite you to contact us and so that we can help you throughout your investment project.

The proven Buenos Aires – Argentina lawyer professionals at the Kier Joffe law firm have experience working with foreign clients involved in all kind of cases in Argentina. Buenos Aires Argentina attorney professionals are knowledgeable in almost all the practice areas of law, to service its international cases in Buenos Aires Argentina. International clients will have the confidence of knowing that the case is being handled by an experienced and knowledgeable Buenos Aires  lawyer in Argentina.

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