{"id":7961,"date":"2013-06-26T11:01:48","date_gmt":"2013-06-26T16:01:48","guid":{"rendered":"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/?p=7961"},"modified":"2013-06-26T11:01:48","modified_gmt":"2013-06-26T16:01:48","slug":"request-for-bankruptcy-law-in-panama","status":"publish","type":"post","link":"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/request-for-bankruptcy-law-in-panama\/","title":{"rendered":"Request for Bankruptcy Law in Panama"},"content":{"rendered":"<p><a href=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2013\/06\/trump-1.jpg\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7962\" title=\"trump-1\" src=\"http:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2013\/06\/trump-1.jpg\" alt=\"\" width=\"615\" height=\"425\" srcset=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2013\/06\/trump-1.jpg 900w, https:\/\/panamaadvisoryinternationalgroup.com\/blog\/wp-content\/uploads\/2013\/06\/trump-1-300x207.jpg 300w\" sizes=\"auto, (max-width: 615px) 100vw, 615px\" \/><\/a><\/p>\n<p>One such example is the request by the developer of the Trump Ocean Club to make use of Chapter 11 of the U.S. <span class=\"hlink\">bankruptcy<\/span> code, in order to restructure its debt.<\/p>\n<p class=\"description\">&#8220;Chapter 11 is a vital tool for businesses to survive and move forward. If it had existed in <span class=\"hlink\">Panama<\/span>, it would have been brought to light in Panamanian <span class=\"hlink\">law<\/span>. Unfortunately there is no such <span class=\"hlink\">legal<\/span> concept,&#8221; said <span class=\"hlink\">Carlos Saravia<\/span>, operating manager of <span class=\"hlink\">Newland International Properties<\/span>.<\/p>\n<p>The financier Jose Abbo explained that when a company in Panama becomes  insolvent, it is usually liquidated, while in the U.S. the law allows  companies to be reorganized, establishing a prior agreement with  creditors.<\/p>\n<p>&#8220;In <span class=\"hlink\">Europe<\/span> there have been monumental failures because they have no restructuring  mechanisms such as the Americans and the British,&#8221; said Saravia.<\/p>\n<p>Meanwhile, Abbo proposes using the Newland case for reference in  developing regulations in Panama and warns that in good times, such as  at present, such mechanisms should be created in order to enable  enterprises to withstand crises in the future.<\/p>\n<p class=\"link_source\">Source: Prensa.com<\/p>\n","protected":false},"excerpt":{"rendered":"<p>One such example is the request by the developer of the Trump Ocean Club to make use of<\/p>\n","protected":false},"author":5,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-7961","post","type-post","status-publish","format-standard","hentry","category-news-articles-panama-perpsective"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.7 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Request for Bankruptcy Law in Panama - Blog and Newsletter<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/panamaadvisoryinternationalgroup.com\/blog\/request-for-bankruptcy-law-in-panama\/\" \/>\n<meta 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