Argentina - Attachment of Assets

Alfredo L. Rovira serves as Director of H.B. Fuller Company since 2003. He has been Managing partner of the law firm of Brons & Salas, and Co-Chairman of the Corporate Law Department of that firm, located in Buenos Aires, Argentina. Mr. Rovira has been associated with Brons & Salas since 1970, has served as managing partner since April 1992, and has served, first as Chairman since 1984 and later on as Co-Chairman of the Corporate Law Department, since April 1992. At Brons & Salas, Mr. Rovira has had experience as an arbitrator involving both domestic and multinational companies. He has also written and taught on legal topics.

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Originally from Attachment of Assets

Argentina

Attachment of Assets

As an introduction to this issue it must first be mentioned that rules governing Argentine court procedures are passed locally by the legislature of each Argentine Province and the City of Buenos Aires.1 Hence, they may vary from one Province to another.

Notwithstanding the foregoing, rules governing attachments in general require that the same requirements be met in all the Argentine provinces, as it will be farther explained. However all references to civil procedures will be to the Argentine Commercial and Civil Code of Procedures (hereinafter "NPCCC") which is applied by Federal Courts nationwide and by the National Courts located in the City of Buenos Aires, Argentina’s Federal District.

1. What is the general nature and effect of judicial measures available for plaintiffs to obtain provisional relief affecting property of debtors to obtain security for judgments to be obtained ("attachments")? Freezing property in place? Placing it in the custody of a third party, such as a court official, sheriff or marshall?

Attachments have been defined as a medium to ensure compliance with judicial decisions when, before or after filing the lawsuit one of the parties demonstrates that its right, for which protection is being petitioned, is "prima facie" likely or probable and that there is a risk that the judicial decision will not be complied with or prove difficult to enforce.2 The "periculum in mora"