El Salvador - Attachment of Assets
Originally from Attachment of Assets
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?
According to the local legislation, provisional judicial measures that are available to the claimant creditor on the debtor's assets will depend on the type of goods that are concerned:
The plaintiff must request the competent court to proceed with the attachment of the debtor’s assets. If they are real estate, the order of attachment issued by the competent court shall be registered by the executor judge assigned, before the office of public records, to avoid any transfer of these assets by the debtor. However, if it is movable property, the executor judge assigned by the competent court shall accurately leave the description of all movable property sequestered at the place where they are found. Such movable property seized shall be placed under the custody of a depositary designated by the court to maintain these assets in the delivered conditions.
If it is a company, the competent court will install a financial comptroller or judicial administrator assigned to monitor functions on the financial and accounting matters and investment funds, monitoring the collection of debts in favor of the company. The legislation establishes that if the financial comptroller notices abuse or misuse in the management of these assets will notify the court and the plaintiff; in this case, the court will issue a mandate for the retention of liquid products in a local authorized bank or the possession of an authorized third party. The financial comptroller will inform the Attorney General of the Republic on the crimes related to property, socio-economic order, and public finances that could be engaged.