Chile

Recent Articles

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  24.11.2023

  International

  Carbon Border Adjustment Mechanism transition in effect since 1 October 2023

  On 1 October 2023, a two-year transitional period began for implementation of Regulation (EU) 2023/956, which introduces the Carbon Border Adjustment Mechanism (CBAM). CBAM levies punitive CO2 charges against third-country importers of certain goods and only permits CBAM declarants to import these goods into the EU. Although reporting obligations have been imposed for the two-year transition period, CBAM does not fully go into effect until 1 January 2026. For more details, follow this link to the main article.A. General InformationFrom 1 January 2026, importers of specific goods from third countries...

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  16.11.2023

  International

  NFTs under MiCAR – are they regulated or not?

  The Markets in Crypto-Assets Regulation (MiCAR) sets down a harmonised regulatory framework for crypto-assets. MiCAR's overarching goal is to extend regulatory oversight to those categories of cryptos and tokens that have so far remained outside the scope of regulation. The following focuses specifically on non-fungible tokens (NFTs) and examines whether they are covered by MiCAR.What are NFTs?NFTs are cryptographic records stored on a blockchain that are unique in that they are linked to a specific asset. They primarily serve as the electronic "embodiment" of mainly digital, but also physical...

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  06.11.2023

  International

  Delay claims under the FIDIC form: Obrascon challenged

  A recent decision of the Court of Appeal of the Dubai International Financial Centre has adopted a stricter interpretation of the requirements for notifying delay claims under the FIDIC form, disagreeing with earlier caselaw from the English courts. A failure to notify claims on time results in a loss of entitlement under the FIDIC form. The Court of Appeal decision will therefore be of great importance to those dealing with extension of time claims under the FIDIC form. Claims notification under FIDIC and the rule in Obrascon Clause 20.1 of the FIDIC 1st Edition contracts (clause 20.2 in the 2nd...

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  27.10.2023

  International

  In overturning USD 11 billion award for fraud, High Court invites discussion on arbitration’s ability to resolve large disputes involving states

  On 23 October, in The Federal Republic of Nigeria v Process & Industrial Developments Ltd. [2023] EWHC 2638 (Comm), Mr Justice Robin Knowles found that an arbitration award for USD 11 billion had been “obtained by fraud” and thus was “contrary to public policy.” While the Court has yet to decide whether the award should be entirely set aside or remitted to the arbitral tribunal, Mr Justice Knowles invited discussion upon how his factual findings touched upon several key issues central to the rule of law and the conduct of arbitration including the ability of the arbitral...

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  20.10.2023

  Chile

  Pre-Pack procedure: A possible factor in Chilean bankruptcy legislation?

  ES

  What is the practical application of the "Pre-Pack" procedure?The "Pre-Pack" procedure is an option available to a company facing a severe financial situation, but still possesses a profitable business or at least some assets.Under a Pre-Pack procedure, the company can sell all or part of its profitable business or assets before entering into a formal bankruptcy proceeding, thus avoiding economic devaluation and reputational damage. Using Pre-Pack can help a company obtain a sale price that is suitable for paying debts and keeping the business active. The procedure is done under the supervision...

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  19.10.2023

  International

  Safeguarding the digital vault: custody and administration of crypto-assets under the new MiCA regulation

  With the rise of cryptocurrencies and blockchain technology, European regulators have recognised the need to establish a comprehensive framework to ensure the sector's integrity, transparency and the protection of its stakeholders. The year 2023 saw the introduction of the Markets in Crypto-Assets Regulation (MiCAR), which was a significant step by the EU to create a consistent regulatory environment for crypto-assets. MiCAR defines crypto-assets as a digital representation of a value or right that can be transferred and stored electronically using distributed-ledger or similar technology. One...

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