PERU Law and Practice Contributed by: Renzo Salvatore Monroy Pino, Roberto Shimabukuro Miyasato, Aníbal Urtecho Gómez and Alexander Montenegro, Monroy & Shima Abogados
ing without proper authority or on behalf of invalidly constituted companies, and the Civil Code’s general principles prohibiting abuse of rights (Article II, Pre- liminary Title) and fraud (Article V, Preliminary Title). For asset tracing and recovery following an investment award, Peruvian procedural law provides mechanisms through the Civil Procedure Code, including various forms of attachment: • embargo en forma de inscripción (attachment through registration) for registered assets; • embargo en forma de retención (attachment through retention) for bank accounts and credits; and • embargo en forma de depósito (attachment through deposit) for movable property.
The Arbitration Law (Legislative Decree No 1071) gov- erns recognition and enforcement of foreign awards, with courts limited to reviewing public policy grounds, due process, and absence of fraud. The theoretical basis exists in Peruvian law to dis- regard corporate separateness when there is proven patrimonial confusion, fraudulent transfers, or abuse of corporate form. The Civil Code provides the acción pauliana (Paulian action) (Articles 195 to 197) to revoke transfers made in fraud of creditors, as well as actions for simulation (Articles 190 to 194) to nullify fictitious transactions ‒ both potentially relevant for asset recovery when corporate structures have been used to dissipate assets.
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