LIECHTENSTEIN Law and Practice Contributed by: Bernhard Rankl, Nicolai Binkert and Alexander Appel, Schurti Partners Attorneys at Law Ltd
8.2 Public-Private Partnership Transactions Liechtenstein law does not provide for a separate legal framework for project financing and/or public-private partnerships. Where public procurement is involved, the parties must comply with the Liechtenstein Pub- lic Procurement Act ( Gesetz über das Öffentliche Auftragswesen ). Liechtenstein is also a party to the Agreement on Government Procurement of the WTO, which applies in particular to construction services. 8.3 Governing Law Liechtenstein does not provide for a specific legal framework for project financing, so there is no legal requirement when it comes to the choice of law. 8.4 Foreign Ownership See 8.1 Recent Project Finance Activity . 8.5 Structuring Deals See 8.1 Recent Project Finance Activity . 8.6 Common Financing Sources and Typical Structures See 8.1 Recent Project Finance Activity . 8.7 Natural Resources 8.1 Recent Project Finance Activity . 8.8 Environmental, Health and Safety Laws 8.1 Recent Project Finance Activity .
two years. The restructuring plan is put to the vote of the insolvency creditors, which have to approve the plan with a double majority (regarding restructur- ing with self-administration, see above). If the debtor complies with the terms of the restructuring plan and discharges its payment obligations thereunder in full, the residual debt is discharged. If it fails to comply with its duties under the restructuring plan, regular insolvency proceedings are opened. 7.5 Risk Areas for Lenders The Liechtenstein Insolvency Act ( Insolvenzordnung ) in conjunction with the Liechtenstein Legal Protec- tion Act ( Rechtssicherungs-Ordnung ) provide for a claw-back and avoidance regime under which an insolvency administrator may challenge certain legal acts taken within a certain period of time prior to the opening of the insolvency proceedings. This includes certain disposals: • for no consideration or only inadequate considera- tion, made within one year prior to the opening of insolvency proceedings; • made at a time the debtor was already illiquid within one year prior to the commencement of insolvency proceedings; and • made with the purpose of disadvantaging the other creditors of the debtor, regardless of when this act has been taken.
8. Project Finance 8.1 Recent Project Finance Activity
Infrastructure projects in sectors such as transporta- tion, energy, water supply and public health do not play a significant role in Liechtenstein due to its size. Furthermore, the state maintains a major stake in this infrastructure.
318 CHAMBERS.COM
Powered by FlippingBook