PERU Law and Practice Contributed by: Andrés Kuan-Veng and Luis Ernesto Marín, Rubio Leguía Normand
During the liquidation of a bank, creditor claims are ranked in the following order. • First Order – Labour Claims: these include (i) employee remunerations, and (ii) social benefits, contributions to private and public pension systems, and other labour claims accrued until the declaration of dissolution, as well as retirement pensions or the capital required to redeem those pensions or secure them through annuities. • Second Order – Claims for Deposits and Savings Instruments: this includes claims for bank deposits and other savings instruments covered by the Peruvian Banking Law, in the portion not insured by the Deposit Insurance Fund, along with claims by the Deposit Insur - ance Fund for its contributions. • Third Order – Taxes: these consist of (i) claims by EsSalud (Peruvian social security admin - istration) related to health care benefits for which the bank is responsible as an employer, and (ii) taxes owed by the bank. • Fourth Order – Unsecured and Non-Privileged Claims: these include (i) all unsecured and non-privileged claims, ranked by the date they were assumed or incurred by the bank (earlier obligations take precedence, while those with undeterminable dates are junior and pari passu among themselves), (ii) legal interests on the bank’s obligations accrued during liquidation, and (iii) subordinated debt. Except for unsecured and non-privileged claims (unless otherwise agreed in such instances amongst creditors), all claims within an order will be ranked pari passu among themselves. Each category of creditors will collect in the order indi - cated above, whereby distributions in one order will be subject to completing full distribution in the prior order.
Any security interest created before the issuance of the resolution declaring the bank’s dissolution and the initiation of the liquidation process shall subsist in order to guarantee the obligations it secures. The secured creditors shall retain the right to collect from the proceeds of the sale of the collateral, on a preferred basis (except with respect to labour claims and savings, which are privileged claims), subject to certain rules estab - lished under Article 119 of the Peruvian Banking Law. In Peru, ESG requirements for financial institu - tions are evolving as regulators and the financial sector increasingly prioritise sustainable practic - es. While there is no comprehensive ESG-spe - cific regulation equivalent to those in some other jurisdictions, Peru’s framework is influenced by international standards, voluntary initiatives and sector-specific guidelines. In 2015, through Resolution SBS No 1928- 2015, the SBS approved the Reglamento para la Gestión del Riesgo Social y Ambiental (the “Regulation for the Management of Social and Environmental Risk”), applicable to banks and other financial institutions. The purpose of this regulation is to establish minimum requirements for managing social and environmental risks, promoting the implementation of good practices and prudent risk-taking within financial institu - tions. 9. ESG 9.1 ESG Requirements
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