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Will the courts in the Dominican Republic recognize and enforce an arbitral award given against the company without re-examination of the merits?

The New York Convention on the Recognition and Enforcement of Foreign Arbitral Awards of 1958, as approved by Congress on July 10, 2002 will apply to a foreign arbitral award enforced in the Dominican Republic, provided it is final and conclusive between the parties thereto. In accordance with Article 3 of the aforementioned Convention, each of the contracting States undertakes the obligation to recognise the authority of arbitral awards and to grant its execution in accordance with the norms of procedure in force within the territory where the award is being invoked, with conformity to the conditions established in the Convention, while providing that the recognition and enforcement of arbitral awards will not be subject to conditions appreciably more rigorous, or higher fees or expenses, than those applicable to the recognition and enforcement of national arbitral awards. Based on the above, a debate had emerged on the enforceability of a foreign arbitral award within Dominican territory following the ratification of the New York Convention in said jurisdiction. Currently however, based on judicial precedents and the terms of the Commercial Arbitration Law in force in the Dominican Republic as adopted in 2008, the enforcement of an arbitral award is subject to basically the same rules to be observed in connection with the enforcement of foreign judgments, i.e., the obtainment of a writ of execution, called an exequatur. (more…)

New law on insolvency in the Dominican Republic

Relegating the stigma of bankruptcy

Last month, July 2015 the Dominican Republic Congress approved a new law on insolvency, the new piece of legislation is identified as the Law of Restructuring and Settlement of Companies and Individuals Traders – the “Law” – called to create a safeguard procedure for that legal jurisdiction to protect merchants, companies and creditors in the event of financial difficulties of a company or business and which prevent it from complying with the assumed obligations; and thereby replacing an obsolete legal insolvency regime, marked by its inefficiency and archaism. (more…)

New incentives for access to financing via trusts

Following its June 25, 2015 session, the Dominican Monetary Board announced and circulated the proposed amendments to certain regulations currently in force, aimed at providing access to bank credit to finance local low-cost housing projects —including road networks— and other productive sectors in general. This would eliminate the constraints for real estate projects developed under the concept of public-private and private trust. (more…)