Veil Piercing and State-Owned Entities

Disappointed creditors can attach a sovereign's assets when used for commercial activity in a foreign state. But much commercial activity is conducted not by the sovereign itself but by state-owned or controlled firms. In principle, this keeps assets away from creditors. But creditors have had recent success arguing they should be able to reach SOE-owned assets on the theory that the firm is the state's alter ego. Mark's recent article (linked below) tries to make sense of this somewhat incoherent area of law. Our dear friend, the incomparable Anna Gelpern, joins us to talk about veil piercing in sovereign debt cases, and about what lies ahead in sovereign debt markets.

https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3801204

Producer: Leanna Doty