Panama law firm accredited as Authorized Custodian

PANAMA CITY - Nov. 30, 2015 - PRLog -- The law firm of Lombardi Aguilar Group (www.laglex.net) has been registered as an authorized custodian of bearer share certificates in Panama. Said registration has been granted by the Supreme Court of Justice of Panama, Chamber Fourth of General Affairs, in accordance with the Law 47 of August 6, 2013 which enacts regulations for a bearer share regime.

Alvaro Aguilar, partner of the law firm, has pointed out that although the usefulness of bearer shares has decreased in international finance as most banks will not do business with issuers of said shares, a number of investors - even holders of registered shares - like the fact that Panama law allowed unrestricted bearer shares.   Aguilar said that "as Authorized Custodians our law firm can assist clients who wish to continue using bearer shares and comply with legal requirements".

However, legislative amendments have moved ahead from August 6, 2016 to December 31, 2015, as the last date for holders of Panama company bearer shares to surrender their certificates to an Authorized Custodian in Panama for immobilization and safekeeping.   After said date, any outstanding bearer share certificates will be deemed as void and disabled.  "Bearer shareholders should promptly deliver their certificates to an Authorized Custodian or ask for their conversion into a registered share certificate, as they risk losing control of corporate assets or voting rights if December 31 comes around without having complied with this legal requirement", Aguilar explained.

Articles of incorporations which allow for the issuance of bearer shares will be deemed as only allowing registered shares, even if their text is not altered, "which avoided the problem of having to amend charters of more than 750,000 Panamanian companies currently incorporated but which may never have issued bearer shares".  Aguilar concluded by recommending that "shareholders should consult their attorneys for solutions specifically suited to their personal situation, such as redomiciliation to other jurisdictions which allow bearer shares or corporate mergers".

Mr. Aguilar is a graduate of Universidad Santa Maria la Antigua (LLB) and Washington College of Law at The American University (LLM). He has 20 years of business law experience on behalf of local, European and U.S. companies and family groups doing business in Latin America.   Previously he has been selected by the Central American business weekly Capital Financiero as one of the "40 under 40" acknowledging his achievements as a young legal professional. He is also member of the Panama Bar Association, Full Member, TEP, of the Society of Trust and Estate Practitioners (STEP) and other professional associations.

About Lombardi Aguilar Group (LAG)

Lombardi Aguilar Group is a partnership of consultants created as an alternative for clients worldwide who seek fast, innovative and effective solutions to their legal problems. The firm currently provides services to individual and corporate clients in Panama as well in the Americas, Europe and Asia and is part of the Prae Legal network of 252 independently-owned law firms in 141 countries worldwide. Its partners maintain a commitment with professional ethics and social responsibility by participating in the board of directors of groups such as the Panama Bar Association, the Alliance Francaise, the German and the American Chambers of Commerce (AMCHAM) of Panama, and the Association of Chinese-Panamanian Professionals (APROCHIPA).

The firm centers its law practice in private client services and asset protection (Private Interest Foundations, Trusts), business structures (Offshore Corporations), tax planning, real estate and e-commerce. It also advices in areas of Law such as Corporate, Commercial, Intellectual Property, Maritime, Tax, Environmental, Life Sciences and Immigration Law as well as related litigation.

For more information, contact +507 3406444, e-mail info (at) laglex.com, or see: Lombardi Aguilar Group http://www.laglex.net

Keyword: International consuting firm providing Private Client Services, Incorporation and Management of Companies, Trusts and Foundations, Family Office, Immigration, Real Estate, Tax, E-Commerce and Intellectual Property Law.