This tip-sheet gives a summary of proprietary claims. This type of claim arises where a state’s property has been stolen, or wrongfully transferred away, such as property sold below market value as a result of bribery. It is a claim for a specific asset or sum of money, which can be contrasted with a compensatory claim for damages. So, for example, a victim state can claim the return of a stolen asset, including any increase in its value, in priority to other creditors. We explain how and when this type of claim can be used and the advantages a proprietary claim has over a claim for compensation in our tip-sheet here.
Welcome to our blog.
Cooley has a proven team representing states and companies seeking to trace, freeze and recover the proceeds of corruption or fraud, or obtain compensation for corrupt or fraudulent acts.
We assist states to:
- Recover stolen public funds, bribes and compensation for corruption from dishonest public officials, their companies, trusts, and associates;
- Make claims for compensation against contractors that have paid bribes to win contracts or gain other advantages (and we advise on the termination or renegotiation of tainted contracts);
- Make claims to recover assets or compensation against third parties which knowingly handle the proceeds of corruption, or assist in the laundering of it;
- Use insolvency remedies to take control of companies used to receive or launder the proceeds of corruption
We have worked internationally on some of the most innovative and successful claims to recover the proceeds of corruption and, in addition to cases in our own jurisdictions, have assisted states to formulate and implement international asset recovery strategies taking into account the complex practical and legal issues that arise in cases involving multiple countries.
We also help companies or individuals that have suffered fraud or theft to recover assets, or to make claims against the principal wrongdoers or those that have assisted them.
This blog will discuss key issues in the field of asset recovery and claims arising from corruption. We hope our blogs are enjoying, interesting and insightful.