Given the state of emergency declared by the Panamanian Government as a result of the COVID 19 pandemic, the stay at home orders issued by the health authorities and the social distancing that is essential to control the outbreak, the technological tools available for companies to operate remotely are vital.

On April 23, during a ceremony presided by South Korean President Moon Jae-In, among other South Korean authorities, was officially launched the “HMM ALGECIRAS” – the world’s biggest containership.

Morgan & Morgan advised Parque Industrial y Corporativo Sur, SA, in relation to the public offering of revolving corporate bonds (hereinafter the “Bonds”), which will be issued in multiple series, which may be senior series or subordinated series under a revolving program in which the outstanding principal balance of the Bonds issued and owed, in a single moment, may not exceed One Hundred million Dollars (US $100,000,000.00), legal tender...

The Superintendence of Tax Administration (Resolution Number SAT-DSI-280-2020), agreed to disable from March 24, 2020 to April 14, 2020, except that due to the effect of Covid-19 it is required to extend the measure, the dates for compliance with tax obligations. Therefore, with said disqualification, the SAT will not be able to carry out inspection and verification procedures, nor will it require the taxpayer to fulfill its obligations.

Panama, April 13, 2020. Morgan & Morgan advised Alpha Holding, S.A. de C.V., (AlphaCredit), a technology-enabled financial platform specialized in consumer lending and financial solutions for small and medium enterprises, in relation to (i) a capital raise of US$125,000,000.00 from a group of investors led by Japanese fund Softbank; and (ii) a corporate reorganization, which includes the jurisdiction of Panama.

The health crisis caused by COVID-19 (better known as “Coronavirus”) has had a significant impact on both global and local trade. In our country, the first case, which was confirmed on March 9, triggered the implementation of significant sanitary measures that led to the necessary temporary closure of multiple enterprises, as well as limited the movement of the population, and restricted commercial and governmental activity.

Morgan & Morgan advised the shareholders of Unity Group, a holding company with subsidiaries engaged in insurance brokerage in Central America with operations in six countries (Panama, Costa Rica, El Salvador, Guatemala, Honduras and Nicaragua), in a corporate restructuring and subsequent sale of its business to Willis Europe B.V., a company incorporated under the laws of the Netherlands and a subsidiary of Willis Towers Watson (NASDAQ:...

April 3, 2020. By Law 129 of 17 March 2020 (hereinafter, the “Law”) the Republic of Panama established the regulatory framework for a restricted database named “Sistema Privado y Único de Registro de Beneficiarios Finales de Personas Jurídicas” (in English, Private and Unique System of Beneficial Owners of Legal Persons and hereinafter, the “Registry”) to collect certain basic information of the beneficial owner(s) of trusts and legal entities...

The Panamanian Constitution reserves "retail activities" for Panamanian nationals. Various statutes have limited the application of the prohibition to activities that involve the sale of goods to consumers.

Panama, January 29, 2020. Morgan & Morgan advised MMG Bank Corporation as collateral trustee of a credit facility granted by Glide Master Fund SPC Ltd. to Adelantos Capital Corp.