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The Legal 500 Hall of Fame Icon The Legal 500 Hall of Fame highlights individuals who have received constant praise by their clients for continued excellence. The Hall of Fame highlights, to clients, the law firm partners who are at the pinnacle of the profession. In Europe, Middle East and Africa, the criteria for entry is to have been recognised by The Legal 500 as one of the elite leading lawyers for seven consecutive years. These partners are highlighted below and throughout the editorial.
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Nicaragua > Corporate and finance > Law firm and leading lawyer rankings


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  2. Leading lawyers

Leading lawyers

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Due to its strong corporate and finance expertise, domestic firm Alvarado y Asociados easily keeps up with its regional competitors and is thereby ‘certainly among the best’. The three-partner practice advises on an impressive range of high-profile corporate, M&A and financing work, including due diligence, project finance, reorganisations and restructurings as well as loan agreements on both the borrower and lender side. In recent highlights, the team assisted an international client with regulatory, corporate and financing matters related to a photovoltaic project, advised on several high-profile M&A transactions in the pharma, telecoms, aviation, and energy sectors; and as part of global network Lex Mundi, advised on the Nicaraguan leg of a multijurisdictional implementation of a whistle-blower hotline. In addition to its extensive cross-border experience, the team also exhibits deep expertise in compliance, tax and environmental issues, as well as contentious and non-contentious labour and immigration matters. Highly recommended practice head Gloria María de Alvarado is the key contact for foreign investment advice. Key clients include CEMEX, Grupo Bimbo, Delta Airlines and Convergys.

Always on top of things’, Arias’ ‘very responsive’ corporate and finance department is one of the first destinations for domestic and international high-profile clients seeking ‘excellent’ advice on cross-border M&A matters, loan agreements, bonds issuances, project finance, reorganisations and restructurings. In 2016, the four-partner practice advised SBA Torres Nicaragua on the merger and reorganisation process of three of their Nicaraguan companies; assisted FMO and DEG with a $30m loan to Banco de America Central to increase the bank’s credit portfolio for small and medium-sized companies; and advised Lowell Acquisition on the multimillion-dollar acquisition of regional clothing manufacturer New Holland Apparel. Other multijurisdictional matters included assisting AJE Group obtain an $88m syndicated loan from Citibank (and other lenders), for the payment of existing debt; and advising FirstCaribbean International Bank as lead arranger on Productive Business Solutions’ private bond placement and financing. In addition to its strong corporate and finance expertise, especially in the real estate, banking, energy and consumer goods sector, the team also increasingly assists with tax structuring and compliance. Róger Pérez ‘handles client’s needs perfectly’, Gustavo-Adolfo Vargas provides ‘excellent work’ and both Ana Teresa Rizo and Bertha Argüello, who head the corporate and banking and finance departments, respectively, are also highly recommended.

Corporate and finance advice clearly is the central pillar of Consortium Legal’s sophisticated and ‘prestigious’ practice: with three experienced partners dedicated to M&A, financings, capital markets and restructurings, the group is frequently involved in the market’s most prominent transactions. 2016 saw the team particularly excel in advising on an impressive number of cross-border financing transactions: among other matters, highly regarded practice co-head Rodrigo Taboada assisted Citibank with an $88m syndicated loan to AJE Group and its affiliates; advised Cerberus on a $90m syndicated loan to Lowell Acquisition to finance the acquisition of several New Holland Apparel subsidiaries in Central America; and assisted Banco Ficohsa with the refinancing of a $9m loan granted by Panama-based Prival Bank. Other recent work includes a big-ticket M&A transaction in the tobacco sector, corporate restructurings, distribution agreements, assisting multinationals with bond issuances and regulatory advice to local banks. The strongly recommended Martha Lorena Icaza is particularly known for her corporate and finance activity in the energy sector, and practice co-head Olga Barreto has extensive experience in domestic and cross-border financings. Alfonso Sandino Granera joined Latamlex Nicauragua.

As a ‘one stop shop’ in four Central American jurisdictions, García & Bodán’s ‘extremely good team’ has longstanding experience in complex, cross-border corporate and finance matters including M&A, project finance, trust structuring, shareholder agreements and regulatory advice to financial institutions. With particular clout in the real estate sector (as evidenced recently by the opening of a second office in Rivas that is fully dedicated to real estate transactions), the team advised Hilton Princess Centro America, Hospiteum and Princess Hotels & Resorts as borrowers on the Nicaraguan leg of its debt restructuring through a loan by Scotiabank El Salvador. The team is equally active in the energy, telecoms and aviation sectors and recently assisted United Airlines with the approval and registration of its codeshare agreement with Air New Zealand to facilitate the booking of flights for the latter’s customers through United Airlines. Other key clients include América Móvil, Grupo Lala and Banco Davivienda. Founding partner Terencio García ‘makes things happen’ in both corporate and finance matters; Federico Gurdián heads the regional corporate, commercial and transactional practice; and Carlos Téllez is the key contact for finance issues.

Aguilar Castillo Love’s personnel expansion in Nicaragua since 2015, including the recent hire of banking and compliance expert Violeta Núñez, has evidently borne fruit as an increasing number of international high-profile clients such as Bank of America Merrill Lynch, Banco Ficohsa and General Electric seek the team’s advice on complex cross-border M&A and financing transactions, distribution agreements, and corporate day-to-day and labour matters. Recent highlight work includes advising Dos Pinos on contentious and non-contentious trade matters related to the milk war between Nicaragua and Costa Rica, as well as on its acquisition of the Gallito brand from Mondeléz; assisting Nokia Siemens Networks with the liquidation of its operations in Nicaragua; and advising Johnson & Johnson on import requirements for medical devices. Corporate and finance all-rounder Thelma Carrión heads the practice, and Pol Thielen is the key contact for contentious and transactional corporate matters.

Corporate and finance advice is the mainstay of BLP’s increasingly well-reputed practice, which has expertise in matters ranging from project finance, loan agreements and M&A, to corporate litigation and tax issues. Led by Ernesto Rizo, the four-strong department handles a notable amount of cross-border work and has established a particularly strong reputation among clients in the mining, agribusiness and financial services industries. In recent highlight work, the team advised Philippines-based SPi Global on the Nicaraguan leg of the sale of its customer relationship management unit to Japanese BPO-company Relia, and assisted Banco International de Costa Rica (BICSA) with the structuring of a $250,000 credit line to hardware store RETECSA. It also advised Calibre Mining on several joint venture agreements with Centerra Gold and I Am Gold related to the exploration of its mining concessions. Other key clients include NORFUND, Colgate-Palmolive and Pfizer.

With a broad regional presence Lexincorp undertakes the entire spectrum of corporate and finance advice in Nicaragua, ranging from M&A, corporate restructurings and financings to antitrust and consumer rights advice as well as tender procedures. While the four-strong department offers comprehensive advice to both domestic and international clients, it has steadily increased its activity for foreign investors. In noteworthy 2016 highlights, Claudia Vivas-Sacasa advised Nokia Sweden on the Nicaraguan aspects of a corporate restructuring following its world-wide acquisition of Alcatel Lucent; practice head Fernando Midence-Mantilla assisted Sony with consumer rights, antitrust matters and custom regulations regarding the import, distribution and commercialisation of its products. On the finance-side, the group also advised several regional banks with due diligence on potential borrowers. Key clients include Cargill, Grupo Atlas and BlueOrchard Microfinance Fund.

Paying ‘great attention to its clients’, Central Law Nicaragua provides ‘excellent service’ to domestic and regional corporations and foreign investors on the full array of corporate and commercial matters, but is also highly experienced in assisting with the implications of the free trade zone regime, tax issues and labour matters. Practice head Yalí Molina recently advised Honduran company AVINICSA on all corporate matters related to its construction of a broiler chicken plant in the Tipitapa municipality, and assisted Droguería Universal with the opening of its operations in Nicaragua. The client roster also includes Next Level Apparel, Caravela Coffee and Inmobiliaria Cobirsa. Álvaro Molina is another name to note.

As one of six regional offices across Central America, Latamlex’s Nicaraguan practice attracts praise for its broad expertise across the range of corporate matters including M&A, incorporations and joint ventures, and has particular strength in cross-border work. 2016, however, saw the practice thriving in the banking and finance arena, where peers observed ‘impressive activity’ in both domestic and multijurisdictional transactions. This development was likely supported by the hire of corporate and finance expert Alfonso Sandino Granera from Consortium Legal, whose experience in real estate financings and M&A adds to the group’s traditionally strong standing in the real estate, agro-industrial and financial services sectors. Recent highlight work includes advising Scotiabank, as lender, on a loan agreement to Hilton Princess Centro America, Hospiteum and Princess Hotels & Resorts in order to facilitate a debt restructuring; and the team also regularly acts for high-profile clients such as Banco Internacional de Costa Rica, Grupo Movisa and Banpro. Álvaro Caldera and Ana Patricia Carrión co-lead the practice.

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Legal Developments in Nicaragua

Legal Developments and updates from the leading lawyers in each jurisdiction. To contribute, send an email request to
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    The widespread problems relating to compliance with the Holidays Act 2003 have recently hit the headlines again.  
  • Insider trading laws - clarity for the market

    ​New regulations will finally clarify that in most cases insider trading rules do not apply to a new issue of financial products.
  • OIO residential land amendments delayed

    The date for the Select Committee to report to Parliament on the Overseas Investment Amendment Bill (the Bill ) has been extended to 21 June 2018. The Select Committee's report was previously anticipated on 31 May 2018. This delay is unsurprising given the substantial number of submissions to the Select Committee, and it is encouraging to see the Select Committee taking more time to work through the potential unintended consequences for businesses from the Bill. 
  • Australian class action reform: implications for New Zealand

    On 31 May 2018, the Australian Law Reform Commission ( ALRC ) released a  discussion paper ​​ as part of its inquiry into class action proceedings and third-party litigation funders.
  • Zero Carbon Bill update: discussion document seeks public feedback

    Public consultation that could have far-reaching implications for business is underway on the Government's proposed Zero Carbon Bill, following the release of a  Discussion Document  by the Ministry for the Environment. There is currently no draft bill; the Discussion Document seeks feedback on key questions of policy and systems architecture that will underpin the legislative regime. This is an early opportunity for those affected to have their say on the Government's approach to some fundamental questions as it seeks to transition New Zealand to a net zero emissions economy. Consultation closes at 5pm on 19 July 2018.
  • New leniency for foreign buyers in Overseas Investment Act overhaul but redraft raises fresh issues

    A select committee report on changes to overseas investment rules has proposed relaxing some of the planned restrictions on foreign buyers which could have hindered development, but the amendments raise a number of new issues that require close examination.
  • Double tax agreement interpretation in the spotlight again – Court of Appeal reverses foreign tax

    ​​​The correct interpretation of New Zealand's double tax agreements ( DTAs ) is once again in the spotlight after a recent Court of Appeal decision treats them in the same way as private contracts. Previously, local and international rulings suggested the international context and purposes of ​such treaties should be taken into account.​
  • Tax treatment of cryptocurrencies - Questions and (some) Answers

    ​The Inland Revenue has published a Q&A on the income tax treatment of cryptocurrencies. You can find the document  here .
  • NZX consults on revamped listing rules under a new market structure

    ​​​​​NZX has released an exposure draft of its proposed new listing rules for consultation, with a view to implementing the new rules towards the end of 2018 and bringing them into effect on 1 January 2019. This follows NZX’s consultation at the end of last year on a wide span of issues to reform and reinvigorate NZX’s capital markets, ranging from a consideration of the structure of NZX’s equity markets to specific listing rule settings. 
  • Proposed GST changes for low value goods

    Interested parties should pay attention to the Government’s call for submissions on proposals to lower the threshold at which offshore purchases become liable for GST, with decisions yet to be made on a number of aspects.

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