• New extension of the economic emergency

    Official Gazzette Nº 41.435, dated July 9, 2018, extended the exception state and economic emergency for 60 days.
    07/11/2018

    Article 1 reiterates that the Executive may adopt urgent, strong, exceptional and necessary meassures in order to guarantee rights, maintain public order and guarantee access to goods and services. Such extension entered into force on July 10.These decrees and extensions regarding economic emergency are questionable on Constitutional grounds.

  • Second edition of Menpa Conference on Law and Insurance, organized jointly with the Venezuelan Chamber of Insurer.

    The conference shall be held on July 31, 2018, at 8.30 a.m. at the Chamber of Insurers
    07/02/2018

    Our lawyers, Oswaldo Páez Pumar, Carlos Eduardo Acedo, Alfonso Graterol, Luisa Acedo de Lepervanche, María Genoveva Páez Pumar, Luisa Lepervanche, Diego Lepervanche and Dailyng Ayesterán shall address several issues related to insurance activities.


  • Published Decree Nº 3.445 that postpones monetary conversion

    Such conversion shall now take place on August 4, 2018 .
    06/05/2018

    In addition to postponing the monetary conversion, Article 4 changes an important element: While Decree 3.332, which initially ordered the conversion, established under its First Transitory Provision, that current bolivars would be demonetized on June 4, Article 2 of Decree Nº 3.445 subjects demonetization to an eventual decision of the Central Bank of Venezuela. In other words, pursuant to this new decree, the two monetary units may co-exist. 

  • Another Exception and Economic Emergency Decree published by the President

    The decree was published in the Official Gazette Nº 41.394, dated May 10, 2018.
    05/15/2018

      

    The decree grants the government the power to take "urgent, forceful, exceptional and necessary" measures, which may even limit certain constitutional rights. The decree shall be in force for 60 days, which may be extended for 60 additional days, although the emergency has been in place for more than two years. Although the Constitution requires approval by the National Assembly, the decree only refers to review by the Supreme Tribunal of Justice.

                     

  • Central Bank publishes rules that regulate the monetary conversion process

    The rules were published in Official Gazette Nº 41.387, dated April 30, 2018.
    05/04/2018

    Regulation Nº 18-03-01 reflects rules regarding the conversion process scheduled to take place on June 4, 2018. However, it also contains obligations in force since May 1.

  • New increases: Minimum wage and tax units

    Official Gazettes dated April 30 and May 2 publish a presidential decree which increases minimum wages and a tax resolution increasing the tax unit or unidad tributaria.
    05/03/2018

     

    Presidential Decree Nº 3.392 provides that the new minimum wage shall be the amount of Bs. 1,000,000 (Bs. S. or sovereign bolivars 1,000). Despite it being published in April 30, the decree indicates that it entered into force on April 15.

    Additionally, SENIAT --the tax authority-- adjusted the tax unit or unidad tributaria, from Bs. 350 (Bs. S. 0.35) to Bs. 850 (Bs. S. 0.85). This affects the labour obligation of providing a food bonus, which is based on such tax units. Therefore, the food bonus would now be equivalent to Bs. 1,555,500 (Bs. S. 1,555.5).

      

  • Lecture on the French Civil Code amendment dated 2016

    Our partner, Carlos Eduardo Acedo, shall be one of the speakers.
    05/03/2018
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    The event has been organized by the Academia de Ciencias Políticas y Sociales. It shall take place on May 11, 2018, at 8.30 a.m., in the Palacio de las Academias. Carlos Eduardo Acedo's lecture is called Cláusulas Abusivas y Contratos de Adhesión.
     

  • Menpa celebrates new book by Carlos Eduardo Acedo

    "Cláusulas Abusivas y Contratos de Adhesión" is the name of the new book.
    04/25/2018
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    The book shall be presented on April 26, 2017, at the Palacio de las Academias. This new publication was the work presented by Carlos Eduardo Acedo for his incorporation as member of the Academia de Ciencias Políticas y Sociales. The book is available for purchase at Tecniciencias.                  

  • Getting The Deal Through interviews our lawyers regarding restructuring and insolvency.

    Manuel Acedo Sucre, Luisa Acedo de Lepervanche and Luisa Lepervanche answer questions on the subject in the very particular Venezuelan context, which includes Venezuelan public debt issues and opportunities within the crisis
    04/18/2018
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    In a work prepared last year and published this month, our lawyers refer to the eventual default of the debt issued by the Republic and by its state-owned companies, PDVSA and Elecar. The analysis is particularly interesting in light of Elecar's recent alleged failure to pay of the principal, in the amount of 650 MM dollars, and interests, in the amount of 27,6 MM dollars, which happened this week in connection with the bond Elecar 2018. 

    https://gettingthedealthrough.com/intelligence/167/article/6026/r-i-venezuela

  • Chambers nominates our partner, Luisa Acedo de Lepervanche, for Chambers Women in Law Awards: Latin America 2018

    Luisa Acedo de Lepervanche is among the five nominees for this award in Venezuela
    04/06/2018

      

    According to Chambers "these Awards reflect outstanding contributions to furthering the advancement of women in the law through gender diversity, inclusion, promotion programs, and mentoring.  We are highlighting law firms and attorneys from private practice who are dedicated to advancing women’s progression within the legal sphere."


    For more information you may review the following link: https://www.chambersandpartners.com/chambers-women-in-law-awards-latin-america-2018. 

  • New ideas about Petros and cryptocurrencies transactions in Venezuela

    A legal article by Luisa Lepervanche y Manuel Acedo Sucre
    03/14/2018
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  • Menpa and the Chamber of Insurers of Venezuela have organized the Menpa Conference on Law and Insurance

    The conference will be held on March 15, 2018, from 8:30 a.m. a 12:30 p.m., at the Conference Room of the Chamber of Insurers of Venezuela.
    03/09/2018
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    Our team shall talk about different subjects, both specific to the insurance sector, and general, but with implications for such sector. 

    The programme for the event is the following: 


    Introduction about Mendoza, Palacios, Acedo, Borjas, Páez Pumar & Cía., by Oswaldo Páez Pumar. 

    Exchange controls, Exchange Agreement Nº 39 and its implications for the insurance activity, by Diego Lepervanche.

    Judicial proceedings and prior extra-judicial proceedings regarding insurance companies, by  Alfonso Graterol. 

    Certain problems relative to insurance contracts, by Carlos Eduardo Acedo. 

    Fiscal issues, including the elimination of inflation adjustment for insurance companies, by María Genoveva Páez Pumar.

    Corporations equity loss, including insurance companies, by Luisa Acedo de Lepervanche.

    Labor law issues, including insurance brokers being considered workers, by Dailyng Ayestarán.

    USA and EU sanctions against Venezuela, its implications for the insurance sector and interaction of sanctions with Petros, by Luisa Lepervanche.                  

  • Supreme Tribunal of Justice rules in favor of building company on nullity claim regarding an administrative decision issued by the consumer protection authority.

    Our team, led by partner Esteban Palacios and junior partner Dailyng Ayestarán Díaz, represented the company in this nullity procedure.
    03/09/2018

    By means of Decision Nº 276, dated March 7, 2018, the Political-Administrative Chamber of the Supreme Tribunal of Justice ruled in favor of the nullity claim submitted by VECOVICA Venezolana Constructora de Viviendas, C.A., represented by our law firm, against the administrative decision issued by the former Instituto para la Defensa de las Personas en el Acceso a los Bienes y Servicios (INDEPABIS), now Superintendencia Nacional para la Defensa de los Derechos Socioeconómicos (SUNDDE). Such administrative decision ordered VECOVICA to pay 4,000 Fiscal Units for alleged violations of several provisions of the Law on the Defense of Access to Goods and Services by Persons, related to the use of inflation indexes to establish prices, a failure to comply with contractual conditions, the delay in delivery of housing units, supposedly fraudulent commercial activity, and lack of information, among other issues. However, the Supreme Tribunal of Justice considered valid the arguments presented by our team and ruled in our favor. 

  • New increases on salary and Fiscal Units

    On March 1, 2018, the Official Gazette published a presidential decree regarding salary increase and a SENIAT resolution regarding the adjustment of the value of Fiscal Units.
    03/02/2018

    Presidential Decree Nº 3.301 increases minimum wage to Bs. 392.646,46.


    Additionally, Resolution Nº SNAT/2018/0014 adjusts the value of Fiscal Units, incrementing its value in Bs. 200, to place it in Bs. 500. This has implications from the labour perspective too since the basis for calculating the food bonuses are Fiscal Units. Therefore, the obligation to pay food bonus is now equivalent to Bs. 915.000.

                     

  • Mendoza, Palacios, Acedo, Borjas, Páez Pumar & Cía. mourns Arminio Borjas

    Arminio Borjas was an outstanding lawyer, who dedicated his life to legal practice and held different offices, including public, academic and corporate ones
    02/20/2018

    Arminio Borjas, partner of our law firm; and father of our partner, Arminio F. Borjas; died in Caracas, on February 20, 2018, at the age of 91.

    We celebrate his career, described below:

    Joined Mendoza, Palacios, Acedo, Borjas, Páez Pumar & Cía. in 1951.  Partner since 1964.

    From 1951 to 1974, Professor of Civil Procedure Law I and II, Universidad Central de Venezuela.

    From 1961 to 1964, Chairman of the Professors Association, Universidad Central de Venezuela.

    From 1977 to 1979, Professor of post-graduate courses, Universidad Central de Venezuela.

    From 1979 to 1973, head of the Civil Procedure Department, Universidad Central de Venezuela.

    Member of the Procedural Law Iberoamerican Institute.

    From 1973 to 1975 and from 1977 to 1979 Co-Judge of the Supreme Court of Justice.

    Former Vice President of the Supreme Electoral Council and Director of the Central Bank of Venezuela.

    Former President of Banco Nacional de Descuento, and former Director of Banco de Venezuela, Seguros Orinoco, C.A. and Industrias Venoco, C.A. 

    Former President of the Superior Council of Universidad Metropolitana. 

    Former President of the Comisión Taurina and Liga Mayor de Fútbol.

    At Mendoza, Palacios, Acedo, Borjas, Páez Pumar & Cía., we deeply regret this loss.

      

  • New Exchange Agreement Nº 39

    Exchange Agreement Nº 39 modifies the official exchange rates, but it also has additional implications
    02/06/2018

    Our team of experts, that has been analyzing this exchange controls regime for 15 years and has published several articles on the subject, has studied the implications of the new regulations.                

  • A few ideas on Petros and other cryptocurrency transactions in Venezuela

    An article by Luisa Lepervanche and Manuel Acedo Sucre
    01/23/2018
    Download File

                                                     

  • New “Constitutional Law” on Productive Foreign Investment

    The new “constitutional law”, approved by the Constitutional Assembly, presents important constitutional problems. If applied, despite those problems, the regulation of foreign investment would reflect important changes.
    01/08/2018

    Our experts on the subject include authors on books and articles on foreign investment. We have analyzed the “Constitutional Law” on Productive Foreign Investment, concluding that -if applied despite its nullity- it would have important implications for registered foreign investors, including important penalties in foreign currency, as well as payments of taxes in foreign currency, in certain cases.
      

  • New salary and food bonus increase, as well as change in mechanisms for payment of the latter

    Changes were implemented pursuant to presidential decrees published on December 31, 2017
    01/05/2018

    Our team, particularly those with expertise in labor law, has analyzed the impact of these changes, which include eliminating payment of the food bonus in cash. Indeed, pursuant to the new decree, the bonus should be paid in “coupons, tickets or electronic cards”

  • Supreme Tribunal of Justice issues favorable decisions on cassation submissions presented by hotel against workers

    The decisions were issued with respect to submissions presented by our partners, Rosemary Thomas and Alfonso Graterol, and our junior partner, María del Carmen López
    12/13/2017

    Recently, the Social Chamber of the Supreme Tribunal of Justice issued favorable decisions regarding cassation submissions presented by Inversiones Velicomen, C.A., the company which operates an important hotel in Caracas, Hotel Paseo Las Mercedes, against decisions issued by labor appeal courts in Caracas, regarding claims initiated by more than 25 workers. Such workers had taken by force the facilities of the hotel during 2011 and 2012, and additionally claimed labor benefits for such years. Their claim had been granted by the courts, but Supreme Tribunal favored the defenses presented by our team and reversed the previous decisions.
      

  • New "Constitutional Law" on Agreed Prices

    Our team, with extensive expertise on regulatory matters, has analyzed the document, questioning its validity and doing a deep-dive on its rules
    11/29/2017

    On November 21, 2017, the Constitutional Assembly (Asamblea Nacional Constituyente) enacted the "Constitutional Law" on Agreed Prices, which was published in the Official Gazette on November 22, 2017. Our team has studied issues of its nullity as well as the scope of application and interpretation of the rules for some of our international and national clients.                  

  • New increase in the minimum wage

    Our labor attorneys have reviewed impact and consequences
    11/02/2017

    Menpa's labor team is available to discuss with our clients the impact of such increase and its incidence on associated costs. Please contact our attorneys, Alfonso Graterol, Esteban Palacios, María del Carmen López and Dailyng Ayestarán for individual attention.               

  • Forum on Insurance Law (November 9, 2017) and IV Forum on Arbitration (November 16, 2017)

    Carlos Eduardo Acedo participated as speaker
    11/01/2017

    On November 9, 2017, the Academy of Political and Social Sciences, jointly with the Chamber of Insurers, offered an important forum on insurance. Our partner, Carlos Eduardo Acedo addressed the subject of "Exchange controls and the insurance sector", both of which are areas on which he has great working expertise, as well as being a recognized author of several a book on insurance issues and several articles both on insurance and exchange controls. 
    On November 16, 2017, on the Forum on Arbitration, offered by the Academy of Political and Social Sciences jointly with the Venezuelan Association of Arbitration, Carlos Eduardo Acedo developed the subject of the repeal of the legal definition of adhesion contract, and the requirement of an express submission to arbitrarion. 


  • The Ninth Superior Court overrules claim against ABB

    Complex case of damages
    06/01/2017

    On March 30, 2017, the Ninth Superior Court in Civil, Commercial, Transit and Banking of the Judicial Circumscription of the Caracas  Metropolitan Area desestimated the claim for damages made by Consorcio Eripe Lamilara against our client Asea Brown Boveri, S.A. Our partner, Rosemary Thomas and our junior partner María del Carmen López defended ABB, with regard to a works contract for the expansion of substations of CVG Edelca.