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Icaza Trust Corporation wins an award as the Trust Sector Company in Panama with the Highest Percentage of Women on its Board of Directors.

On April 20, 2023, the Directors Association of Panama (ADP) celebrated the First ADP Awards Ceremony, in recognition of the Companies with Greater Gender Equality on their Boards of Directors in Panama.

Icaza Trust Corporation was the winner in the category “Fiduciary Sector” as Company of the Trust Sector in Panama with the Highest Percentage of Women on its Board of Directors.

Did you know that Panama has a new Mental Health Law?

Through Law 364 of February 6, 2023, the human right to mental health is developed, and its national coverage is guaranteed.

This Law aims to develop the human right to mental health and guarantee its coverage and attention at the national level through the promotion, prevention, and treatment of mental illnesses.

Its main objectives are:

1. To protect people’s mental health and well-being.
2. Guarantee respect for the dignity of people with mental illnesses.
3. Guarantee access to quality services for mental health care.
4. Ensure non-discrimination of people with mental health conditions.
5. Prevent mental health conditions.
6. Reduce suicide rates.
7. Reduce stigma and prejudice related to mental health.
8. Incorporate a human rights perspective in mental health care.

Relevant points of the Law:

• The State shall provide free public mental health care services to anyone requiring mental health treatment.
• Insurance companies may not discriminate against people with mental health conditions when contracting a life or health insurance policy.
• Private health centers providing care for people with mental, behavioral, and neurodevelopmental conditions may not refuse to provide psychological and medical assistance to persons experiencing a mental health crisis.
• Public and private educational institutions of all academic levels, governmental organizations, and public entities shall plan and carry out educational programs that promote mental well-being, prevention of mental deterioration, and awareness of people with mental health problems and in the process of rehabilitation, especially in the case of children and teenagers.

The Executive Branch shall regulate the Law in a period not exceeding six months, counted from its enactment.

Download the full text of the law

Icaza, González-Ruiz & Alemán is recognized as a Gold Tier Law Firm

Icaza, González-Ruiz & Alemán is proud to be recognized for the tenth consecutive year as a Gold Tier Law Firm by the World Trademark Review 1000!

“Panama’s largest outfit Icaza González-Ruiz & Alemán is steeped in historical significance and home to a modern, thriving trademark practice.”  — World Trademark Review 1000

Our experts Gabriela Tejada de Britton, Moisés Iván Rivera, and Fernando González-Ruiz have also been recognized by the publication as recommended individuals for their exemplary work.

We celebrate this achievement with gratitude for our valued clients and our exceptional Intellectual Property team.

Read more about our ranking clicking here.

Icaza, González-Ruiz & Alemán provides legal advice in the sale of ChemSol Group.

Icaza, González-Ruiz & Alemán provided legal advice to ChemSol Group in the process of selling 100% of its shares to Univar Solutions Inc.

ChemSol is a leading distributor of ingredients and chemical specialties with more than 40 years of operation in the market and presence in Costa Rica, Guatemala, El Salvador, Panama, and Honduras.

This transaction was led by our partner Álvaro Alemán Healy, accompanied by our associate Adolfo González-Ruiz, who advised the company’s shareholders from the due diligence process and negotiations until its closing.

The BVI Business Companies Act 2004 was amended in 2022, to include changes to the process for restoring struck-off companies.

The new applicable guidelines are the following:

• Companies that were struck off on January 1, 2023 (“existing struck off companies”) will only have until June 30, 2023, to be restored with the Registry.
• Restoration is not automatic, and payment of outstanding balances does not guarantee restoration.
• To restore a company, an application must be filed with the Company Registry, and the Registered Agent must confirm in writing that the company’s records have been audited. Registry fees will be charged to file this application.
• If a company is not restored within the given six (6) month period, January 1 to June 30, 2023, it will be deemed dissolved on the day following the end of such period (July 1, 2023). The registered agent will also be deemed to have resigned.
• To restore an existing struck-off company that dissolved on July 1, 2023, an application must be submitted to the BVI Courts. In addition to license fees, penalties, restoration, and legal fees, a penalty of US$5,000 will be imposed on the Company.

Should you have any questions regarding this matter, do not hesitate to contact us.

Get to know the most important events at the firm during 2022

Icaza, González-Ruiz & Alemán’s Annual Report 2022 is here to provide an overview of the most noteworthy events that took place in the firm and in the jurisdictions it serves. The report covers the following topics:

• Jurisdictional updates
• COVID-19 legislation in Panama
• Articles and publications
• Appointments of firm members and board members
• Awards and recognitions

This summary is a testament to the hard work and dedication of our lawyers and their teams in the past year, and we look forward to expanding the scope of our publication in the future.

If you would like to provide feedback, please get in touch with us at consultas@icazalaw.com.