Protests outside the palace, IMF warnings to cut spending, people in suits avoiding the mob, fear of a run on the banks, the spectre of default, a currency fixed to a much stronger economy: Greece, 2011, or Argentina, 2001? "Que se vayan todos!" (They must all go!) was the slogan of the protesters forcing out the Argentine president who locked away their bank savings, triggering default and devaluation.

Insolvency legislation is a federal law and is therefore applied throughout the country. The Bankruptcy Act (‘Ley de Concursos y quiebras’, in Spanish) is part of the Commercial Code, which is also a federal law. Only Certified Public Accountants (CPAs or ‘Contadores Públicos Nacionales’, in Spanish) are appointed as Trustees in Bankruptcy by the court of original jurisdiction, out of a list of CPAs registered with the Appellate Court or the Supreme Court of each Federal State.

Insolvency legislation is a federal law and is therefore applied throughout the country. The Bankruptcy Act (‘Ley de Concursos y quiebras’, in Spanish) is part of the Commercial Code, which is also a federal law.

General Legal Framework Applicable to Listed and Non-Listed Companies. The Argentine legal framework provides a set of rules aimed at protecting minority shareholders from abuse both from the majority and from management1.