Project financing is secured by a combination of guarantees on different assets. These guarantees may include trusts, pledges, mortgages on personal and real property of the project, conditional assignment of contracts, direct contracts, bonds, among others. 

However, the most important asset on which a guarantee can be constituted are the shares of the company that owns the project. Panamanian law contemplates four structures to constitute guarantees on shares, specifically the deposit, the mortgage of personal property, the pledge and the trust.

Eric Carles, associate of SIGMA, has developed a table that summarizes the structures to constitute guarantees on shares, including the main characteristics, advantages and disadvantages of each one of them. Click Download to access the chart.

The full article can be read at the following link: https://sigmalawfirm.com/wp-content/uploads/2022/12/221201_SIGMA_Articulo-Eric-Carles.pdf