Resumen
Latest acquisitions by Brazilian and Mexican companies of majority shares of some bankrupt United States companies1, poses important legal aspects of doing business in Latin America, which have been analyzed under International Law. Thus, Latin American countries must consider the institution of diplomatic protection as one of their possibilities to protect their shareholders rights in foreign corporations, furthermore, when Bilateral Investment Treaties (BIT) or any other kind of agreements does not exist2 and the state where the corporation is doing business decides to take actions against it, violating corporation or shareholders rights.