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Restructuring solutions are becoming more complex, more expensive and taking longer to implement, according to Clifford Chance's restructuring team

Arthur Galea Salomone and Tiziana Filletti of Galea Salomone & Associates describe Malta’s procedures for dealing with companies in financial distress

Countdown has begun to the biggest overhaul of Germany's insolvency legislation, but lawyers predict more amendments are needed if the proposed reforms are to be effective

Guillermo Sánchez Sava and Gustavo Badilla Araya of Central Law explains Costa Rica’s provisions for prevention and reorganisation proceedings

The panic of 2008 and may be well behind us, but the restructuring and insolvency lawyers are still dealing with the fallout from the crisis

From December 1 2011, Decree No 90/2011/NÐ-CP (dated October 14 2011) on the issue of enterprise bonds came into effect. It replaced Decree No 52/2006/NÐ-CP (May 19 2006) on the issue of enterprise bonds and some selected provisions of Decree No 53/2009/NÐ-CP on the issue of international bonds.

Andreas Moll Pursuant to a press release of February 3 2012, the Swiss Competition Commission (Comco) has received information regarding potentially unlawful cartel agreements among banks. Specifically, collusion between derivative traders might have influenced the Libor and Tibor reference interest rates. Furthermore, market conditions regarding derivative products based on these reference rates might also have been manipulated. The Commission has therefore opened an investigation against UBS and Credit Suisse, as well as more than 10 foreign institutions (Bank of Tokyo-Mitsubishi UFJ, Citigroup, Deutsche Bank, HSBC Holdings, JP Morgan Chase, Mizuho Financial Group, Rabobank Groep, Royal Bank of Scotland Group, Société Générale, and Sumitomo Mitsui Banking Corporation).

Yoichi Maekawa The term Islamic banking refers to banking transactions that are made in compliance with the religious principles of Islam. For instance, Islam prohibits the imposition of interest obligations, and this raises unique issues with respect to lending arrangements and the issuance of debt instruments. In Japan, conventional bonds issued in accordance with the Companies Act generally provide the bondholder the right to receive interest payments on the amount invested or paid for the bond and, as such, do not comply with Islamic tenets.

The National Commission for Banks and Insurance Companies (Comisión Nacional de Bancos y Seguros, CNBS) is legally in charge of regulating and supervising banks, insurance companies and securities operations in Honduras.

Despina J Doxaki The financial crisis throughout the eurozone has had a significant impact on the structuring of project finance deals, particularly with respect to the way in which country risks and lenders credit risks are effectively addressed.