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Chinonyelum Uwazie Vincent Iweze In 2009, a banking crisis rocked the Nigerian financial industry when the Central Bank of Nigeria (CBN) discovered that 10 of the 24 deposit banks were highly undercapitalised. Worries persisted, albeit subtly, until recently when the Nigerian Deposit Insurance Corporation (NDIC), the body responsible for insuring deposits of money institutions in Nigeria, took over the management of three of these banks due to their failure to demonstrate their ability to recapitalise by the September 30 2011 deadline set by the CBN.

The previous issue of the Polish international briefing devoted to insolvency regulations presented the legal grounds for bankruptcy, types of bankruptcy proceedings and consequences of bankruptcy as regards the debtor's (bankrupt's) right to manage its business. This issue lays out the ramifications of bankruptcy on the obligations of, and proceedings involving, the bankrupt.

Sosuke Kimura An act amending Japan's Financial Instruments and Exchange Law (FIEL) was passed in May 2011. The amended FIEL, which is scheduled to become effective by May 24 2012, will include revisions to, among other things, the disclosure systems for rights offerings.

Marielle Garrigó Project finance transactions have been executed in the Dominican Republic for several years now, mainly for infrastructure projects. Although the existing regulatory framework in the country does not contemplate these types of operations, the regulations have actually demonstrated to be favourable to the creation of a body of contracts and documents that provides a viable structure for financing large projects in Dominican territory.

Freddy Karyadi Oene Marseille On August 15 2011, Indonesia's Minister of Finance (MoF) issued Regulation 130/PMK.011/2011 concerning the long-awaited tax holiday.

The Central Bank of Cyprus has issued a Directive under Article 20 of the Central Bank of Cyprus Laws of 2002 to 2007 regarding the implementation of the European Central Bank's Decision (dated September 16 2010) on the authenticity and fitness checking and recirculation of euro banknotes (ECB/2010/14).

Carlos Fradique Méndez Luis Gabriel Morcillo The recent upgrade of Colombia's credit risk rating to investment grade by three Wall Street agencies has opened the door to a broader range of foreign financial institutions, including mutual funds, to offer their products in the Colombian securities market.

Dr Jasna Zwitter-Tehovnik Pursuant to section 1376 of the Austrian Civil Code, an amendment to an existing loan agreement constitutes a new debt obligation if either its object or legal basis has been altered. Apart from the contentious issue of determining which particular situations this covers and which it does not, section 1378 on its own creates more headaches. It stipulates that, by operation of law, each effected substitution of debt causes any kind of security (a guarantee, suretyship, or pledge of any sort) provided to collateralise the initial obligation to expire in full, save where the grantor has consented to the perpetuation of its contingent liability.

An article of the French Commercial Code may open the door to challenges to agreed deals if they are not balanced

The last element of Nakheel’s restructuring utilised an innovative trade creditor sukuk to settle its numerous claims. Here’s how it was done