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Many US companies and individuals rushed to file for bankruptcy before a new law came into effect on October 17. Skadden Arps Slate Meagher & Flom was assigned as lead counsel to Delphi Corporation on its Chapter 11 restructuring. Delphi, which was spun off from General Motors in 1999, is the world's largest manufacturer of car parts. Delphi revealed details of $4.5 billion in financing that it plans to use to fund its operations while in Chapter 11. This will include up to $2 billion in debtor-in-possession financing from lenders led by JPMorgan Chase and Citigroup Global Markets. The Skadden Arps team representing Delphi includes partners John Butler and John Lyons in Chicago and Kayalyn Marafioti in New York. The company hopes to emerge from Chapter 11 in 2007.

Mayer Brown Rowe & Maw and Cravath Swaine & Moore were counsel on the $207 million initial public offering (IPO) of TAL International. The company, which sells freight containers, listed its shares on the New York Stock Exchange (NYSE). Philip Brandes of Mayer Brown represented the issuer, William Whelan of Cravath advised the underwriters, which were led by Credit Suisse First Boston.

By Rodrigo Conesa and Ricardo Calderón of Ritch Mueller

The Hague Securities Convention has come under attack for being allegedly US-centric and interfering with EU legislation. These assertions are unfounded, argue Harry C Sigman and Christophe Bernasconi

By Francisco Forastieri Muñoz, Cecilia Quintanilla and John E Rogers of Strasburger & Forastieri SC

The commitment of the government of Tanzania to encourage foreign investment is reflected in legislative changes, particularly the introduction of the Tanzanian Investment Act 1997, which sets out the legal criteria for all investors. This, together with the creation of a government privatization bureau and the Tanzania Investment Centre have clearly instilled confidence among foreign investors, who can enjoy certain tax breaks in the early years of investment.

Can Martin Wheatley, the new head of Hong Kong's securities regulator, help the local market secure its future? Andrew Crooke outlines some of the pressing issues

In 2002, the UK enacted the Proceeds of Crime Act, implementing the EU directives on money laundering. Pursuant to Section 328 of the Act, it is an offence to "enter into or become concerned in an arrangement which [the perpetrator] knows or suspects facilitates (by whatever means) the acquisition, retention, use or control of criminal property by or on behalf of another person." This provision is extremely far-reaching, as the Act defines "criminal property" as "a person's benefit from criminal conduct" and "criminal conduct" as any conduct that constitutes an offence in the UK or would constitute an offence in the UK if it had occurred there.

Under Romanian law no. 58/1998 on banking activity, the bank managers (conducatori) are those individuals who, according to the byelaws and the statutory bodies of the bank, are empowered to manage and coordinate the bank's daily activities. The conducatori have the right to legally bind the bank.

Creditors in Indonesia can choose from several ways to secure their loans, including fiduciary security, mortgages over land, pledge over movable goods and hypothec over a ship. This latter option allows a creditor to secure his receivables against a vessel. Hypothec remains in place even if that ship then changes ownership.