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Bankruptcy laws and blame are inextricably linked. When a company goes bust, people lose money, fingers are pointed and blame apportioned. For public companies especially, the difficult art of value preservation comes into play, while investors demand answers as to what went wrong. Often management takes the fall, as is only correct as they are the stewards of companies, but the real work in keeping a company alive or fairly dividing assets is a long and arduous job, hampered by the lack of harmonization among insolvency regimes around the world.

Slovenian competition law consists of two distinct independent regulatory frameworks. The Prevention of the Restriction of Competition Act (the Competition Act) prohibits restrictive agreements and the abuse of a dominant position and, while the rules on unfair competition aim to prevent behaviour that violates the principle of fairness when performing business activities (the Protection of Competition Act, or the Competition Act 1993).

Introduction

On July 1 2005 the UK overhauled its listing regime. Alex Kay and Justine Fowler of Herbert Smith consider whether the changes point to a brave new world for UK corporate governance

International banks and corporations with dealings in Italy should take notice of new precedents that require them to have tough controls to prevent employees from committing financial crimes, say Raffaele Rizzi and Nadia Rahman

Tsvetan Krumov and Iskra Neicheva of Landwell Bulgaria explain the ins and outs of corporate governance in Bulgaria

Melissa J Schwartz and Felix Saratovsky of Akin Gump Strauss Hauer & Feld highlight the differences between US and Russian board of directors standards and the developments expected in this area of Russian corporate governance

Neil Cummings and Martin Zohn explain why, to the relief of lenders, the controversial Owens Corning ruling has been overturned

Japanese companies have faced various stages of corporate governance reform since 2001. Hiroki Kodate and Norifumi Takeuchi of Anderson Mori & Tomotsune highlight the changes