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Insolvency and restructuring laws across the EU are a mess of different approaches: some creditor-friendly, some creditor-hostile. Andrew Wilkinson, Tony Horspool and Ian McKim argue that it is time for change

The Korea Federation of Banks (KFB), a trade association representing the interests of the Korean banking industry, has amended its Guidelines Concerning Management and Sale of Capital Stock Acquired by Creditor Financial Institutions by way of Debt-to-Equity Swap (the KFB Guidelines) to enhance the level of transparency during the sale of restructured companies. The amended KFB Guidelines, to which all banks in Korea are bound, took effect as of June 3 2005 and will apply to the up-coming sale of restructured companies.

Islamic finance has grown exponentially in recent years. Now many believe securitization is the next financing method to be adapted to comply with Islamic law. By Tamara Box and Mohammed Asaria

Jersey has completely revised the layout of its laws to make them more accessible and user-friendly.

The German Ministry of Defence has entered into a private finance initiative (PFI) deal with a consortium of four defence industry manufacturers. The transaction concerns financing for flight simulators used to train army and navy pilots on the new Nato transport helicopter. Consortium members CAE, Eurocopter, Rheinmetall Defense Electronics and Thales have entered into an 18-year €488 million deal with the Ministry. Stephen Hodgson led a White & Case team advising the consortium while the German Ministry of Defence used its internal legal team.

Freshfields Bruckhaus Deringer has advised UK department store operator Debenhams on the £2.05 billion refinancing of its third- party and shareholder debt and a related corporate restructuring. CSFB, Citigroup, Merrill Lynch and Morgan Stanley acted as lead arrangers for the syndicated loan facilities. The refinancing follows private equity consortium Baroness Retail's acquisition of Debenhams in 2003. The Baroness consortium is made up of funds advised by CVC, Texas Pacific Group and Merrill Lynch Global Private Equity Group. Partners Brian Gray, Karen Fountain, Patrick Gaynor and Ken Dierden led the Freshfields team. Shearman & Sterling advised the lead arrangers.

Poland has missed the implementation deadline, but should otherwise implement the Directive faithfully. By Andrzej Mikosz

Ireland is repealing its entire securities law regime to make way for Prospectus Directive implementation, providing a fresh start for the country's capital markets. By David Byers

New and proposed international accounting rules attempt to blend a European approach with US elements. Increased transparency of deals will need to be weighed against additional costs of due diligence. By Kathryn Cearns

The Swedish Covered Bonds Act (as amended) (Sw: lag (2003:1223) om utgivning av säkerställda obligationer) came into force on July 1 2004. The Act allows Swedish mortgage lending institutions to issue bonds secured by mortgage loans separated into a specific security pool.