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UK insurer Friends Provident's new financing proves the worth of embedded value securitization to the life insurance industry.

Allen & Overy has finished top of Dealogic's global project finance review for the third time in four years. The firm closed 51 deals worth over $15 billion in 2004, taking a 9.3% share of the market.

IFLR is please to announce the short listed deals and law firms for the eighth Asian awards, as well as the winners of the National Law Firms of the Year

Companies outside the US are taking action to avoid rules that would compel many of them to register with the SEC. Dan Andrews reports

The Bank of Thailand (BoT) is publishing a reference rate for short-term interest rates, called the Bangkok Interbank Offered Rate (Bibor). Bibor is the rate of interest at which banks can borrow funds from other banks in the Bangkok interbank market.

One of Boston's most prominent venture capital law firms, Testa Hurwitz & Thibeault, will shut down following a vote by its partnership in mid-January. The firm pointed to the departure of 10 partners in early December and its subsequent failure to secure a merger, despite holding talks with various firms, as the reasons behind the decision to dissolve the remaining partnership. "A law firm such as ours, although prominent, profitable and filled with talented lawyers is - like any professional services organization - knit of a fabric that, if stretched too thin, can unravel," said managing partner George Davitt. A player in the Boston legal market for 30 years, Testa Hurwitz has been well known for its work in venture capital and private equity, including a fund formation practice.

For years lawyers in The Netherlands have pondered whether a creditor has the option of seizing the unused portion of a line of credit that the creditor's debtor maintains with its bank. It all started in 2001 with the decision of the German Supreme Court (Bundesgerichtshof) dated March 29 2003 answering the question in the affirmative. Almost instantly it was said that the outcome of a Netherlands seizure on the unused portion of a line of credit with a Netherlands bank could be identical or similar to the German conclusion. So all eyes were on the Supreme Court of The Netherlands (Hoge Raad der Nederlanden) as the most senior court to settle the matter, which it duly did in a ruling handed down on October 29 2004.

On January 12 2005, the government repealed the contentious Press Note 18 (PN 18) dealing with foreign financial or technical collaboration under the automatic approval route.

The BVI Business Companies Act (the Act) came into force on January 1 2005. Unlike the International Business Companies Act (the IBC Act), this single statute allows for the incorporation of international offshore companies as well as locally owned companies doing business in the BVI. For a two-year transition period, both the IBC Act and the new Act will be in force. After the two years, the new Act will be the sole corporate statue for the BVI and will regulate all BVI companies.

In a news story in the January issue of IFLR, it was wrongly reported that Linklaters advised Pemex on the Mexican company's recent perpetual bond issue. In fact Linklaters advised the underwriters and Cleary Gottlieb advised Pemex on the issue.