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In early 2005, the first large securitization of trade receivables was completed, with over DKr1 billion ($1.75 billion) of trade receivables sold into an existing platform.

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.

Adam Glass, securitization specialist at Linklaters in New York, introduces an occasional series on partners' personal experiences in corporate finance and what it takes to succeed (or fail) in their practice area of choice

On January 12 2005, the government repealed the contentious Press Note 18 (PN 18) dealing with foreign financial or technical collaboration under the automatic approval route.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

Boxclever: maintenance problems killed the deal German state-owned bank WestLB has finally rid itself of UK TV rental company Boxclever, almost two years after its securitization deal fell apart.

State-owned German bank HSH Nordbank's suit against Barclays Capital, the investment banking arm of Barclays Bank, over losses on structured finance products is due to start on February 21.