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The Austrian insolvency law was amended in June 2003 by the Federal Act on International Insolvency Law (Federal Law Gazette 2003/36). The Regulation (EC) Number 1346/2000 of May 29 2000 on insolvency proceedings (EU Insolvency Regulation) was incorporated into the Austrian insolvency law and was supplemented by further national provisions governing the effects of insolvency proceedings in Austria on assets situated abroad as well as the recognition of foreign insolvency proceedings in Austria. Finally, the Federal Act on International Insolvency Law implemented Directive 2001/17/EC on the reorganization and winding-up of insurance undertakings (Directive 2001/17/EC) and Directive 2001/24/EC on the reorganization and winding up of credit institutions (Directive 2001/24/EC). For this purpose, several special provisions were enacted which apply exclusively to insurance undertakings and credit institutions.

Buyers of legal services in Japan will soon have the option to use the one-stop-shops that they have wanted for so long. But can law firms deliver? Andrew Crooke reports from Tokyo

Clifford Chance has overtaken Allen & Overy in project finance deal volume this year, according to figures from Dealogic ProjectWare.

In an effort to stop investment funds moving abroad, the German government has proposed a law allowing hedge funds to be sold in Germany.

Shareholders who failed in an initial attempt to block Procter & Gamble's takeover of hair-care company Wella will take the case to Germany's Federal Constitutional Court and launch action in the civil courts also.

As Islamic financing becomes more complex, contracts need to specify the terms and subject matter of the deal as far as possible to comply with Sharia principles. Kenneth Aboud, Hooman Sabeti and Asmaa Al-Shabibi of Allen & Overy Shook Lin & Bok explain how to win approval from Islamic scholars

Issuers are now able to offer securities in Japan by way of private placement to any number of foreign investors who meet the criteria of qualified institutional investors under the Securities and Exchange Law of Japan.

As part of its new social security structure, the Indian government has announced in the budget of 2003-2004 a slew of measures the highlights of which are outlined below:

The Hungarian Parliament has approved substantial amendments to the Companies Act as part of the harmonization of Hungarian company law with EU requirements. Most of the changes relate to companies limited by shares (Rt). Changes include new simplified rules on contribution in kind. They also give a general pre-emption right for all shareholders for newly issued shares irrespective of the public or private nature of the issue, implement the EU rules regarding own shares and introduce the redeemable share. The main thrust, however, of the amendments is the introduction of stricter and broader rules in two areas: protection of the net assets of an Rt (where a payments to shareholders on whatever title will be subject to tests, such as the ordinary course of business or the ability of the Rt lawfully to pay dividends) and financial assistance (where the scope of what may constitute financial assistance will be expanded to include any security, loan or early payment with the aim of facilitating the acquisition of shares by a third party). The above amendments enter into force as of January 1 2004.

SINA Corporation last month closed the first of a series of convertible bond deals from China's best-known internet portals.