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Employees of companies in the midst of corporate collapse are often the people most affected; white knight investors rarely want to pay outstanding wages.

Changes to Ireland's tax legislation in the 2003 Finance Bill overcome previous differences applying to special purpose vehicles, and will expand the scope for securitization deals in the country says Cormac Kissane of Arthur Cox

Following a recent ruling by the European Court of Justice, the German Finance Ministry is looking again at aspects of the country’s Corporation Taxes Act governing thin capitalization. But lending banks may be disappointed by the review say Martin Krause and Karin Hauenschild of Linklaters Oppenhoff & Rädler

The much awaited Land Transport Management Bill was introduced to the New Zealand parliament on December32002. It reflects the government's new strategy for transport infrastructure development in New Zealand which was released officially on the same day. The Bill provides for private sector involvement in road schemes and for public-private partnerships (PPPs) in land transport infrastructure, which has historically been funded principally by the government. It is intended to provide flexibility and coordination so that a wider range of land transport solutions can be achieved than has been possible until now.

In the Budget Speech 2003, Hong Kong's financial secretary stressed the importance of attracting more financial product issuers. To further these initiatives and to foster the development of retail bonds, the SFC and the Financial Services and Treasury Bureau jointly published a consultation paper on March 10 2003, suggesting amendments to the Companies Ordinance.

In February 2003, a panel of experts was informed about various recommendations to improve Swiss financial market supervision. As an initial measure, the panel has recommended appointing the Swiss Federal Banking Commission and the Federal Office of Private Insurance as the new financial market supervisory authority. For this purpose the two federal bodies should be merged organizationally within this new authority. By summer 2003, the panel plans to submit a draft of a federal law on financial market supervision which will come into force by the end of 2003 at the earliest.

Pursuant to the Competition Act, one or more undertakings acquiring direct or indirect control over another undertaking or other undertakings qualifies as a concentration and, if certain thresholds are met, is subject to the Competition Office's approval. However, the acquisition of temporary control does not qualify as a concentration and, thus, the Competition Office's approval is not required. This special rule was applied and further interpreted in a recent decision when FOTEX, a holding company acquired interest in FTC, a Hungarian football club.

In turbulent times banks must trust material adverse change clauses to protect them from unforeseen risk. Richard Gray, Patrick Holmes and Kevin Muzilla of Milbank Tweed Hadley & McCloy examine the relative merits of these different arrangements

Hengeler Mueller and Cleary Gottlieb Steen and Hamilton have advised on Deutsche Telekom's mandatory convertible bond, only the second to be issued in Germany.

The Chinese government has taken a step towards easing the country's bad debt burden by approving - for the first time - an onshore Sino-foreign joint venture to buy a portfolio of non-performing assets.