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Reforms to Russia's bankruptcy and insolvency proceeds should be paving the way to Russian prosperity, but good intentions are being undermined by less sophisticated thinking. Thomas Williams reports from Moscow

A recent UK court judgement has stopped minority lenders blocking a workout that is not in their interests. Rob Mannix explains why the ruling is good news for the banking industry

The proposed New York Stock Exchange corporate governance rules submitted to the SEC in August of 2002 and the Sarbanes-Oxley Act impose new requirements and obligations on audit committees. While most of these requirements will not become effective until 2003 and are subject to change through the SEC approval and rule-making processes, many companies are reviewing their audit committee charters to consider what changes may be required. Eric Robinson and Laura McIntosh of Wachtell, Lipton, Rosen & Katz in New York provide a model charter and explain some of its key elements.

Samsung Life Insurance has created a new template for Asia's increasingly sophisticated securitization market - cross-border residential mortgage-backed deals from Korea.

Allen & Overy has advised lead manager and arranger Morgan Stanley on the securitization of forest land by Finnish forest products company Stora Enso.

Ashurst Morris Crisp has advisedthe arranger of Tottenham Hotspur Football Club's securitization, the biggest and most complex UK football financing to date.

Two recent court rulings in Hong Kong that expand the powers of provisional liquidators will assist in restructurings. And not before time, says Tom Vaizey of Johnson Stokes & Master

No two leading firms in France can agree whether obstructive local usury laws apply to deals done overseas. Eric Cafritz and Omer Tene of Fried, Frank, Harris, Shriver & Jacobson explain why legislation must be updated

Securitization lawyers in Paris are angry about court judgments that are holding back their industry. Rob Mannix finds out why the French government must legislate if it is serious about promoting structured finance

Backers of Russian companies are looking forward to increased protection for their investments after comprehensive reform of the country's bankruptcy procedure was confirmed at the end of October.