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Since gaining independence, Ukraine’s court system has struggled to modernize against the obstacles of old Soviet procedures and structures. Vladimir Zakhvataev of Salans Hertzfeld & Heilbronn, Kiev, explains the radical reforms introduced this summer

In the aftermath of the terrorist attacks in the US, "know your customer" has taken on greater importance for banks. On September 26 the Hong Kong Monetary Authority (HKMA) issued 2 circulars to banks on this topic in reaction to the US President's Executive Order of September 24 aimed at freezing the assets of named terrorist organizations and stopping financial support for terrorists. The circulars predate the Basle Committee's guidance on customer due diligence for banks of October 4. While acknowledging the Order's extra-territorial basis, the HKMA again stressed the importance of banks in Hong Kong cooperating in international efforts against terrorist activities and not becoming involved (even innocently or accidentally) in facilitating such activities.

The most recent developments at SAir Group and Switzerland's flag carrier SAirLines (Swissair) merit a short outline of the formal proceedings regarding moratorium and composition agreement under Swiss Debt Collection and Insolvency Law. The following three steps are to be distinguished:

Davis Polk puts JP Morgan loan in the picture

Russia has been riding a wave of economic progress as a new government, rising oil prices and legal reforms lead the way. But, as Thomas Williams reports from Moscow, there’s plenty to be done before everyone feels comfortable

Houston, Texas energy trading company Enron's $1.9 billion sale of utility Portland General Electric to Northwest Natural Gas this October provided a welcome slice of acquisition work for three firms.

Clifford Chance is advising the borrowers on the largest water project in the world. Stephen Harder, a project finance partner in the firm's Hong Kong office, is leading a team of lawyers in China and Hong Kong advising Anglian Water and Mitsubishi on a $200 million project financing to design, build and operate the largest water project in the global water market. The Beijing No 10 water treatment plant will supply drinking water to one in five residents of the Chinese capital.

Hunton & Williams is to advise the Philippine authorities on the long-awaited privatization of the country's electricity industry.

Many employers have incorporated a pay in lieu of notice clause (PILON) into their contracts of employment. This clause reserves the right of the company to terminate an employment with immediate effect by making a payment in lieu of that person's entitlement to notice. (The legal advantage of the clause is that termination can occur with immediate effect but without any breach of contract. This means any post-termination obligations on the employee, such as restrictive covenants, may remain in force rather than fall away due to the employer's breach.)

In a significant liberalization of the currency laws, Russia has abolished the licensing requirement for foreign currency loans with terms of over 180 days. This dramatic new change appeared in Central Bank Regulation No.1030-U, dated September 10 2001, and became effective on October 1. The new regime substantially simplifies the ability of Russian corporate borrowers to attract and repay hard currency loans from non-resident banks and companies for terms of over 180 days (long-term currency loans). Previously, such loans required individual licences from the Central Bank, and this requirement often delayed cross-border financings.