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Bank clients desiring to transfer their bank assets in the event of death to certain persons outside of regular inheritance proceedings often approach their bank with the idea of granting a power over their assets that will become effective only on the death of the grantor. Swiss banks refuse to accept such powers because, under Swiss law, this would be considered a matter of inheritance laws requiring the mandatory form of a testament. On the other hand, Swiss law recognizes a power of attorney granted with immediate effect and remaining in effect after the death of the grantor (post mortem power). Such a power does not require a testamentary form. This type of power has until now frequently been used as a means of estate planning, although its obvious disadvantage is that the beneficiary of the power can dispose of the assets already during the life time of the grantor.

Under Italian legislation local authorities can determine the conditions and the structure of their debt and can operate according to discretionary powers, although this must be in compliance with the general conditions provided by law.

Bär & Karrer Seefeldstrasse 19

Since the beginning of 2001, the diverse nature of the structured finance transactions carried out both in and through Ireland has increased dramatically. Many of these transactions are notable for the cutting edge nature of the structures implemented.

Switzerland’s independence and local laws have helped make it a major financial centre, but now it wants to be more like its EU neighbours. By wanting to have its cake and eat it, will Switzerland and its lawyers suffer a bad case of indigestion? Thomas Williams reports from Zurich

At a time when the UK economy needs every trick in the book to stay healthy, a weakened securitization market would be a serious blow. In this month’s IFLR, Ian Field and Jennifer Marshall of Allen & Overy, London, argue that just such a blow could be about to land. The proposed UK law on insolvency will, they say, create confusion over the right of secured creditors in structured finance issues to appoint a receiver. Without this, such deals would become almost impossible

Baker Botts has advised Dominion on the $2.3 billion cash, stock and assumed debt acquisition of Louis Dreyfus Natural Gas.

Linklaters advised Guoco Group on a general offer to repurchase 10% to 25% of its share capital by way of a modified Dutch auction. The deal was announced on September 10 and is scheduled for completion by the end of November. The value could be as much as HK$5.46 billion ($700 million). The deal is the largest general offer to repurchase shares (in terms of value) ever announced in Hong Kong. It followed the structure that Linklaters had earlier established for the HK$4.12 billion share repurchase by The Hong Kong and China Gas Company in June 2001.

Franco Vigliano

Cleary Gottlieb Steen & Hamilton and Clifford Chance have secured euro 4.5 billion ($4.1 billion) worth of funding for two deals in one of the biggest business acquisitions in Germany.