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  • French company law has for a long time been the source of some confusion over the differing roles of management groups. The New Economic Regulations Law has now been passed with the intention of clearing up the mess and giving greater rights to works councils. Olivier de Précigout of Lovells, Paris, and Arnaud Latscha of Siméon & Associés look at the reforms
  • The latest legislative change prompting discussion is the Financial Services Reform Bill 2001 (FSRB) which is at present before the Federal Parliament. Now that the new federal Corporations Act 2001 has come into force, as of July 15 2001, the way has been paved for the FSRB to commence on October 1 2001.
  • On July 16 2001 the Argentine Commercial Court No. 15 ruled on the opening of preventive proceedings (concurso preventivo) to restructure over $900 million in debt of the flag-carrier Aerolíneas Argentinas and the appointment of receivers following a voluntary petition filed by the company to avoid a declaration of bankruptcy. Aerolíneas Argentinas is owned by the Spanish state holding company SEPI, which has been negotiating with the Argentine government over the airline's future.
  • The Privy Council (with judgment delivered by Lord Millett) has overruled the Court of Appeal decision of In re New Bullas Trading Limited [1994] I BCLC 449 by stating that it is not possible to obtain a fixed charge on uncollected book debts by treating the uncollected debts and their proceeds as two separate assets and creating a fixed charge over the uncollected debts with a floating charge over the proceeds.
  • By P. Srinivasan, Senior Associate of J Sagar Associates
  • Securities regulations, derivatives and debt markets By Prathana Awasthi of J Sagar Associates, India
  • By Sandeep M Farias and Deanne D’Souza-Monie of Nishith Desai Associates, India
  • By Ravi Nath, Senior Partner of Rajinder Narain & Co, New Delhi
  • By Sharad D Abhyanker, partner and Nikhilesh N Panchal, senior solicitor associate, of Little & Co
  • By Amarchand Mangaldas