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Indonesia offers two options to creditors: bankruptcy and moratorium law. The bankruptcy law is more attractive and designed for their benefit. By Robert N Hornick of Morgan, Lewis & Bockius LLP, New York

After two introductory articles, covering cross-border financing and project financing transactions, the insolvency rules in four of the countries most hard hit by the financial crisis are discussed in detail Does the crisis bring default under MAC clauses? After currency devaluation in Asia, lenders and borrowers are scrutinizing material adverse change (MAC) clauses to determine their respective positions. By Richard M Gray of Milbank, Tweed, Hadley & McCloy, Singapore How to arrange workouts in project financing The crisis in Asia has boosted the existing dangers of failures in project finance transactions. This article outlines the ways to find a solution to failures. By Troy Alexander of White & Case LLP, New York Indonesian bankruptcy law protects creditors Indonesia offers two options to creditors: bankruptcy and moratorium law. The bankruptcy law is more attractive and designed for their benefit. By Robert N Hornick of Morgan, Lewis & Bockius LLP, New York Japan offers debtors and creditors greater options Japan's legal system has a range of alternatives for insolvency proceedings. Bankruptcy is by far the most common. By Naoaki Eguchi and Yoshiaki Muto of Tokyo Aoyama Law Office and Jeremy Pitts of Baker & McKenzie, Toyko Korean insolvency laws protect foreign investors Creditors and shareholders of insolvent Korean companies have three main attractive systems to protect their interests. The courts are showing increasing flexibility. By YS Oh and Keun Byung Lee of Bae, Kim & Lee, Korea New Bankruptcy Act to boost Thai economy Thailand's new Bankruptcy Act should protect insolvent companies while providing incentives to foreign creditors to inject funds to reorganize businesses. By Kitipong Urapeepatanapong, Sawanee Sethsathira and Chirachai Okanurak of Baker & McKenzie, Bangkok Law firms adjust to Asian economic troubles As capital markets, project finance and securities work dry up in Asia some law firms are concerned. Most are compensating by changing the emphasis of the work they offer. Some are even expanding. By Mairi MacLean of Baines Gwinner, London

Philippe Dewast, legal director at Eurotunnel, Calais, talks to Nick Ferguson

Thailand’s new Bankruptcy Act should protect insolvent companies while providing incentives to foreign creditors to inject funds to reorganize businesses. By Kitipong Urapeepatanapong, Sawanee Sethsathira and Chirachai Okanurak of Baker & McKenzie, Bangkok

Qwest Communications International agreed to buy LCI International, the American long-distance company in an all-stock transaction worth US$4.4 billion. The acquisition should be closed in June. O'Melveny & Myers, New York, are advising Qwest. The team is led by corporate partner Drake Tempest and includes partners David Litt (corporate) and Dan Dunn (tax).

Serdar Paksoy, name partner and co-founder of leading Turkish firm Hergüner Bilgen & Paksoy, has walked out on the firm and set up his own practice. Paksoy & Co opened for business in Istanbul on January 1 1998. The reasons for the split are numerous, but include differing views on management, growth and practice areas, says Paksoy. Esin Taboglu, a senior associate at Hergüner Bilgen, has followed Paksoy and will join him as his partner in the new firm. Paksoy & Co has four associates in addition to the two partners, including a former associate at Hergüner Bilgen.

• In London, US firm Akin, Gump, Strauss, Hauer & Feld has poached three lawyers from US rivals in the city. Kaamil Ansar, Andrew Thomas and Elisha Flax are being hired to expand the firm's London project finance team. Ansar, a dual-qualified project finance specialist, joins the firm as partner from Jones, Day, Reavis & Pogue. Thomas and Flax, both UK solicitors, join as counsel and associate from Chadbourne & Parke. • US firm Winthrop, Stimson, Putnam & Roberts has also added to its project finance team two partners from rival New York firm Verner, Liipfert, Bernhard, McPherson and Hand. Roy Bowman and Douglas Ochs Alder will join the firm's Washington DC office. Bowman was a shareholder in Verner, Liipfert and chaired the firm's international transactions and trade practice. The firm has also poached project finance partner Jay Fortin from Watson, Farley & Williams.

UK firm Linklaters & Paines has formally ended its two year association with German firm Schön Nolte Finkelnburg & Clemm and is now setting up to work with Oppenhoff & Rädler, the German member of the Alliance of European Lawyers. According to Linklaters' press release the office is set to continue as the Frankfurt branch of Schön Nolte. But the three Linklaters lawyers who will remain in Frankfurt have been offered new premises — coincidentally belonging to Oppenhoff. "They are moving into office space which Oppenhoff has made available to them," confirms Linklaters' managing partner Terence Kyle. So what of full Alliance membership? "We have an entirely open mind," says Kyle of Linklaters' European strategy and he is quick to point out that the firm itself has never declared any intention to join the Alliance.

The largest US merger between east and west coast law firms is being contemplated by New York firm Reid & Priest and San Francisco's Thelen, Marrin, Johnson & Bridges LLP. The combined firm would have about 350 lawyers. Meanwhile, Reid & Priest has also linked with ambitious Indian firm Titus & Radhakrishnan. Richard Gary, Thelen Marrin's chairman, says: "The conversations are at a very serious stage. I expect there will be a decision within the next few weeks." A spokesperson for Reid & Priest refuses to comment.

On March 5 1998 the Reserve Bank of New Zealand implemented a real-time gross settlement (RTGS) system for high value interbank transactions (including those in the wholesale securities and foreign exchange markets). The value of such transactions settled through the new Zealand banking system now averages more than NZ$30 billion (US$17.5 billion) a day. Previously, these interbank obligations were netted and settled overnight through each bank's settlement account with the Reserve Bank.