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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

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

Chilean companies are no longer able to supply all the finance they need domestically. This article explains how they can raise money through Eurobonds. By Ignacio Arteaga-Echeverria and Cristian Herrera-Barriga of Cariola Abogados, Santiago

Peruvian company Minera Yanacocha was formed by a group of investors in 1992 to exploit a mine in the northern region of Cajamarca. The company today holds one of the most attractive gold deposits in the world, with an estimated production of 1 million ounces of gold a year. It is also the subject of shareholder litigation over shares worth more than US$100 million, now awaiting a final vote in the Supreme Court and representing the most important legal claim in Peru's mining history.

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

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

US firm Davis Polk & Wardwell is representing Aetna in its acquisition of New York Life Insurance. New York Life is being advised by Skadden, Arps, Slate, Meagher & Flom, New York. Aetna has agreed to pay an initial US$1 billion in cash for New York Life, with contractual payments of up to US$300 million if earning targets are met. The Davis Polk & Wardwell lawyers who are working on this deal include corporate partners Lewis Kaden, David Caplan and tax partner Po Sit. In New York, Skadden Arps's team includes mergers and acquisitions partners Jeffrey Tindell and Robert Sullivan. Also in New York are partners Michael Weiner (antitrust), Stuart Levi (IP) and Neil Liff (employment). In Chicago, Louis Freeman is handling the tax issues.

UK firm Freshfields is starting a joint venture with a Japanese lawyer, or bengoshi. The joint venture is the closest form of cooperation allowed by Japanese bar rules between bengoshi and foreign firms. Freshfields will become the fifth law firm to form a joint venture, after French firm Gide Loyrette Nouel and US firms Baker & McKenzie, Sullivan & Cromwell and White & Case. Restrictive legal rules mean foreign law firms in Tokyo are forbidden from employing bengoshi, or offering them partnerships. The joint venture allows firms to share offices and other expenses, but they must keep all income separate. There are many foreign law firms in Japan but joint ventures are rare because foreign lawyers think the system is flawed. Ruth Markland, Freshfields' managing partner in Asia agrees to a point. "It is unsatisfactory because it would be ideal to be able to offer full partnership," she says. "But we feel the time is right to have a Japanese capability and this is the structure that is allowed." Markland expects the planned economic reform will lead to greater demand for legal services in Tokyo.