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  • Heard at the bar
    • US firm Cleary, Gottlieb, Steen & Hamilton has hired corporate lawyer Andrew Curran from UK firm Lovell White Durrant. Curran, who specializes in mergers and acquisitions, will join Cleary's London office on January 1. Curran will advise Cleary's lawyers in London and throughout Europe on English law (see article on page 15 for comment on this move).
    August 31 1996
  • Asian litigation
    Lenders always seek to protect their interests over their loans or security when borrowers go into liquidation. However, it has increasingly been of interest to borrowers to know what happens to the loans or security when lenders go into liquidation. The statutory right of set-off in liquidation in Hong Kong in these circumstances was dealt with by the Judicial Committee of the Privy Council in Tam Wing Chuen & Anor v Bank of Credit & Commerce Hong Kong Ltd (in Liquidation) [1996] 1 HKC 692.
    August 31 1996
  • Canada enhances netting-friendly status
    Various amended pieces of Canadian legislation now recognize and protect the enforceability of close-out netting for derivatives deals. By Margaret Grottenthaler of Stikeman, Elliott, Toronto
    August 31 1996
  • Russian uncertainties dispelled by optimism
    Regulatory confusion and continuing uncertainties are not standing in the way of business in Russia. Lawyers are finding their market booming. By Alex Lennane
    August 31 1996
  • Cutting edge close-up: Samalayuca II: smoothing the process for big projects
    Consortium of developers
    August 31 1996
  • USAA issues unusual bonds
    USAA, the US's biggest direct home and car insurance company, is planning an unusual sale of $500 million in bonds on the capital markets. The bonds would be tied to the company's hurricane losses. Holders would have to surrender their principal if USAA is forced to cover more than US$1 billion in claims caused by any single hurricane in the next year. In return, they will receive a risk premium on top of the normal bond market return.
    August 31 1996
  • Dewey and Theodore complete divorce
    US firm Dewey Ballantine and the UK's Theodore Goddard have broken up their four-office joint venture in central and eastern Europe, with Dewey buying Theodore out. The divorce of the former partners follows the split in the firms' London office when Dewey announced plans for a fully independent office (see International Financial Law Review, June 1996, page 4).
    August 31 1996
  • Dutch Bar abandons tariff system
    The Dutch Bar Association has decided to stop its tariff system, by which fee guidelines are issued every year for the profession. The change comes after a government report criticized the system, saying some companies considered the fees too high. From January 1 1997 the Association will give advice on billing instead.
    August 31 1996
  • Ethical Italian
    Dr Franco Riolo, general manager of the legal and tax department at Banca Commerciale Italiana, talks to Diana Bentley
    August 31 1996
  • Comment
    Philip Wood of Allen & Overy, London, foresees a legal revolution, cutting the divides and confusions between legal systems, and argues that lawyers should do more to promote reform
    August 31 1996
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