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Municipalities’ path to recovery under the US Bankruptcy Code is just as clear The US Bankruptcy Code is one of the clearest and most respected in the world. Companies facing insolvency try to leverage off any US connection they might have to gain access to it. Corporates' use of Chapter 11 has increased tremendously over the last decade. Foreign companies including Overseas Shipholding Group, CEDC Vodka and Maxcom have all used US assets, subsidiaries or registrations as a means to file bankruptcy under US law. Debtors and creditors typically have more confidence in the outcome when a proceeding is handled in this well tested way.

As Europe awaits Esma's latest move in the implementation of its Markets in Financial Instruments Directive II (Mifid II) some fairly strong theories are doing the rounds. As this month's cover story on page 32 shows, the directive in its current form could dry up liquidity, concentrate trading venues and even kill off European financial centres, depending on who you believe.

Markus Bolsinger Wendy Pan Judah Frogel Penny Zacharias Mario Nigro April witnessed the continuing defection of talent from Pillsbury to WINSTON & STRAWN. Following the moves of 14 partners in March, Peter Morgan, who specialises in structured finance, private equity, and fund formation, made the move to Winston's New York office.

Sellers in European M&A deals took on less risk in 2014 as the region saw a major uplift in M&A deal value, according to a study by CMS Cameron McKenna.

China's new deposit insurance scheme is a first step towards liberalising interest rates and allowing bank resolution. Its introduction is seen by many as a step towards the government allowing financial institutions to fail.

Initially foreign investors were optimistic about India's budget proposals, which deferred the General Anti-Avoidance Rules (Gaar) and reduced the corporate tax rate. But a little-noticed exemption means foreign investors could be liable for an 18% minimum alternate tax (MAT) – and it will be applied retroactively.

WOLF THEISS made a significant addition to its Czech team this month, hiring Allen & Overy's longstanding Prague corporate head, Jan Myška, who joined the Austrian outfit as joint Prague managing partner. Myška focusses on transactional work and regulatory advice in the energy and insurance sectors.

Corporate criminal regimes are spreading throughout Europe. The idea that companies can be held criminally liable for actions which, the law deems, are made on their behalf was once a particularity of US law.

The creation of a new Renminbi (RMB) hub in Canada has the potential to lower friction costs for trades between China and companies across the Americas.

Foreign investors face difficulties enforcing contractual obligations in Indonesia. But it’s possible to anticipate many issues at the drafting stage