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Ramon G Songco Jenny Jean B Domino The service of a summons is indispensable in judicial proceedings. It both notifies the defendant that a suit has been brought against it and enables the court to acquire jurisdiction over the defendant in person, thus making any court order or ruling in such a case binding upon that defendant. This acquires particular relevance in cases of in personam actions, which are based on the defendant's personal liability. In contrast, in an action in rem, the judgment pertains to the thing that is the subject of the action and the court need not acquire jurisdiction over the defendant in person, only over the thing itself.

The lighter side of the past month in the world of financial law

Billion dollar price tags are the new normal for M&A. IFLR1000’s annual rankings identify the law firms that have laid the foundations for next year’s deal activity

John Breslin Ireland has a shared legal tradition with the UK. Even though UK decisions are not binding in Ireland (but have persuasive authority), decisions of superior courts in the UK (such as the Supreme Court) merit close attention. This is undoubtedly true for the recent UK Supreme Court decision on contractual penalties in two joined appeals cases: Cavendish Square Holding v El Makdessi/ParkingEye v Beavis ([2015] UKSC 67) (Cavendish decision).

Maria Pía Talavera Barclay A merger is a corporate reorganisation that involves the combining of different companies into a single company in order to enhance the financial and operational strengths of the corresponding organisations. Peruvian law provides that by virtue of a merger, one or more companies transfer in a single act all of their assets (property, rights, obligations and/or liabilities) in favour of a new or existing company, which absorbs them in their entirety, causing in turn the dissolution of the companies transferring their assets. Due to the relevance of the legal implications of a merger (among other things, the transfer of all of the assets of a company), it is pivotal to have certainty on the effective date of such corporate reorganisation. Unfortunately, Peruvian corporate laws are not clear in this respect.

Cleary Gottlieb’s Gabriele Apfelbacher, Michael Kern and Valentin Pfisterer explain the new waterfall for bank bonds

The view regulators should have adopted throughout their rulemaking

Rima Moawad, Loeb & Loeb Roberta Bassegio, PaulHastings As 2015 draws to a close, many firms are adding bench strength. In one of the highest-profile lateral hires in New York, GREENBERG TRAURIG gained Iskender 'Alex' Catto, who became the new head of the firm's power industry projects and restructuring teams.

Brigette Baillie, Herbert Smith Freehills Caroline Sherrell, White & Case In Paris the most notable appointment saw DECHERT hire leading M&A lawyer Laurent Faugerolas, who joined the US firm after a near-three year hiatus from legal practice. He left to establish a boutique M&A advisory consultancy firm in London, after spells at Weil Gotshal & Manges and Willkie Farr & Gallagher.

In-house counsel in Hong Kong have called for Chinese authorities to provide clarity over the regulatory regimes governing offshore RMB bond issuance.