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Setting global standards for cross-border insolvency

Jay Lawrence Westbrook of the University of Texas School of Law considers the merits of three initiatives to deal with international workouts

August 31 2002

Mexico

After the completion of the negotiations for the North American Free Trade Agreement (Nafta), the Mexican authorities started to negotiate international treaties around the world to avoid double taxation, as well as treaties for the exchange of tax information. Under the constitutional principles, these treaties when ratified and approved by the Mexican senate will become the highest laws of the land, together with the Mexican Constitution.

August 31 2002

Japan

The Securities Settlement System Reform Law will come into effect in Japan in early January 2003. The object of the law is to provide a uniform, safe and efficient book-entry settlement system for certain corporate, government, municipal and foreign bonds, commercial paper and beneficial interests. Shares, warrants and convertible bonds are outside the scope of the new system. A unified settlement system for all securities remains a goal for the future.

August 31 2002

China

The State Development Planning Commission issued the Provisional Regulations on Administration of Foreign Investment in the Rare Earth Industry on August 1 2002. According to this regulation, foreign-invested rare earth projects are divided into three main categories, that is, rare earth mining, rare earth smelting and separation, and rare earth deep processing and application.

August 31 2002

Ireland

The Irish government has recently enacted regulations to give effect to two EU directives: Directive 2000/28/EC relating to the taking up and pursuit of the business of credit institutions; and Directive 2000/46/EC relating to the taking up, pursuit of and prudential supervision of the business of electronic money institutions.

August 31 2002

Lawyers keep faith despite Hong Kong's doubters

Many times the future of Hong Kong has been written off. Many times the region has bounced back. By Nick Ferguson

August 31 2002

Sarbanes-Oxley specialUS Congress carries anti-fraud effort abroad

John D Moore of Goldman Sachs looks at what the new law means for companies

August 31 2002

Linklaters advises on world's largest buyout

Linklaters has advised a consortium of private equity houses on Europe's most expensive leveraged buyout. The €4.9 billion ($4.78 billion) acquisition of Legrand is the biggest private equity buyout for a decade, will be the largest mezzanine financing in Europe and the biggest high-yield financing in France.

August 31 2002

Barclays to hire new legal chief

Howard Trust has resigned as group general counsel and group secretary of Barclays, forcing the bank to find a replacement before he leaves in the first quarter of 2003. Trust became Barclays' first general counsel in 1995 after joining six years earlier, but has decided he wants to pursue new opportunities.

August 31 2002

Dechert opens in Germany with ex-Simmons & Simmons chief

Dechert has opened a full-service office in Frankfurt, Germany, run by the former managing partner of Simmons & Simmons' German operations. Corporate finance specialist Gerhard Kaiser has become the new managing partner of Dechert in Germany. He will start in his new role by building the firm's German-law focus on private equity, corporate recovery, taxation and investment management work, with an aim to have 12 lawyers on the ground by the end of this year.

August 31 2002

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