The English legal concept “scheme of arrangement” is an action under corporate law, which is now defined by part 26 of the English Company Act 2006 and which permits flexible agreements between companies and their creditors in the context of company restructuring. One of its characteristic traits is that no unanimous decision of the creditors is necessary for its acceptance, but that it can be achieved by way of a majority decision.

Welcome to the fifth edition of this publication which has been compiled by the Salans Global Corporate Group comprising experienced lawyers from each of our 22 offices. Previous editions have dealt with: the establishment of companies and partnerships in key jurisdictions; the use of warranties in international acquisitions; the issue and transfer of securities in key jurisdictions;and governmental approvals and third party consents in corporate transactions.

With expensive accounting rules, an increased threat of litigation and hundreds of millions of dollars in fines for some firms, the once prestigious New York Stock Exchange and other American markets have become unattractive to Germany's biggest companies. Daimler and Deutsche Telekom have fled this year and the few remaining are likely to follow, Spiegel Online reported. On June 18, the symbol of the German company Deutsche Telekom, DT, made its last run across the ticker at the New York Stock Exchange.

Germany's economy is booming thanks to a rapid recovery of global exports. But Europe isn't out of the woods yet. Few know exactly what nasty surprises might be lurking on bank balance sheets across the Continent -- and stress tests might not be enough to reveal them, Spiegel Online reported. A high-profile stress test of German banks could mean even more stress for an industry that currently needs mutual trust and tranquility more than anything.

Add this to the list of reasons German taxpayers are unhappy about having to lend Greece money to ease its debt crisis: In effect, they already have, The New York Times reported.