The European Court of Justice (ECJ) has today handed down judgment in the Akzo privilege case, confirming that legal professional privilege does not apply to protect communications between parties and their in-house lawyers from disclosure during competition investigations by the European Commission (Akzo Nobel Chemicals Limited and Akcros Chemicals Limited v Commission of the European Communities). Although the decision will not come as a surprise, following as it does the Advocate General's opinion published on 29 April 2010 (see our e-bulletin of that date), in-house lawyers and the organi

Under the FSA Client Asset Sourcebook (‘CASS’), “client money” must be segregated, and is subject to a protective a statutory trust. In the case of a large number of clients, Lehman Brothers International (Europe) (‘LBIE’) failed to segregate client money. Accordingly, its administrators applied to the High Court seeking directions on the firm’s obligations in administration in relation to the distribution of client money.

The following two exemptions from the annual subscription tax (taxe d'abonnement) will, without a doubt, attract additional investment fund promoters to Luxembourg: as from the fiscal year 2010 onwards, an exemption will impact both UCIs and specialized investment funds (SIFs) which either invest at least 50% of their assets in one or several microfinance institutions or benefit from the microfinance label from the Luxembourg Fund Labelling Agency. a draft legislation has, as from 1 January 2011 onwards, proposed that there be also an exemption for Exchange Traded Funds (ETFs). These measur

LIEN ON ME: (citation: Richard J. Corbi; U.K. Supreme Court Ignores Priority Payment Scheme: A Lesson in Loan Drafting, XXIX ABI Journal 7, 46-47, 49, September 2010) - Richard J. Corbi

Of all the politicians elected to high office in the West in the past few years, David Cameron seemed the least revolutionary. There was certainly none of the thrill of Barack Obama’s elevation. Even set against his peers in Europe, Mr Cameron seemed to offer less disruptive élan than Nicolas Sarkozy and a less intriguingly ruthless career than Angela Merkel. Here was a pragmatic toff, claiming the centre ground back from a Labour Party that had lost its vim.

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.

The British insolvency system will get a new independent complaints body, a revamped regulatory system, increased transparency and an increased status for unsecured creditors under sweeping reforms recommended today. The Office of Fair Trading (OFT) prepared a wide-ranging market study after extensive consultations starting last year, in response to complaints that the system favours banks over unsecured creditors, allows insolvency practitioners (IPs) to charge excessive fees and allows them to abuse ‘pre-packaged administrations’. The report can be found at:

"How did I go broke?" the once-rich F. Scott Fitzgerald said to Ernest Hemingway. "Two ways – slowly then quickly." More and more wealthy Britons are being left surprised at the speed with which the golden horse-drawn carriage of their lives has suddenly become a train on a one-way ticket to Queer Street. The Duchess of York – who is facing bankruptcy, has been reduced to trying to sell her husband's influence like some eau de parfum and is now in danger of losing her home – is only the most recent case of financial meltdown among the well-heeled.

67/10 24 June 2010 The OFT has today recommended far-reaching reforms of the corporate insolvency regulatory regime to build trust in the market and ensure that it works in the best interests of creditors and the wider economy. Each year, Insolvency Practitioners (IPs) in the UK realise about £5 billion worth of assets and earn approximately £1 billion in fees from corporate insolvency procedures. An OFT market study published today found that while the market often works well, it may not work in the best interests of all creditors in over a third of administrations and creditors' volunt