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  • The Privy Council (with judgment delivered by Lord Millett) has overruled the Court of Appeal decision of In re New Bullas Trading Limited [1994] I BCLC 449 by stating that it is not possible to obtain a fixed charge on uncollected book debts by treating the uncollected debts and their proceeds as two separate assets and creating a fixed charge over the uncollected debts with a floating charge over the proceeds.
  • Despite having one of the most securitization-friendly legal regimes in Asia, Hong Kong’s originators have not yet embraced the technique. Patrick Lines of Freshfields Bruckhaus Deringer in Hong Kong reviews the development of the market and the possibilities for growth
  • Linklaters in Brazilian joint venture
  • The offering of stock options by foreign companies to their employees in Portugal has raised a series of questions under the new Portuguese Securities Market Code. The main question is whether the stock options are negotiable securities. If they are, they must be qualified either as a public or a private offer of securities and will have to comply with the public or private offering rules, which involve different procedures and requirements in Portugal.
  • Following Telecom Italia’s securitization of fixed-line telephone bills, Thomas Williams reports on how a new market is opening up for European telecommunications companies, and their legal advisers, who are struggling to raise finance now the TMT bubble has burst
  • Allen & Overy has returned to Orrick Herrington & Sutcliffe's Singapore office to collect what it left behind the first time, namely Hooman Sabeti-Rahmati. Allen & Overy hired Ken Aboud from the New York firm in November and is now reuniting him with former colleague Sabeti-Rahmati, an associate who will work alongside Aboud in the firm's securitization practice.
  • Fixed or floating? When examining a charge over a company’s uncollected book debts it is sometimes hard to say, but in June the UK Privy Council gave a new and helpful opinion in Brumark. Justin Bickle of Cadwalader, Wickersham & Taft, London, examines the case and its implications
  • Alain Gauvin of Coudert Brothers, Paris, reviews the Peregrine/Robinson ruling and argues that market quotations are not sufficient when settling payments in such cases
  • By Vijaya Sampath, Partner and Prabjot Singh Bhullar, Senior Associate of J.Sagar Associates
  • By Sandeep M Farias and Deanne D’Souza-Monie of Nishith Desai Associates, India