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Faced with a severe economic crisis, Indonesia has heeded western calls for tighter bankruptcy regulation. It may be the first step to serious systemic reform. By Robert Cartwright of Baker & McKenzie, New York and Catherine Boggs, Baker & McKenzie Consultants, Jakarta

Allen & Overy's Frankfurt office has poached two partners from rival firms. Johannes Bruski was a partner with German firm Bruckhaus Westrick Heller Löber. Reinhard Hermes was formerly a partner in US firm Morgan, Lewis & Bockius's Frankfurt office. Bruski specializes in asset finance and cross-border leasing. He is also experienced in corporate mergers & acquisitions. He joins Allen & Overy's asset finance practice.

Despite resistance from rivals and internal opposition, Lagerlöf & Leman has chosen European integration over independence. Nick Ferguson reports from Stockholm on a market divided by Lagerlöf’s vision for European legal services

• US firm Brown & Wood has appointed Michael Durrer as a partner in its London office. Durrer returns to the firm after three years with Atlanta-based Kilpatrick Stockton. He joins the securitization practice group. • Mark Wierzbowski, a partner of the Warsaw office of Weil Gotshal & Manges, has been made President of the Supervisory Board of the Warsaw Stock Exchange.

A group of 15 lawyers who left Swedish law firm Lagerlöf & Leman because of its association with UK firm Linklaters & Paines are now the country's highest billing lawyers. Partners at Hammarskiöld & Co in Stockholm brought in on average Skr 9.6 million (US$1.17 million) per partner, almost twice that of the partners at their previous firm, according to figures published in the Swedish business newspaper Affärs Världen. In July, Lagerlöf & Leman, along with three other members of the Alliance, entered into an association with Linklaters. The new grouping, Linklaters & Alliance, includes Oppenhoff & Rädler in Germany, De Brauw Blackstone Westbroek in the Netherlands and De Bandt van Hecke & Lagae in Belgium.

Gary Spiess, general counsel at BankBoston, Boston, talks to Shane Sorenson

The Puerto Rico Telephone Authority agreed to sell the majority of its shares in the Puerto Rico Telephone Company to a group headed by a subsidiary of GTE Corporation. At closing, PRTA will receive US$1.875 billion — US$375 million as consideration for the shares and US$1.5 billion as dividend. The dividend will be paid through a loan, to be arranged GTE, from a syndicate of banks to PRTC.

Presidential Decree No. 696, which became effective on June 16 1998, has clarified the rules for the issue of Eurobonds or other international debt placements by regional governments within Russia. Generally, the Decree imposes new restrictions on these activities by regional governments, and seeks to promote sounder borrowing policies. The ministry of finance is granted supervisory authority and made responsible for approving new international debt issues. The new requirements for regional governments placing Eurobonds and other international debt issues include:

Legislation was recently introduced into New Zealand's parliament to reform various aspects of the law on payments finality and netting arrangements. The aim of these amendments is to increase the efficiency of, and reduce the risk in, New Zealand's financial system. The amendments have been promoted by the Reserve Bank of New Zealand in conjunction with the introduction of real-time gross settlement of high value interbank transactions (see International Financial Law Review, April 1998, page 55). It should be noted, however, that it is proposed that these amendments apply to companies and individuals as well as banks.

Market access for foreign enterprises into China is still restricted. Particularly limited are possibilities for the establishment of foreign investment enterprises (FIE), including equity and contractual joint venture companies with Chinese and foreign investment as well as wholly foreign owned enterprises, directly engaged in trading and distribution activities.