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In 1996, AT&T Corporation (AT&T) closed the sale of its equipment finance and leasing subsidiary, AT&T Capital Corporation (AT&T Capital), to management and Hercules Holding (Cayman) Limited, which is owned by a group of companies led by GRS Holding Company. The acquisition, which closed on October 1 1996, was followed , two weeks later, by the issue of approximately US$3.2 billion of equipment-lease-backed-notes ('the notes'), approximately US$1.2 billion of which was used to finance the acquisition.

US firm Milbank, Tweed, Hadley & McCloy is restaffing its Russian office. The move follows its decision to withdraw its lawyers in October 1996 after David Slade left for Allen & Overy. Since then, all the firm's Russian work has been done out of its London and New York offices. The re-entry into Russia was announced with the appointment of Holly Nielson as managing partner of the Moscow office. Nielson is expected to head an initial team of three associates, two of whom will be Russian. Milbank hopes to double the number of lawyers within a year. The firm aims to offer specialization in capital markets, banking and project finance law.

Private sector finance is increasing in France. But undertaking projects with local government will require foreign companies to bridge a cultural gap. By Jacques Bertran de Balanda and Gilles Heude of Clifford Chance, Paris

The first UK Budget from 'New Labour' on July 2 kept the possibility of a general statutory anti-avoidance provision — perhaps on the Australian model — very much alive, but did not actually contain proposals for one. So for the time being that leaves UK advisers to work out the significance, if any, of some very broad statements in the House of Lords, as the ultimate level of tax appeal, in its decision on June 12 1997 in McGuckian. This was a victory for the UK Revenue, but how important a victory remains to be seen.

Law firms in the oil-rich country that rejected EU membership are poised to abandon their traditionally sedate culture and adopt a more aggressive approach. Samantha Wigham reports

Half of Denmark’s traditionally small, family-based firms are set to disappear, according to a recent report. Clare Hepburn looks at how lawyers there are meeting the challenges of liberalization

A report on company law commissioned by the Hong Kong government calls for radical streamlining and a move away from British legislative models. By Cally Jordan of Stikeman, Elliott, Hong Kong

The first measure in the long-awaited liberalization of Japanese financial markets has been passed. Naoaki Eguchi, Yasushi Murofushi and Jeremy Pitts, of Tokyo Aoyama Law Office – Baker & McKenzie, Tokyo look at the new foreign exchange regime

The cabinet has recently approved a draft Bill, which will now go before parliament, enabling the government to adopt the necessary provisions for the replacement of the lira by the Euro.

The Finnish government recently proposed changes to the regulation of the subscription and purchase of shares in real estate funds aimed at creating a more secure and better regulated means of investing in real property. The new legislation would apply to public limited liability companies (referred to in the proposal as 'real estate funds') through which the public can participate in a fund primarily investing in real estate and shares in real estate companies.