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A recent case underlines the reluctance of UK courts to impose personal duties on directors of companies where there is economic loss but not personal injury. By David Kavanagh of Watson, Farley & Williams, London

The Hungarian parliament will shortly consider major company law reforms, setting more stringent financial criteria and modernizing other corporate requirements. By Zoltán Grmela of Gárdos, Benke, Mosonyi, Tomori, Budapest

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.

By the end of fiscal 2000, a momentous series of reforms should have opened the Japanese financial markets. The government’s programme is reviewed by Naoaki Eguchi, Yasushi Murofushi and Jeremy Pitts of Tokyo Aoyama Law Office-Baker & McKenzie, Tokyo

On July 1 1997, the EU made a fresh offer to the World Trade Organization (WTO) in the course of the current talks aimed at liberalizing financial services worldwide. The new offer increases the scope of the previous offer, which included, among other things, free access (on a most-favoured-nation basis) for foreign institutions to the EU's internal market in financial services, and the right to establish branches.

The London office of New York's Debevoise & Plimpton has won Arthur Marriott from rivals Washington DC-based Wilmer Cutler & Pickering. A leading English advocate, Marriott was one of the first two solicitors made Queen's Counsel in March this year. He takes two assistants with him "Having Marriott will be of great benefit to our clients, for now we will have leading professionals in the international dispute-resolution field on both sides of the Atlantic," says Debevoise's presiding partner Barry Brown. "This move also reflects the firm's overall commitment to our international practice, and to London in particular." International arbitration and litigation issues were formerly handled largely from the firm's New York and Paris offices.

The recent publication of the German Banking Supervisory Authority’s Circular 4/97 clears the way for the development of a significant ABS market in the Federal Republic. By Alexander Vogt and Kurt Dittrich of Oppenhoff & Rädler, Frankfurt

The International Bar Association (IBA) has set up a drafting group to produce a position paper on multi-disciplinary partnerships (MDPs). The group, established by the IBA's standing committee on MDPs, aims to submit the paper to IBA president Desmond Fernando in October. Fernando's comments will then be put before the committee in New Delhi in November. The drafting team will be: Ward Bower of consultants Altman Weil Pensa and chairman of the standing committee; Tony Huydecoper, dean of the Nederlandse Orde van Advocaten (the Dutch bar association); David Andrews of the David Andrews Partnership; and Heinz Loeber, name partner at Germany's Heller Loeber Bahn & Partners.

US firm Shearman & Sterling has poached Holland West from rival Cadwalader, Wickersham & Taft. West, head of derivatives and asset management at Cadwalader, will now lead Shearman & Sterling's global derivatives and structured finance group.

The financing of large communication and infrastructure projects suggests the possibility of new forms of indebtedness, and the private placement of securities abroad is one option in project financing. In the past four years Colombian corporations and special purpose vehicles have privately placed securities abroad to finance their projects.