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Maples and Calder’s clients say the quality of the advice is ‘higher than at other firms for Cayman law’, and appreciate the partner’s ‘limitless command’ of Cayman law issues. The team has been strengthened by the arrival of finance partners Mark Western and Stacey Overholt. All the senior lawyers get recommendations, with Greg Knowles singled out in particular. A highlight for the firm was acting for Pypo Digital Company in the $378m merger with Middle Kingdom Alliance.

The ‘proactive rather than reactive’ team at Walkers has been expanded even though the firm moved some staff over to the newly opened Singapore office. Hugh O’Loughlin has a niche specialisation in aircraft financing and ‘knows the industry extremely well’. The ‘user friendly’ finance and corporate head Andy Randall ‘gets across issues very quickly’ and clients rate his offshore finance advice as ‘outstanding’. Randall acted for Deutsche Bank as arranger for a $80m loan facility for Yingli Energy, and the team advised Array on its IPO on the Taiwan GreTai Stock Market, the first Taiwan listing of a foreign company. The expertise in both Cayman and BVI law leads its clients to rate Walkers as ‘the premier offshore law firm’.

M&A specialist Frances Woo leads the team at Appleby, where Owen Jones specialises in asset and project finance, acting for Standard Chartered Bank on its $20m term facility to an oil and gas company. On the capital markets side, the team acted for Link Finance on its establishment of a $1bn Euro Medium Term Note Program.

Conyers Dill & Pearman’s lawyers are ‘easy to work with’ and ‘easily accessible’. The firm is renowned for its IPO work, and the team advised on the $1.3bn China Zhongwang Holdings Limited IPO offering of 140 million shares, one of the largest IPO’s in 2009. Other areas of focus are capital markets, M&A, corporate finance and investment funds. Clients particularly rate the BVI and Cayman law advice. Piers Alexander advises on mutual funds and corporate finance matters.

Harney Westwood & Riegels established a Cayman focus, with new hire and Cayman specialist Paul Lau joining the team. The Hong Kong office is headed by Michael Gagie, who advised Village Roadshow Entertainment in the merger of interests between Village Roadshow Pictures and US-based Concord Music. In another highlight, the team advised Aareal Bank Asia and Aareal Bank on the senior loan financing of a commercial property acquisition in Shanghai for $635.2m.

Ogier’s two-partner team Duncan Smith and Timothy Bridges focuses on the advice on investment funds of all types, such as hedge funds, private equity funds and real estate funds.

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Legal Developments in Hong Kong

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  • Cayman Investment Company Obtains Chapter 15 Protection in the United States

    The United States’ Bankruptcy Court for the District of Delaware has recognised the liquidation of a Cayman company, Saad Investments Finance Company (No5) Limited (“SIFCO5”) (an SPV established to operate as an investment company), as a “foreign main proceeding” under Chapter 15 of the United States’ Bankruptcy Code.
    - Harney Westwood & Riegels
  • BVI to update Intellectual Property laws

    As the British Virgin Islands continues to play a vital role in facilitating global trade and investment, it turns its attention to helping its more than 60,000 new companies per year build a business environment where innovation can be a key economic driver. Towards this end, the BVI Financial Services Commission (the “FSC”), which is the public body with responsibility for, among other things, administering the intellectual property laws of the BVI, announced on 5 January 2010 the establishment of a Focus Group to review and revise the existing IP laws
    - Harney Westwood & Riegels
  • BRITISH VIRGIN ISLANDS CORPORATE ARRANGEMENT SCHEMES

    With a global economic downturn in full swing, companies around the world are looking for ways to safeguard their future existence. The strategies employed to do so are numerous and varied but a number of companies have employed the use of corporate arrangement schemes entered into with their creditors, investors and other stakeholders as a way to refocus and preserve their business.
    - Harney Westwood & Riegels
  • A Primer to Buying Securities Firms, Asset Managers, Insurers and Banks

    The meltdown in global financial markets has triggered a consolidation of the financial services industry as securities firms, asset managers, insurers and banks alike spin-off assets and restructure their operations to shore up capital. These transactions are often global in nature, involving substantial Hong Kong operations. In this article, we review the basic Hong Kong legal and regulatory framework for these transactions and present some lessons learned.
    - Timothy Loh, Solicitors
  • The PCCW Privatization: A Guide to the Applicable Law for Schemes of Arrangement

    Allegations of share splitting in the proposed privatization of PCCW have raised an important question as to how the statutory majority to approve a scheme of arrangement should be determined. This question is significant both in the short-term for investors trading PCCW and in the long-term in the context of future schemes of arrangement. In this article, we  examine the applicable laws and regulations with a view to providing hedge funds and other investors with guidance.
    - Timothy Loh, Solicitors
  • New Proposals to Regulate Mis-Selling of Investment Funds & Structured Products in Hong Kong

    The recent global financial crisis has resulted in an upswing in regulatory action throughout world markets. In Hong Kong, the Securities and Futures Commission (“SFC”) has proposed a slew of new requirements, some of which have already been implemented retroactively and without industry consultation. In this article we examine these ongoing developments in SFC policy and their effectiveness in reaching a fair balance between investor protection and costs to the investor and the financial industry.
    - Timothy Loh, Solicitors
  • Cross-border transactions and the advantages of using a BVI joint venture vehicle

    As cross-border transactions and international business partnerships become part of everyday life, parties are increasingly looking towards offshore jurisdictions for a neutral vehicle which can be tailored to all of the parties’ needs. This article will take a look at why companies incorporated in the British Virgin Islands (BVI) are suited for such transactions and, given the current economic climate, will also highlight some of the remedies available to a shareholder when a joint venture relationship takes a turn for the worse.
    - Harney Westwood & Riegels
  • The lender’s Holy Grail

    Indira Birkwood of Harneys outlines the advantages of using a BVI company for financing transactions
    - Harney Westwood & Riegels
  • THE USES OF VISTA TRUSTS

    The Virgin Islands Special Trusts Act, 2003 (" VISTA ") is now a little under 5 years old, having come into force in March 2004, and it is perhaps an interesting point to consider how the Act has been used and applied by the trust industry in the British Virgin Islands (" BVI ").
    - Harney Westwood & Riegels
  • Distressed Debt in Hong Kong: An Insolvency Primer for Private Equity

    Recent shocks to the financial markets as well as deteriorating economic conditions have brought insolvency issues sharply back into focus.  For some hedge funds and private equity funds, insolvency has come unwelcome in the form of the deteriorating financial condition of a portfolio company to whom loans have been made or whose debt the funds have acquired.  In this article, we review basic Hong Kong insolvency law concepts and outline debt recovery options.
    - Timothy Loh, Solicitors

Press releases

The latest news direct from law firms. If you would like to submit press releases for your firm, send an email request to