Cross-border: Finance

This Note examines collateral allocation mechanism (CAM) exchange provisions in loan agreements.  It describes common triggering events for CAM exchanges, explains how these provisions typically work, and considers particular issues sometimes encountered in the operation of CAM exchange provisions.

This Note provides an overview of the key US federal income tax issues for lawyers drafting guaranties and highlights some tax planning opportunities.

An introduction to the US arbitral institutions highlighting the key features and differences of the institutions and their rules.

This Note discusses the US federal income and withholding tax rules that potentially apply to payments made by a US corporate borrower to a foreign corporate lender under a loan agreement. 

This Note provides an overview of the issues to consider when taking a security interest over a foreign asset or from a foreign entity. It also contains a link to PLC Finance multi-jurisdictional guides which discuss issues relating to taking security in various jurisdictions.

A summary of the UK rules prohibiting certain UK companies from giving financial assistance (such as making a loan or providing collateral or guarantees) for the purpose of the acquisition of their shares or those of a UK parent company.

A discussion of collateral allocation mechanism (CAM) exchange provisions including links to CAM provisions in loan agreements. Additional precedents are no longer being added to this Note.

This practice note discusses the main US tax issues that may arise in relation to debt financing of corporate groups.

Typical tax clauses in a loan agreement. These Standard Clauses have integrated notes with important explanations.

Description of issues relating to foreign and local counsel in a secured financing transaction.

A Q&A guide to lending and taking security in the UK (Scotland). The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security, negative pledge, guarantees, and loan agreements. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Finance Country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

This tool enables subscribers to search the Country Q&A in the PLC Finance multi-jurisdictional guide by question and jurisdiction. Simply select the questions and the jurisdictions that you are interested in and click the "submit" button. Please note that the law stated dates for each jurisdiction covered may not be the same. To check the law stated dates for each jurisdiction, please visit the individual article.

This table summarises the common forms of security and required formalities for security granted over tangible movable property (excluding ships and aircraft). This table is part of the PLC multi-jurisdictional guide to finance law. For a full list of jurisdictional Q&As visit www.practicallaw.com/finance-mjg.

A Q&A guide to tax on finance transactions in Italy. This Q&A provides a high level overview of finance tax in Italy and focuses on corporate lending and borrowing (including withholding tax requirements), bond issues, plant and machinery leasing, taxation of the borrower and lender when restructuring debt, and securitisations. To compare answers across multiple jurisdictions, visit the Tax on corporate lending and bond issues Country Q&A tool. The Q&A is part of the PLC multi-jurisdictional guide to tax on finance transactions. For a full list of jurisdictional Q&As visit www.practicallaw.com/taxontransactions-mjg.

A Q&A guide to tax on finance transactions in Argentina. This Q&A provides a high level overview of finance tax in Argentina and focuses on corporate lending and borrowing (including withholding tax requirements), bond issues, plant and machinery leasing, taxation of the borrower and lender when restructuring debt, and securitisations. To compare answers across multiple jurisdictions, visit the Tax on corporate lending and bond issues Country Q&A tool. The Q&A is part of the PLC multi-jurisdictional guide to tax on finance transactions. For a full list of jurisdictional Q&As visit www.practicallaw.com/taxontransactions-mjg.

An assessment of the international implications of the US Foreign Account Tax Compliance Act.

In this article, based on a client briefing, the Capital Markets Group at Clifford Chance look at how traditional high yield bond documentation may (or may not) deal with the possibility of a Eurozone member departing from the currency union.

A Q&A guide to tax on finance transactions in India. This Q&A provides a high level overview of finance tax in India and focuses on corporate lending and borrowing (including withholding tax requirements), bond issues, plant and machinery leasing, taxation of the borrower and lender when restructuring debt, and securitisations. To compare answers across multiple jurisdictions, visit the Tax on corporate lending and bond issues Country Q&A tool. The Q&A is part of the PLC multi-jurisdictional guide to tax on finance transactions. For a full list of jurisdictional Q&As visit www.practicallaw.com/taxontransactions-mjg.

In this article, based on a client briefing, the Derivatives Group at Clifford Chance look at how market standard derivatives documentation may (or may not) deal with the possibility of a Eurozone member departing from the currency union.

A Q&A guide to finance in Brazil. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security, negative pledge clauses, guarantees, and loan agreements. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Finance Country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

This chapter provides an overview of the current legal framework in Brazil concerning: transactions which can be considered fraudulent in the event of a debtor’s insolvency; the types of security and guarantees which can be taken over debt; and the recognition and enforcement of foreign judgments and arbitral awards. This article is part of the PLC multi-jurisdictional guide to restructuring and insolvency. For a full list of contents visit www.practicallaw.com/restructurehandbook.

A Q&A guide to restructuring and insolvency law in Ireland. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in Romania. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in Indonesia. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

This chapter provides an introduction to some of the key principles of Islamic finance and an overview of some Islamic financing techniques. It also outlines some of the recent legal developments and challenges faced by the Islamic finance market. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

This article examines recent developments in private equity investment in Latin America, outlines some key common characteristics of the Latin American private equity market and analyses legal and market developments in Brazil, Chile and Colombia.

An expert Q&A with Kim Blanchard of Weil, Gotshal & Manges LLP and Andrew Solomon of Sullivan & Cromwell LLP on the Foreign Account Tax Compliance Act (FATCA).

A Q&A guide to restructuring and insolvency law in Denmark. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructurehandbook.

A Q&A guide to restructuring and insolvency law in Greece. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructurehandbook.

The United Kingdom update for June for the PLC Global Finance multi-jurisdictional monthly e-mail.

The Canada update for March for the PLC Global Finance multi-jurisdictional monthly e-mail, containing an update on the situation in the banking market in Canada, in particular with regard to banks' declining use of government aid.

A Q&A guide on the causes, effects and regulatory impact of the financial crisis in China.

A Q&A guide on the causes, effects and regulatory impact of the financial crisis in the United Kingdom.

A consideration of the issues involved in investing in distressed debt in the UK and US markets.

The differences between acquisition financings in the US and the UK are decreasing due to the general globalisation of capital markets, in particular the introduction to the UK of private equity sponsor financing techniques developed in the US. However, some significant differences remain. This chapter examines structuring the acquisition and conditionality and preparation (the need for "certain funds").

The decision of where to locate an international arbitration can have major implications for the outcome. This first of a two-part feature examines the factors to consider when making that decision and provides an overview of the approaches to arbitration practice and the attitudes of arbitrators in ten key jurisdictions.

The Treasury Department published a second intergovernmental agreement to implement FATCA as outlined earlier in joint statements with Japan and Switzerland.

The US and UK signed an agreement to improve international tax compliance and implement the Foreign Account Tax Compliance Act (FATCA) on September 12, 2012.

The Treasury Department announced a new intergovernmental framework to implement FATCA in joint statements with Japan and Switzerland.

An update on the IRS's revision of Notice 2011-53 to include withholdable payments to non-financial foreign entites in the phased implementation schedule for withholding under the Foreign Account Tax Compliance Act (FATCA) enacted as part of the Hiring Incentives to Restore Employment Act of 2010.

HMRC updated its FAQs on the double tax treaty passport scheme on 7 July 2011.

An update on the IRS's issuance of additional guidance for foreign financial institutions (FFIs) on implementing the Foreign Account Tax Compliance Act (FATCA) withholding and reporting provisions enacted as part of the Hiring Incentives to Restore Employment Act of 2010 (HIRE Act).

An update on the final report and recommendations of the Basel Committee's Cross-border Bank Resolution Group on cross-border bank crisis management.

An update on a memorandum of understanding between the FDIC and the Bank of England providing for greater cooperation between the two authorities in resolving troubled banks that have US and UK operations.

An update on the settlement of a dispute between the US and Swiss governments relating to the release of UBS client records.

An update on the responses of some Swiss banks to the dispute between the US Department of Justice, the Swiss government and UBS over US efforts to gain access to UBS client records.

An update on the agreement between Switzerland and the US to amend a treaty related to the exchange of tax information and the dispute over US efforts to compel UBS to turn over client records related to an investigation into tax evasion.

An update on the Lehman bankruptcy proceedings.

An update on the publication by the Basel Committee on Banking Supervision (BCBS) of its final guidance for supervisors on due diligence and transparency regarding cover payment messages relating to cross-border wire transfers.

The Association of British Insurers (ABI) changes its guidelines on share issuances.

UK Government publishes draft provisions on the Taxation of the Foreign Profits of Companies, containing details of its proposed worldwide debt cap.

The FSA publishes a consultation paper (CP08/22) on its new Individual Liquidity Adequacy Standards (ILAS).

An update on new tax treaty instruments that entered into force on December 15, 2008.

A Q&A guide to lending and taking security in China. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security and guarantees. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Lending and taking security in country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to lending and taking security in Jersey. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security and guarantees. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Lending and taking security in country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to lending and taking security in Sweden. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security and guarantees. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Lending and taking security in country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to tax on finance transactions in Japan. This Q&A provides a high level overview of finance tax in Japan and focuses on corporate lending and borrowing (including withholding tax requirements), bond issues, plant and machinery leasing, taxation of the borrower and lender when restructuring debt, and securitisations. To compare answers across multiple jurisdictions, visit the Tax on corporate lending and bond issues Country Q&A tool. The Q&A is part of the PLC multi-jurisdictional guide to tax on finance transactions. For a full list of jurisdictional Q&As visit www.practicallaw.com/taxontransactions-mjg.

A Q&A guide to lending and taking security in Australia. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security, negative pledge, guarantees, and loan agreements. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Lending and taking security in country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to finance in Finland. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security, negative pledge clauses, guarantees, and loan agreements. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Lending and taking security in country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to finance in the United States. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security, negative pledge, guarantees, and loan agreements. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Lending and taking security in country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to restructuring and insolvency law in Jersey. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and Insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to lending and taking security in Ireland. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security, guarantees, and loan agreements. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Lending and taking security in country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to lending and taking security in Switzerland. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security and guarantees. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Lending and taking security in country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to lending and taking security in the Cayman Islands. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security and guarantees. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Lending and taking security in country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to finance in the UK (England and Wales). The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security, guarantees, and loan agreements. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Lending and taking security in country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to lending and taking security in Japan. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security and guarantees. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Lending and taking security in country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to structured finance and securitisation law in India. This Q&A provides an overview of, among others, the markets and legal regimes, issues relating to the SPV and the securities issued, transferring the receivables, dealing with security and risk, cash flow, ratings, tax issues, variations to the securitisation structure and reform proposals. To compare answers across multiple jurisdictions, visit the Structured lending and securitisation Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to structured finance and securitisation. For a full list of contents visit www.practicallaw.com/securitisation-mjg.

A Q&A guide to structured finance and securitisation law in Turkey. This Q&A provides an overview of, among others, the markets and legal regimes, issues relating to the SPV and the securities issued, transferring the receivables, dealing with security and risk, cash flow, ratings, tax issues, variations to the securitisation structure and reform proposals. To compare answers across multiple jurisdictions, visit the Structured lending and securitisation Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to securitisation. For a full list of contents visit www.practicallaw.com/securitisation-mjg.

A Q&A guide to structured finance and securitisation law in Hong Kong. This Q&A provides an overview of, among others, the markets and legal regimes, issues relating to the SPV and the securities issued, transferring the receivables, dealing with security and risk, cash flow, ratings, tax issues, variations to the securitisation structure and reform proposals. To compare answers across multiple jurisdictions, visit the Structured lending and securitisation Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to structured finance and securitisation. For a full list of contents visit www.practicallaw.com/securitisation-mjg.

A Q&A guide to tax on finance transactions in China. This Q&A provides a high level overview of finance tax in China and focuses on corporate lending and borrowing (including withholding tax requirements), bond issues, plant and machinery leasing, taxation of the borrower and lender when restructuring debt, and securitisations. To compare answers across multiple jurisdictions, visit the Tax on corporate lending and bond issues Country Q&A tool. The Q&A is part of the PLC multi-jurisdictional guide to tax on finance transactions. For a full list of jurisdictional Q&As visit www.practicallaw.com/taxontransactions-mjg.

A Q&A guide to Finance in India. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security, negative pledge clauses, guarantees and loan agreements. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Finance Country Q&A tool This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to structured finance and securitisation law in Argentina. This Q&A provides an overview of, among others, the markets and legal regimes, issues relating to the SPV and the securities issued, transferring the receivables, dealing with security and risk, cash flow, ratings, tax issues, variations to the securitisation structure and reform proposals. To compare answers across multiple jurisdictions, visit the Structured Finance and Securitisation Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to structured finance and securitisation. For a full list of contents visit www.practicallaw.com/securitisation-mjg.

Debt-equity swaps are progressively being viewed in France as an efficient way of reducing the debt level of an excessively leveraged company. This chapter considers how debt-equity swaps can be used out of court, as well as how they can be used in insolvency proceedings. This is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

With the recent marked increase in real estate portfolio investment in Germany, lenders increasingly need in-depth specialist advice on enforcement routes and are often unable to handle enforcements in-house. This chapter provides an overview of the alternative enforcement routes available and outlines some of the insolvency law considerations that may be of relevance where a property-owning borrower is not resident in Germany. This is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

This article examines the principles that the Canadian courts will apply to determine the centre of main interest (COMI) for a debtor with operations in more than one jurisdiction. The determination is an important one, since it will effectively decide whether the relief of a stay of proceedings granted under section 48 of the Companies' Creditors Arrangement Act is automatically available, or only given at the court's discretion. This is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in Germany. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in India. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in Japan. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in Mexico. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in Poland. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in South Africa. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in Spain. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to restructuring and insolvency law in Switzerland. The Q&A gives a high level overview of the most common forms of security granted over immovable and movable property; creditors' and shareholders' ranking on a company's insolvency; mechanisms to secure unpaid debts; mandatory set-off of mutual debts on insolvency; state support for distressed businesses; rescue and insolvency procedures; stakeholders' roles; liability for an insolvent company's debts; setting aside an insolvent company's pre-insolvency transactions; carrying on business during insolvency; additional finance; multinational cases; and proposals for reform. To compare answers across multiple jurisdictions, visit the Restructuring and insolvency Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

This article briefly outlines the restructuring and insolvency procedures that Swedish car automotive business SAAB has been through since the 2008 downturn of the global economy. In particular it considers the company's first restructuring; the voluntary liquidation that SAAB was entered into; the company's second restructuring; and the bankruptcy process that SAAB is currently going through. This article is part of the PLC multi-jurisdictional guide to restructuring and insolvency law. For a full list of jurisdictional Q&As visit www.practicallaw.com/restructure-mjg.

A Q&A guide to tax on finance transactions in France. This Q&A provides a high level overview of finance tax in France and focuses on corporate lending and borrowing (including withholding tax requirements), bond issues, plant and machinery leasing, taxation of the borrower and lender when restructuring debt, and securitisations. To compare answers across multiple jurisdictions, visit the Tax on corporate lending and bond issues Country Q&A tool. The Q&A is part of the PLC multi-jurisdictional guide to tax on finance transactions. For a full list of jurisdictional Q&As visit www.practicallaw.com/taxontransactions-mjg.

A Q&A guide to tax on finance transactions in the Russian Federation. This Q&A provides a high level overview of finance tax in the Russian Federation and focuses on corporate lending and borrowing (including withholding tax requirements), bond issues, plant and machinery leasing, taxation of the borrower and lender when restructuring debt, and securitisations. To compare answers across multiple jurisdictions, visit the Tax on corporate lending and bond issues Country Q&A tool. This Q&A is part of the PLC multi-jurisdictional guide to tax on finance transactions. For a full list of jurisdictional Q&As visit www.practicallaw.com/taxontransactions-mjg.

Commercial letters of credit, the most frequent method of payment for goods in international trade transactions, have frequently been described as the lifeblood of international commerce. However, it can be argued that another, related method of payment is of equal importance, namely the independent or "on-demand" payment undertaking. This form of payment encompasses standby letters of credit, independent or on-demand bank guarantees and performance bonds. This chapter considers the basic features of letters of credit (also known as documentary credits), how commercial letters of credit work and how they are used in international trade, how standby letters of credit work and considers international standby practice, the basic principles of performance bonds and bank/on-demand guarantees, and outlines their use in international trade, their effectiveness and the establishment of uniform rules in this area. From an English law perspective, other negotiable instruments that are used in trade finance to effect payment, in particular, bills of exchange, promissory notes, forfaiting and advance payment bonds and guarantees. It also considers the use of these instruments in international trade. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to finance in Canada. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security, negative pledge clauses, guarantees, and loan agreements. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Finance Country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to finance in Germany. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security, negative pledge clauses, guarantees, and loan agreements. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Finance Country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to finance in Italy. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security, negative pledge clauses, guarantees, and loan agreements. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Finance Country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide to Finance in South Korea. The Q&A gives a high level overview of the lending market, forms of security over assets, special purpose vehicles in secured lending, quasi-security, negative pledge clauses, guarantees, and loan agreements. It covers creation and registration requirements for security interests; problem assets over which security is difficult to grant; risk areas for lenders; structuring the priority of debt; debt trading and transfer mechanisms; agent and trust concepts; enforcement of security interests and borrower insolvency; cross-border issues on loans; taxes; and proposals for reform. To compare answers across multiple jurisdictions, visit the Finance Country Q&A tool. This article is part of the PLC multi-jurisdictional guide to finance. For a full list of contents visit www.practicallaw.com/finance-mjg.

A Q&A guide on the causes, effects and regulatory impact of the financial crisis in Canada.