The Lawyer Africa Elite 2014 features an in-depth look at 46 leading independent firms’ strategies in 15 key sub-Saharan jurisdictions, as well as the views of in-house counsel from some of Africa’s largest companies... Read more
This year, The Lawyer’s annual ranking of the largest UK law firms by turnover is available as an interactive, digital benchmarking tool. For the first time this will allow you to manipulate each data set against the metrics of your choice.
Allen & Overy's (A&O) decision to take on work from multiple competing creditors and the joint administrator of TXU Europe KPMG, has greatly stalled the collapsed energy company's administration, according to sources close to the process
Due to concerns over conflicts, particularly at A&O, the other administrator Ernst & Young (E&Y) has not allowed any of the thousands of documents revealing why TXU collapsed to flow to KPMG.
E&Y's stance on A&O acting for KPMG, TXU's banks, one of TXU's energy company creditors Rugeley Power, and the banks for another energy creditor AEX Drax, has greatly disadvantaged KPMG.
KPMG's main work on the administration is to discover what went wrong, while E&Y has been charged with handling all other aspects.
As first revealed by The Lawyer (24 February), A&O and Cadwalader Wickersham & Taft, which is acting for KPMG and TXU's bondholders, will this week present the Commercial Court with a unique 'lawyer's protocol', outlining how they have erected Chinese walls. If the court rejects the protocol, KPMG will have to resort to using its formal powers to get the vital documents from E&Y.
"If this happens it will turn into a complete bun fight," said one source.