The following Banking & Finance practice note provides comprehensive and up to date legal information covering:
Given the cross-border nature of many banking transactions, it is common for the principal legal advisors for lenders and borrowers to need to instruct local lawyers to provide advice on local law.
This Practice Note gives practical advice on instructing and managing local counsel and covers:
the role of local counsel
instructing local counsel as principal legal advisers for the lender or borrower, and
the role of the principal legal advisers in managing local counsel
In general, local counsel will need to be appointed in any situation where:
the client needs advice on local law
there are documents to be drafted and/or entered into which are governed by law other than the law of England and Wales, and
any document governed by English law is to be entered into by an overseas company
Instructing a local firm may not be necessary if the principal firm has people qualified in that office to advise on the relevant local law.
Common scenarios where local counsel may be appointed are:
where a company located overseas is providing a guarantee or security for the borrower's obligations
where a transaction is being run from the UK but the borrower (or one of the borrowers) is located overseas
where a transaction is being run from the UK but the loan agreement is to
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