How to instruct and manage local counsel in a finance transaction
Published by a LexisNexis Banking & Finance expert
Practice notesHow to instruct and manage local counsel in a finance transaction
Published by a LexisNexis Banking & Finance expert
Practice notes
Given the cross-border nature of many banking transactions, it is common for the principal legal advisors for lenders/creditors and borrowers/obligors 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:
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the role of local counsel
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instructing local counsel as principal legal advisers for lenders/creditors or borrowers/obligors, and
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the role of the principal legal advisers in managing local counsel
Role of local counsel
When to appoint local counsel
In general, local counsel will need to be appointed in any situation where:
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the client needs advice on local law
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there are documents to be drafted and/or entered into which are governed by law other than the law of England and Wales, and
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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
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Jurisdiction(s):
United Kingdom
Key definition:
Overseas company definition
What does Overseas company mean?
CA 2006, s 1044 defines an 'overseas company' as any company incorporated outside the UK. Not every overseas company that carries on business in the UK is required to register its particulars with companies house; the company will have to consider the CA 2006 and the Overseas Companies Regulations 2009 (SI 2009/1801) to determine whether registration is necessary. An overseas company has to be registered at Companies House if it opens an 'establishment' in the UK. An establishment is a branch within the meaning of the Eleventh Company Law Directive, or a place of business that is not such a branch.
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