failure

The jewel in Hong Kong's legal services crown is failing.

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A note of personal sadness: long, long ago, this writer was considering his future. At the top of the list of highly professional firms that attracted him was Mallesons in Hong Kong. But a family discussion resulted in staying in London and taking a radically different approach. The hankering remained but the shine is wearing off as the now global association of practices is heavily in debt, shedding staff and trying to hive off offices and teams.

CoNet Section:

Legal Profession

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UK solicitors face closure after failure of professional indemnity insurer

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It used to be that the solicitors branch of the legal profession in England and Wales was compelled to purchase its professional indemnity insurance (PII) from a single, approved, insurer and the cost was very high. Rightly, the profession voted to widen the scheme to permit approved PII to be purchased from third party insurers on a competitive level. But things have not gone according to plan and the latest crisis threatens the future of several firms.

CoNet Section:

Legal Profession

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Drupal 7 Form processing halted for suspicious activity..

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Problem arose on implementation of multi-profiles under Profile2. Also installed Captch and Captcha Free plus HoneyPot. In addition EU Cookie Control and Login Toboggan.

Registration failed with the message "Drupal 7 Form processing halted for suspicious activity. Cookies must be set."

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Banking: Liquidators for Guaranty Bank sue former owners

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When Temple-Inland, a packaging and building products company in the USA spun off its Guaranty Bank subsidiary in 2009, the bank was "looted" and left in a parlous state, say the liquidators who have issued proceedings against Temple-Inland and several of its related companies, former officers and some executives who were still in post at the time the bank collapsed.

BIScom Subsection:

Management

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Nominal attention by compliance officer led to severe reprimand

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Hong Kong's Securities and Futures Commission has severely reprimanded Selina & Co Limited and reprimanded a director who, despite having responsibility for compliance matters, paid only nominal attention to those duties. It's the case that created new resolve at the SFC that compliance failures would no longer be dealt with by reprimand only.

BIScom Subsection:

Enforcement

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