Our latest success story comes from Fisher Jeffries, a law firm affiliated with the ILN's Australian member, Gadens Lawyers, who enjoyed a fruitful referral relationship with the ILN's Clark Wilson LLP.
In August 2012, Fisher Jeffries, a South Australian law firm affiliated with the major Australian national firm Gadens Lawyers, received urgent instructions from two major Australian banks in relation to the provision of additional financial accommodation under an existing club facility agreement to a listed Australian corporate borrower group (Borrower Group).
The purpose of the additional financial accommodation was to enable the acquisition of all of the share capital in an existing Canadian company (Canadian Target) by the Borrower Group and, following completion of that acquisition, the amalgamation of the Canadian Target with the Borrower Group’s Canadian subsidiary (Canadian Subsidiary). Both the Canadian Target and the Canadian Subsidiary were incorporated in the Province of British Columbia, Canada. The additional financial accommodation was also proposed to be provided by the lenders in Canadian dollars.
Given the international nature of the proposed transaction, Fisher Jeffries required the assistance of a Canadian based law firm to, amongst other things, review various documents from the perspective of the laws of British Columbia, to conduct aspects of a legal due diligence in British Columbia and to provide various supporting legal opinions on the laws of British Columbia. Consequently, Fisher Jeffries obtained the contact details of Clark Wilson LLP, located in British Columbia, via the International Lawyers Network.
The two firms had to deal with a range of complex legal issues that primarily flowed from the acquisition and amalgamation of the Canadian Target and the Canadian Subsidiary. Considerable effort was involved, for example, in preparing and negotiating supporting legal opinions between Fisher Jeffries, Clark Wilson LLP and the Borrower Group’s legal counsel.
Despite the significant time differences between Australia and Canada and the urgency of the instructions, the two firms worked collaboratively and were able to achieve financial close in the timeframes required by its clients.
The International Lawyers Network was critical to Fisher Jeffries being able to quickly locate an experienced and reputable law firm in British Columbia.