IFLR 1000
The Guide to the World's Leading Financial Law Firms

	Bell Gully Chapman Tripp
	Buddle Findlay Russell McVeagh Simpson Grierson
	Dawson Harford & Partners Harmos Horton Lusk Mayne Wetherell Minter Ellison Rudd Watts

With Chapman Tripp's team already containing John Strowger, "regarded as the capital market expert in New Zealand", according to one peer, the team is well placed in the market, but it did not rest on its laurels and over the past 12 months strengthened its offering with the hire of former Russell McVeagh partner Ross Pennington, who is "highly regarded as one of the best debt capital markets practitioners", says a rival partner.Clients are certainly impressed with the team's offering: "Chapman Tripp has better depth than other firms we use and have very good technical knowledge," says one.... [more]

With Chapman Tripp's team already containing John Strowger, "regarded as the capital market expert in New Zealand", according to one peer, the team is well placed in the market, but it did not rest on its laurels and over the past 12 months strengthened its offering with the hire of former Russell McVeagh partner Ross Pennington, who is "highly regarded as one of the best debt capital markets practitioners", says a rival partner.

Clients are certainly impressed with the team's offering: "Chapman Tripp has better depth than other firms we use and have very good technical knowledge," says one. "They are technically very strong, detailed and relevant to the client's needs, and have a broad knowledge across all relevant issue parameters."

The firm was entrusted with advising CBG Trustee Company as the guarantor on its BNZ covered bond programme last year valued at an initial NZ$3 billion ($2.4 billion) rising to NZ$7 billion. This was the first covered bond programme established by a New Zealand issuer and the ownership structure is likely to be used as a template on future issuances by New Zealand banks. The structure seeks to limit the recourse of contingent creditors to the Public Trust by creating a separate company which is owned and controlled by a new trust of which Public Trust is the trustee.

Another notable highlight was acting for listed AMP NZ Office Trust (ANZO) on its conversion to a limited company, the first ever conversion of a listed property trust into an externally-managed listed property company. The work involved a number of very novel regulatory approvals in both New Zealand and Australia.

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	Bell Gully Chapman Tripp
	Buddle Findlay Mayne Wetherell Minter Ellison Rudd Watts Russell McVeagh Simpson Grierson
	DLA Phillips Fox Harmos Horton Lusk

One rival says that Chapman Tripp "deserves their top tier status", while a client adds: "We have used them for 20 years for their excellent banking work, technical skill and very current market knowledge."The past year saw the departure of Michelle Corse - Scott to Westpac Bank, however the firm immediately found a high quality replacement in partner Ross Pennington from Russell McVeagh.... [more]

One rival says that Chapman Tripp "deserves their top tier status", while a client adds: "We have used them for 20 years for their excellent banking work, technical skill and very current market knowledge."

The past year saw the departure of Michelle Corse - Scott to Westpac Bank, however the firm immediately found a high quality replacement in partner Ross Pennington from Russell McVeagh. "Ross is a leading capital markets, banking and structured finance lawyer and he'll completely transform the Chapman Tripp team", says a rival partner.

A notable highlight for the team was advising advising Bank of New Zealand, Commonwealth Bank of Australia and Bank of Tokyo Mitsubishi on unsecured bilateral facilities totalling NZ$500 million ($419 million) to Genesis Energy. This complex transaction included bilateral facilities. A hybrid deal model was also created between a bilateral and a syndicated lending structure.

The team ended the past year with advising Australia and New Zealand Banking Group (ANZ) on its refinancing of dairy firm Synlait Milk, following an equity investment from Shanghai-based Bright Dairy, one of China's largest dairy companies.This investment was settled following approval from the Chinese Government and fulfilment of all regulatory conditions. This NZ$162 valued transaction included a significant proportion of the finance provided by ANZ to fund the construction of a second milk processing plant.

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	Bell Gully Chapman Tripp Russell McVeagh Simpson Grierson
	Buddle Findlay Harmos Horton Lusk Minter Ellison Rudd Watts
	Dawson Harford & Partners DLA Phillips Fox Kensington Swan Mayne Wetherell

Chapman Tripp's large mergers and acquisition team continues to lead the way in New Zealand. "I think they are the best breed in New Zealand," says a client.... [more]

Chapman Tripp's large mergers and acquisition team continues to lead the way in New Zealand. "I think they are the best breed in New Zealand," says a client. "I like the way they provide thoughtful bespoke solutions, not a one answer fits all." The client continues: "it is a distinctive feature of Chapman Tripp that they present complex ideas in simple ways."

Highly regarded John Strowger "handles some of the largest deals", according to a peer who praised the team's "depth of expertise and experience [which] is unparalleled in the New Zealand market".

Last year's deal highlights include advising parties on the merger of MARAC Finance, Canterbury Building Society and Southern Cross Building Society to form a NZ$2.2 billion ($1.6 billion) listed financial services group intended to become New Zealand's only listed registered bank. The deal was extremely complex and involved three businesses with over NZ$2 billion of assets, an IPO of NZ$300 million in shares and the transfer of NZ$1.7 billion of debt securities.

Another notable highlight saw the team advise AMP on its acquisition of Axa Asia Pacific Holdings. This was part of a two-step transaction involving a scheme of arrangement to allow the merger to go ahead, followed by a sale to Axa by AMP of Axa APH's Asian assets.

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	Chapman Tripp Minter Ellison Rudd Watts
	Bell Gully Buddle Findlay Mayne Wetherell Simpson Grierson
	DLA Phillips Fox Kensington Swan Lowndes Associates Russell McVeagh

Chapman Tripp continues to be a leader in the restructuring and insolvency market in New Zealand. A rival law firm partner comment: "There are two, maybe three players in this market and Chapman Tripp is one of them.... [more]

Chapman Tripp continues to be a leader in the restructuring and insolvency market in New Zealand. A rival law firm partner comment: "There are two, maybe three players in this market and Chapman Tripp is one of them."

"The team's strength in depth is un-paralleled", says another rival. Peers recommend Michael Arthur as "one of the leaders in New Zealand restructuring... he is a top shelf lawyer".

The team advised McGrathNicol on all aspects of the South Canterbury Finance receivership, which was the largest corporate insolvency in New Zealand in the wake of the financial crisis. The work involved acting on the sale of assets, including significant trading subsidiaries, recovery of loans, various litigation and regulatory investigations, plus all other aspects of a complex receivership.

The collapse of this NZ$1.6 billion ($1.3 billion) empire is the largest failure of a financial institution in the last 20 years and will be one of the most complex and high profile receiverships for several years.

Other notable practitioners include Michael Harper and Roger Wallis. "Michael guided us through a severely complicated insolvency which required government regulation to provide creditor protection," says a client of the firm, adding: "The relationships Michael has with insolvency practitioners enabled him to propose complex solutions because the other practitioners have confidence what he says would be correct."

A client also recommends Wallis: "Roger provided us with hard advice in corporate matters requiring careful judgement at a moment's notice. His willingness to make such calls in the knowledge that it needs to be right makes him a go-to person."

Another highlight for the team was advising PricewaterhouseCoopers on the receivership of the NZ$417 million indebted Strategic Finance companies, which included work on the recovery of loans and investments in New Zealand, Australia and Fiji. This receivership involved unusually complex loan structures and will rank alongside South Canterbury Finance and Bridgecorp as one of the largest failures of a financial institution in New Zealand in the last 20 years.

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