The High Court of Australia has confirmed that tax treaties do not prevent the Commissioner from bringing an assessment against a foreign limited partnership. Limited partners in treaty countries will need to rely on the Commissioner’s administrative practice to claim treaty benefits.
On 10 October 2014, the administrators of Lehman Brothers International (Europe) (LBIE) circulated their twelfth progress report (the Report) for the period from 15 March 2014 to 14 September 2014. On 29 October 2014, the administrators hosted a one-hour webinar, providing an update on the current progress of the administration, which included a question and answer session. This bulletin summarises some of the key issues raised in the Report and the webinar, and highlights other key recent developments.
The Privy Council has handed down a landmark decision in relation to Saad Investments Company Limited concerning the power at common law to provide assistance in cross-border insolvencies.
El Real Decreto-ley 11/2014 modifica distintos preceptos de la Ley Concursal y su objetivo es facilitar la aprobación de acuerdos que permitan la supervivencia de las empresas declaradas en concurso, dado el importante porcentaje de sociedades concursadas que terminan siendo liquidadas. De este modo ciertas herramientas existentes en fase pre-concursal para la refinanciación de empresas se extienden al concurso de acreedores, aumentando así las posibilidades de que una empresa supere una situación de insolvencia judicialmente declarada mediante la aprobación de un convenio.
The Royal Decree-Law 11/2014 aims to broaden the ability of corporate debtors to enter into compositions with their creditors, to enable them to survive as going concerns, notwithstanding that the debtors have been declared insolvent and have entered into formal insolvency proceedings. Certain cram-down procedures enabling financially distressed debtors to refinance or restructure their debts are now available providing debtors with another potential exit route from judicially declared insolvency through a composition agreement implemented pursuant to a homologación.