Faced with this reality, political action has significantly improved the tools to fight against fraud, money laundering and terrorist financing. France also has a legal arsenal and therefore is actively involved in improving standards in this field, both internationally, within the framework of the Financial Action Task Force work (FATF), and at regional level, taking part in the legislative work undertaken by the European Commission and in the conventions of the Council of Europe.

KPMG wins Top Canadian Accounting Firm for the second year in a row: KPMG in Canada has won the Top Canadian Accounting Firm award for the second year in a row at the 8th Annual Canadian Hedge Fund Awards, the highest honor in Canada’s hedge fund industry. The awards were presented on October 20th, 2015. Peter Hayes, National Director, Alternative Investments, KPMG was among the Masters of Ceremony.

Anti-Money Laundering: what you don’t know can hurt you Anti-money laundering and counterterrorist fin ancing compliance are on the radar of financial institutions more than ever before, as organizations like yours face a range of regulatory mandates and compliance requirements that are difficult to meet under continually evolving rules. This article explores results from KPMG Global bi-annual Anti-Money Laundering Survey. Share your point of view by taking the survey now. If you own an iPad, you can view the full publication of Insights into Canadian Banking on our new KPMG Vantage app.

The year 2014 was when the new reform of French insolvency law entered into force, giving creditors more power and protection. As a reminder, up until 30 June 2014, French insolvency law offered companies facing difficulties the choice between two types of proceedings i.e.,: • out-of-court restructuring proceedings, which are confidential preventive voluntary corporate arrangements (generally in chronological order: ad hoc mandate and conciliation proceedings); and • judicial proceedings, which are public and organised to a much greater extent by law, under the strict supervision of the Cou

After two years of fierce debate a major package of amendments is going to enter into force on 1 March 2015 in Latvia. The most controversial are those relating to personal bankruptcy. Firstly, after the sale of the debtor’s dwelling that served as collateral, the remainder of the debtor’s obligations towards the secured creditor will be discharged automatically, without applying a discharge procedure.

Hervé Ballone explains the tax treatment of the debt waiver granted by a mother company to its subsidiary having financial difficulties in France A company might, in certain circumstances, voluntarily waive its debt owed to a client, hence the term “debt waiver”. This particular act is regularly used when the company is in difficulty and is unable to face repayment of its debts with the flows generated by its economic assets.

In recent months, the US has seen a staggering increase in the number of retailers, both large and small, filing for bankruptcy. Among others, Dots, Alco Stores, Radio Shack, Deb Shops, Wet Seal, and Delia’s have each filed for bankruptcy protection in the past six months alone. There can be little doubt that these retailers and countless others, face tremendous challenges given consumers’ shift in preference to online shopping with expedited shipping over visiting a bricks-and-mortar store.

Suffering: a familiar yet hot issue We all know how much energy, imagination, dedication, audacity – if not outright adventurism – it takes to start up a new business. We also understand what this entails for business owners in terms of risk-taking, dangers, and tension, often brought to a peak in bankruptcy procedures.

by Marc ANDRE Acting on the wishes of the new political majority, the French Government has issued a Ministerial Order (ordonnance) – a method which reduces parliamentary debate – in order to substantially modify the legislation relating to the treatment of companies in difficulty and insolvency. The Order of 12 March 2014 (Ordonnance 2014-326 du 12 mars 2014 ), which came into force on 2 July 2014 (Decree 2014-736 du 30 juin 2014 with 145 articles), comprises 117 articles and introduces some innovative solutions. Firstly, it introduces two new procedures: • the Accelerated Sa

Jean Baron writes on the rise of the pre-pack in France When trying to take into account the diverse interests of stakeholders we have to imagine a trapeze artist during a balancing act. The main illustration of these diverse interests resides in the will of the creditors to reduce their exposure and maximize their return faced with a management and a number of shareholders who wish to conserve their potential future.