Certainty is a key element in any business planning. For corporate restructuring practitioners who are planning or working on cross border transactions, the uncertainty relating to Brexit and the departure of the United Kingdom from the European Union (“EU”) may have long-term significant consequences and a “no-deal” Brexit (without a withdrawal agreement and the certainty of a transition period) will have immediate and significant consequences for any such cross-border transaction. 

On November 23, 2018, the German Federal Council (Bundesrat) approved the Tax Reform Act of 2018 (the "Tax Reform Act"; Gesetz zur Vermeidung von Umsatzsteuerausfllen beim Handel mit Waren im Internet und zur nderung weiterer steuerlicher Vorschriften), which was passed by the German Parliament (Bundestag) on November 8, 2018.

No es concursal una acción que tiene por objeto una pretensión de indemnización de daños y perjuicios por responsabilidad delictual o cuasidelictual, que ejercita el síndico en el marco de un procedimiento de insolvencia y que, de prosperar, daría lugar a la reintegración de lo obtenido en la masa activa. La competencia para conocer de ella se determina por las disposiciones del Reglamento Bruselas I (RBI, aplicado al caso por razones temporales, si bien lo decidido por el Tribunal de Justicia de la Unión Europea [TJUE] se extiende al actualmente aplicable RBIbis).

Although they disagree about the severity, economists and market watchers generally agree that the U.S. economy is headed for a slow-down. According to data from the Federal Reserve Bank in St. Louis, industrial production and retail sales are at all-time highs, exceeding levels seen before the 2008 recession. Unemployment rates are at the lowest levels since November 2000. So why the gloomy predictions for 2019 and beyond? Historically, retail sales, industrial production and employment are at their peaks right before a recession.

Goodbye 2018 and hello 2019! It is that time of year to take stock and review your cash flow for 2019.

Introduction

On November 23, 2018, the German Federal Council (Bundesrat) approved the Tax Reform Act of 2018 (the “Tax Reform Act”; Gesetz zur Vermeidung von Umsatzsteuerausfällen beim Handel mit Waren im Internet und zur Änderung weiterer steuerlicher Vorschriften), which was passed by the German Parliament (Bundestag) on November 8, 2018.

Recently the German legislature passed a new law, exempting extraordinary profits created by the waiver of claims under restructurings from income tax liability. The amendment was necessary because the German Federal Tax Court had previously held the original administrative decree (which in a conceptually different manner avoided the tax burden on such profits) unlawful. This article gives a brief overview over the legislative history and the practical consequences of the amendment.

1. LEGISLATIVE HISTORY

28 November 2018

NautaDutilh

Recovery and Resolution (Insurers) Act

FCS Financial Law

An extract from GRR The European, Middle Eastern and African Restructuring Review 2018

Brief overview of insolvency proceedings

Enhanced by no less than five reforms over the past 10 years, French insolvency law now provides a comprehensive set of tools designed to efficiently handle the legal, economic and financial difficulties that companies are facing. The whole insolvency architecture hinges on the key concept of cessation of payments (ie, inability of the debtor to pay its debts as they fall due with its available assets).