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Corporate Insolvency and Governance Act 2020: UK company meetings and filings

On 25 June 2020, the Corporate Insolvency and Governance Act 2020 (the Act) received Royal Assent and it now forms part of UK law. Among other provisions, the Act addresses the difficulties faced by UK companies as a result of the COVID-19 pandemic when it comes to holding meetings of shareholders and filing documents with the UK Registrar of Companies (Companies House).

The Act includes the following in relation to company meetings and filings:

Meetings

United Kingdom, Company & Commercial, Insolvency & Restructuring, Bird & Bird LLP, Coronavirus
Corporate Insolvency and Governance Bill: UK company meetings and filings

The UK Government has proposed legislation to address the difficulties faced by UK companies as a result of the COVID-19 pandemic when it comes to holding meetings of shareholders and filing documents with the UK Registrar of Companies (Companies House).

United Kingdom, Company & Commercial, Insolvency & Restructuring, Bird & Bird LLP, Coronavirus
Forgiveness of distressed debt in Europe

Tax treatment in the hands of the creditor

Netherlands, Insolvency & Restructuring, Tax, Bird & Bird LLP, Tax exemption, Bankruptcy, Shareholder, Debtor, Dividends, Waiver, Accounts receivable, Taxable income, Debt, Tax deduction, Holding company, Distressed securities
Forgiveness of distressed debt in Europe

Tax treatment in the hands of the creditor

If a creditor waives an intra-group receivable, this leads to an accounting loss in the amount of the receivable. Such loss, however, is not automatically tax-deductible in the hands of the creditor.

Germany, Insolvency & Restructuring, Tax, Bird & Bird LLP, Share (finance), Shareholder, Debtor, Security (finance), Waiver, Accounts receivable, Taxable income, Debt, Liability (financial accounting), Tax deduction, Fair market value, Distressed securities, Bénéfice, GAAP