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European restructuring watch alert : the Finance Act 2020: provisions for joint and several tax liability for directors, managers, shareholders and lenders

The Finance Act 2020 provides that directors, managers, shareholders, lenders and others can be made jointly and severally liable for the outstanding tax debts of insolvent (or potentially insolvent) companies and limited liability partnerships (LLPs).

United Kingdom, Insolvency & Restructuring, Litigation, Tax, Weil Gotshal & Manges LLP, Corporate governance, HM Revenue and Customs (UK)
New tax developments for insolvency and restructuring deals

The below is a quick snapshot of three recent tax-related developments in the insolvency and restructuring sphere.

Farnborough – appointment of a receiver and tax grouping

United Kingdom, Insolvency & Restructuring, Litigation, Tax, Weil Gotshal & Manges LLP, HM Revenue and Customs (UK)
New tax developments for insolvency and restructuring deals

The below is a quick snapshot of three recent tax-related developments in the insolvency and restructuring sphere.

Farnborough – appointment of a receiver and tax grouping

United Kingdom, Insolvency & Restructuring, Litigation, Tax, Weil Gotshal & Manges LLP, HM Revenue and Customs (UK)
Lehman Brothers Holdings Inc. files complaint against JPMorgan Chase Bank, N.A.

Yesterday, Lehman Brothers Holdings Inc. (LBHI) and the Official Committee of Unsecured Creditors of LBHI (the Committee) filed a complaint against JPMorgan Chase Bank, N.A. (JPMorgan) in the U.S. Bankruptcy Court for the Southern District of New York.

USA, New York, Banking, Insolvency & Restructuring, Litigation, Alston & Bird LLP, Bankruptcy, Clearing (finance), Collateral (finance), Threatened species, Leverage (finance), Brokerage firm, JPMorgan Chase, Lehman Brothers, United States bankruptcy court