Overview
In Asarco, LLC v. Noranda Mining, Inc., the Tenth Circuit Court of Appeals held that representations made to the bankruptcy court that the Debtor’s settlement of environmental claims reflected only the Debtor’s share of the cleanup costs did not judicially estop the Debtor from brining a contribution claim against another potentially responsible party for those same costs.
USA, Environment & Climate Change, Insolvency & Restructuring, Litigation, Weil Gotshal & Manges LLP, US Environmental Protection Agency, Title 11 of the US Code, United States bankruptcy court, Tenth Circuit
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
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