Summary
Welcome to the Corporate Briefing, where we review the latest developments in UK corporate law that you need to know about. In this month’s issue we discuss:
United Kingdom, Capital Markets, Company & Commercial, Compliance Management, Insolvency & Restructuring, Litigation, BCLP, Corporate governance, Crowdfunding, Due diligence, Initial public offerings, Financial Conduct Authority (UK)
Cancellation of debt a key element of most restructurings generally triggers taxable income. The German tax authorities had issued an administrative decree (the "Tax Restructuring Decree" - Sanierungserlass), however, declaring that, upon the satisfaction of certain requirements and conditioned on forfeiture of any loss carry forwards, the cancellation of debt income ("CODI") would not be taxed.