La Dirección General de Tributos examina, en un contexto de consolidación fiscal, las consecuencias fiscales de una operación en virtud de la cual la entidad dominante condona los créditos que tiene sobre sus filiales, derechos adquiridos previamente por medio de una operación de reestructuración empresarial no acogida al régimen de neutralidad fiscal y registrados por un valor inferior a su nominal.

This week’s TGIF considers Fordyce v Ryan & Anor; Fordyce v Quinn & Anor [2016] QSC 307, where the Court considered whether a beneficiary’s interest in a discretionary trust amounted to ‘property’ for the purposes of the Bankruptcy Act 1966 (Cth).

BACKGROUND

La Dirección General de Tributos examina algunas de las consecuencias que pueden derivarse de una operación de reestructuración empresarial a efectos de la constitución de la reserva de capitalización prevista en el artículo 25 de la Ley del Impuesto sobre Sociedades.

This week’s TGIF considers a decision of the Victorian Supreme Court which examined the merits of appointing special purpose liquidators in circumstances where a creditor was only willing to fund investigations if the appointment was made.

What happened?

In May and June 2016, two registered education and training organisations (together, the RTOs) were placed into liquidation.

This week’s TGIF considers the application of the principle in Re Universal Distributing and whether liquidators may claim an equitable lien to recover their costs and expenses, even if no assets are realised and no fund exists.

Background

In the recent Court of Appeal decision of Primary Securities Ltd v Willmott Forests Limited, liquidators had been appointed to an insolvent company which was the responsible entity of a managed investment forestry scheme.

This week’s TGIF considers In the matter of ACN 151 726 224 Pty Ltd (in liq) [2016] NSWSC 1801, where the Court dismissed a creditor’s application to remove liquidators who had refused to conduct public examinations of a director.

What happened?

On 18 November 2015, the District Court of New South Wales entered judgment against Ridley Capital Holdings Pty Limited (the Company) in the amount of $660,862.62.

El Tribunal Supremo confirma en casación la procedencia de imponer sanción en supuestos de operaciones de reestructuración empresarial carentes de motivos económicos válidos sobre la base de argumentos que, en última instancia, lo llevan a reconducir la operación al campo de la simulación negocial.

1. Análisis de la Sentencia del Tribunal Supremo de 13 de diciembre del 2016 (rec. 2211/2015)

This week’s TGIF considers a NSW Court of Appeal decision which confirms that liquidators who bring a claim for preference payments within the limitation period may amend that claim to capture additional transactions otherwise subject to a statutory bar.

Background

Sydney Recycling Park (SRP) provided “tipping services” to Cardinal Group (Cardinal), who were in the business of “waste management”. Cardinal ran into some financial difficulties and on 1 February 2012, it was placed into liquidation.

This week’s TGIF considers Tai-Soo Suk v Hanjin Shopping Co Ltd [2016] FCA 1404 in which the Court was required to determine the scope of a stay arising under the UNCITRAL Model Law on Cross Border Insolvency.

BACKGROUND

A Korean shipping company was subject to ‘rehabilitation’ proceedings in Korea. Rehabilitation proceedings seek to ‘rehabilitate’ insolvent debtors by restructuring their debt pursuant to a rehabilitation plan approved by the creditors and the Rehabilitation Court.

This week’s TGIF considers the recent decision of Hastie Group Ltd (in liq) v Moore [2016] NSWCA 305 in which the Court held that privilege attached to an expert report prepared for the purpose of obtaining litigation funding.

WHAT HAPPENED?