财政部国家税务总局关于个人非货币性资产投资有关个人所得税政策的通知)
On March 30, 2015, the Ministry of Finance (“MoF”) and the SAT jointly released Caishui [2015] No. 41 (“Circular 41”) to expand nationwide the tax payment installment policy applicable in the Shanghai Free Trade Zone to income derived from non-monetary asset investment made by individuals.
Circular 41 defines non-monetary asset investment and includes the contribution of non-monetary assets to establish a new company, to participate in company capital increase, private placement of stock, stock exchange and corporate restructuring.
(财政部、国家税务总局关于进一步支持企业事业单位改制重组有关契税政策的通知)
Following the State Council’s call to introduce policies promoting corporate restructuring in Guofa [2014] No. 14, MoF and SAT released Caishui [2015] No. 37 (“Circular 37”) to exempt from deed tax the transfer of land use rights and building ownership rights in the following corporate transactions:
Judge Robert Gerber ruled last week that General Motors LLC (“New GM”), the entity formed in 2009 to acquire the assets of General Motors Corporation (“Old GM”), is shielded from a substantial portion of the lawsuits based on ignition switch defects in cars manufactured prior to New GM’s acquisition of the assets of Old GM in 2009.
Judge Christopher Sontchi issued a notable opinion last week in the bankruptcy case of Energy Future Holdings Corp., et al. (“EFH”), Case No. 14-10979 (D. Del.), ruling that the repayment in full of certain senior secured notes did not trigger an obligation by the debtors to pay a make-whole premium.
Judge Robert Gerber will be stepping down at the end of this year, ending a storied judicial career highlighted by his oversight of the 2009 chapter 11 case of General Motors Corporation (“Old GM”).
The Spanish Insolvency Act has been reformed several times recently to solve technical problems and to facilitate the continuity of economically or operationally viable companies. In the final quarter of 2014 alone, two partial reforms of the act were approved.
Royal Decree-Law 11/2014, of September 5, on urgent measures in insolvency matters
On March 7, 2014, the State Council released its Opinion on Further Optimizing the Market Environment for Corporate Merger and Restructuring (Guo Fa [2014] No. 14, “Circular 14”), to improve the institutional mechanisms and policies that encourage corporate mergers and restructuring. Circular 14 gives overall guidance on special treatments for merger and corporate restructuring transactions with regard to enterprise income tax (“EIT”), land value-added tax, value-added tax and business tax.
The Supreme Court confirmed the lower-court judgments that had rescinded the payments made to the managing director through remuneration, as the bylaw requisite to create the right to receive it had not been met, as well as payments made to shareholders through dividends, differentiating between the resolution of the meeting to distribute dividends and the payment of these dividends.
At the end of October 2014, as insolvency administrators of Establiments Miró, we carried out the sale of the insolvent company’s production unit to the Swiss fund Springwater Capital LLC.
This transaction was successful, resulting in maintaining 476 jobs, preserving 67 stores, and bringing income of €4,505,937 for the insolvency (€3,000,000 for the price and €1,505,937 for recovering the amount of the bonds to be substituted by the purchaser).
The Supreme Court repeated its criterion on classifying as insolvency claims any leasing installments arising after the declaration of insolvency, and interpreted the amendment introduced into article 61.2 of the Insolvency Act (“IA”) by the 2011 reform.