It is being reported that the Latvian State Security Service (the VDD) has discontinued a criminal investigation started in November 2023 into the sale of a helicopter by a company indirectly co-owned by the designated person Petr Aven .
More than 75% of the U.S. population lives in states that have legalized cannabis for adult and/or medical use.
Pursuant to a 2022 directive from President Joe Biden, a 2023 recommendation of the U.S. Department of Health and Human Services, and a scientific review released in January supporting the HHS's recommendation, the U.S. Drug Enforcement Administration is now evaluating whether to reclassify cannabis as a Schedule III drug.
As a wise man is wont to say, “Where you stand depends on where you sit.”
This statement applies with full force to the recent, related opinions from Judge Marvin Isgur of the United States Bankruptcy Court for the Southern District of Texas, addressing the effects of a so-called “uptier” liability management transaction.1
Procedurally, Judge Isgur’s rulings denied in part and granted in part motions for summary judgment, permitting certain claims to proceed to trial beginning on January 25, 2024.
The last 12 months have seen a steady increase in restructuring and stressed or distressed financing transactions in the European market across a range of sectors, including tech, real estate, hospitality, manufacturing and retail.
The High Court in Singapore has ordered the winding up of Hodlnaut Pte Ltd, a Singapore based cryptocurrency lending and borrowing platform, as it was cash flow insolvent given that the cryptocurrency funds held by the company from various creditors count as ‘debts’ within the meaning of s125(1)(e) of the Insolvency, Restructuring and Dissolution Act 2018 (IRDA).
Celsius’ retail borrowers finally have an answer on who owns the cryptocurrency they deposited into Celsius in exchange for a loan from Celsius – spoiler alert: on November 13, 2023 the bankruptcy court held that Celsius’ terms of service “clearly and unambiguously” gave Celsius ownership of retail borrowers’ cryptocurrency. The bankruptcy court’s decision follows its January 2023 decision which similarly held that the cryptocurrency of Celsius’ “Earn” customers also belonged to Celsius because the terms of service similarly unambiguously granted Celsius title ownership.
Assume that you have a company which has ceased trading and is left with a cash balance. You could extract most of the cash by paying a dividend, but that would be inefficient for tax purposes (resulting in tax rates of up to 39.35%). So, instead, you decide to wind the company up and receive the proceeds as a capital distribution, taking advantage of the lower capital gains tax rates (generally at 10% or 20% depending on the circumstances). Surely that is legitimate?
In contrast with a majority of bankruptcy courts that routinely dismiss cannabis-related cases for perceived violations of the Controlled Substances Act (CSA), the U.S. Bankruptcy Court for the Central District of California in the recent opinionIn re Hacienda, No. 2:22-BK-15163-NB, (Bankr. C.D. Cal. July 11, 2023), refused to conform to the same historical standard. Instead, the Bankruptcy Court struck down the U.S. trustee’s motion to dismiss not once but twice in favor of confirming a marijuana business’ Chapter 11 plan of reorganization.
Background
As a director of a company, the regulatory landscape in England and Wales can feel like a scary place. The possible ways a director can become exposed can feel endless – especially if one asks Google.
Just ask any corporate lawyer fortunate enough to own the tome that is the Companies Act 2006. In the absence of becoming a legal expert, what can directors practically do to best protect themselves when carrying out their role?
Following the news of Birmingham City Council’s recent ‘bankruptcy’, it began a procedure under section 114 of the Local Government Finance Act 1988 which triggers an interim spending freeze whilst a mandatory review is carried out.
Those who transact with local authorities may be unsure of what the impact of such a notice means for their ongoing deals and existing contracts. This article aims to demystify the process and explain the potential impact on property transactions, including issues to consider for existing agreements with a local authority.