In this week’s update: Funds in a holding company’s bank account belonged to a subsidiary and could be used to pay the costs of a subsidiary’s acquisition, the FCA publishes a series of Q&A on the cessation of LIBOR and the Government publishes a roadmap towards greening finance and sustainable investing.
With an increased number of businesses experiencing financial difficulties in the current economic climate, lender-led debt restructurings are becoming more prevalent. Such restructurings are commonly achieved by the lender releasing, capitalising or amending its debt, each of which will have tax consequences for the borrower group.
This note sets out a brief summary of some of the key UK tax points to be aware of, and pitfalls to avoid, when undertaking these debt restructurings.
Debt waivers
In this week’s update: the test for an LLP member to bring a derivative claim, updated guidance on company meetings, the court sanctions a takeover despite not all beneficial owners being able to vote on the scheme and a few other items.
Covid-19 is affecting the way people conduct their business, retain their staff, engage with clients, comply with regulations and the list goes on. Read our thoughts on these issues and many others on our dedicated Covid-19 page.
In this week’s update: the High Court orders scheme creditor meetings to be held by phone, IA guidance on executive pay and a few other items.
Covid-19 is affecting the way people conduct their business, retain their staff, engage with clients, comply with regulations and the list goes on. Read our thoughts on these issues and many others on our dedicated Covid-19 page.
Court allows scheme meetings to be held electronically
In this week’s update: The court finds that selfdealing by a director and a share buyback were void, the PERG report on compliance with the Walker Guidelines, the BVCA and EY review private equity portfolio company performance, the QCA reports on AIM company corporate governance and a few other items.
Court confirms self-dealing by director was void
GENERAL CORPORATE
In this issue, we focus on cases concerning directors’ considerations when making a solvency statement for a capital reduction, and whether “bad leaver” provisions containing compulsory share transfers are capable of being contractual penalties.
Statements of solvency on a reduction of capital: what must the directors consider?
The High Court has held in BTI 2014 LLC v Sequana SA & others [2016] that payments of dividends were not made in breach of the Companies Act 2006 (the “Act”).
This is an extract from Financier Worldwide's August online publication entitled "Pension challenges in bankruptcy and restructuring processes."
REFLECTING ON THE LAST FEW YEARS, HOW WOULD YOU DESCRIBE OVERALL PENSION CHALLENGES ARISING FOR COMPANIES FACING BANKRUPTCY / INSOLVENCY AND RESTRUCTURING PROCESS? WHAT MAJOR TRENDS HAVE DEFINED THIS SPACE?