On 25 January 2010, the United States Bankruptcy Court handed down its much anticipated decision in relation to an action brought in that court by two Lehman Brothers entities (the Lehman entities) against BNY Corporate Trustee Services Limited (BNY) (the US Decision).
Australia, USA, Banking, Insolvency & Restructuring, Litigation, Securitization & Structured Finance, Clayton Utz, Bankruptcy, Swap (finance), Default (finance), Lehman Brothers, Title 11 of the US Code, Court of Appeal of England & Wales, United States bankruptcy court
It has taken 12 months, but new legislative provisions are now in place to deal with the problems for representatives of incapacitated entities arising from Logan J's decision in Deputy Commissioner of Taxation v PM Development Pty Limited [2008] FCA 1,886.
The new provisions go beyond merely addressing the outcome of PM Developments. They also introduce new obligations for representatives of incapacitated entities as well as some concessions and protections.
Australia, Insolvency & Restructuring, Tax, Clayton Utz, Regulatory compliance, Tax credit, Good faith, Goods and services tax (Australia), Constitutional amendment