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SEC Brings Suit against Independent Trustees, Adviser and Registered Fund Officers
2023-05-11

On May 5, 2023, the SEC filed a civil complaint in the U.S. District Court for the Northern District of New York against a mutual fund’s adviser for aiding and abetting violations of Rule 22e-4 (the “Liquidity Rule”) by the mutual fund it advised (the “Fund”) and whose Liquidity Risk Management Program (“LRMP”) it administered.

Filed under:
USA, Capital Markets, Insolvency & Restructuring, Ropes & Gray LLP, Liquidity risk, Internal Revenue Code (USA), Internal Revenue Service (USA), US Securities and Exchange Commission
Location:
USA
Firm:
Ropes & Gray LLP
View Original Article
Section 467 Leases: Maximizing Tax Benefits While Minimizing Bankruptcy Risks
2023-04-20

As the economy continues to face challenges and the threat of bankruptcy becomes more prevalent among businesses, landlords must be more vigilant in protecting their interests in commercial leases. One area of particular concern is leases that fall under Section 467 of the Internal Revenue Code (“Section 467 Leases”).

Filed under:
USA, Insolvency & Restructuring, Litigation, Real Estate, Tax, Shearman & Sterling LLP, Internal Revenue Code (USA), Internal Revenue Service (USA)
Authors:
Kris Ferranti
Location:
USA
Firm:
Shearman & Sterling LLP
View Original Article
Silver Linings Playbook: Celsius Bankruptcy Ruling Provides Cryptocurrency Tax Planning Opportunities
2023-04-12

Although it’s inaccurate to say that the Chinese character for “crisis” combines the characters for danger and opportunity, the thought has resonated since President Kennedy repeatedly used this trope in his presidential campaign speeches.

Filed under:
USA, Banking, Insolvency & Restructuring, IT & Data Protection, Tax, Mayer Brown, Cryptocurrency, Internal Revenue Service (USA), US Department of the Treasury
Location:
USA
Firm:
Mayer Brown
View Original Article
IRS issues initial guidance for new excise tax on stock buybacks and corporate alternative minimum tax
2022-12-30

On December 27, 2022, the IRS issued two notices providing key initial guidance for the new excise tax on corporate stock buybacks and the new corporate alternative minimum tax (CAMT). Both the excise tax and the CAMT were enacted as part of the Inflation Reduction Act that Congress passed in August 2022.1

Filed under:
USA, Insolvency & Restructuring, Tax, Private equity, Excise, SPAC, Internal Revenue Code (USA), Internal Revenue Service (USA), US Congress
Location:
USA
View Original Article
ABC Details In Illinois: Under Common Law Of Trusts
2022-12-22

Assignments for benefit of creditors (“ABC”) are rarely used in these United States. That’s for two reasons: (i) some states have no ABC statute and do not recognize the common law of ABCs, and (ii) other states have onerous ABC statutes that no one wants to use.

The State of Illinois is an exception: ABCs are regularly and frequently used there, under the common law of trusts, because the ABC process is an efficient and effective tool for liquidating a failed or failing business. There is no ABC statute in Illinois.

Filed under:
USA, Illinois, Insolvency & Restructuring, Koley Jessen PC, Uniform Commercial Code (USA), Internal Revenue Service (USA), Illinois Supreme Court
Authors:
Donald L. Swanson
Location:
USA
Firm:
Koley Jessen PC
View Original Article
Implications of FATCA for Cayman Islands liquidators
2014-02-28

WHAT IS FATCA?

Filed under:
Cayman Islands, USA, Insolvency & Restructuring, Private Client & Offshore Services, Tax, Carey Olsen, Withholding tax, Due diligence, Foreign Account Tax Compliance Act 2010 (USA), Internal Revenue Service (USA)
Authors:
Jarrod Farley , Michael Makridakis
Location:
Cayman Islands, USA
Firm:
Carey Olsen
View Original Article
Judge drain tackles private equity and fraudulent transfers in ‘tops’ decision
2022-12-16

On October 12, the Honorable Robert D. Drain, U.S. Bankruptcy Judge for the Southern District of New York, issued his final decision from the bench in the bankruptcy cases of supermarket chain Tops Holdings II Corporation (“Tops”). The decision came in an adversary proceeding seeking to avoid four dividend payments totaling $375 million from 2009–2013 paid to the Tops’ private equity investors (the “PE Group”) as constructive and actual fraudulent transfers and also hold the director-defendants responsible for breaching their fiduciary duties.

Filed under:
USA, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, White Collar Crime, Shearman & Sterling LLP, Private equity, Clawback/avoidance/preferences/fraudulent transfers, Internal Revenue Service (USA), United States bankruptcy court
Location:
USA
Firm:
Shearman & Sterling LLP
View Original Article
FTX Bankruptcy: Tax Implications of Vanishing Customer Deposits
2022-12-09

The massive FTX bankruptcy has rattled the crypto industry. While it may take some time for investors, investigators, and customers to learn what happened in the lead up to FTX’s demise, it seems already clear that many FTX customers will lose cryptocurrency and other digital assets (“Tokens”) they had deposited in FTX trading accounts. News reports suggest that those losses are the result of FTX’s related trading arm, Alameda Research, having borrowed FTX customer deposits using FTX’s proprietary token as collateral at an inflated valuation.

Filed under:
USA, Banking, Insolvency & Restructuring, Tax, O'Melveny & Myers LLP, Cryptocurrency, Internal Revenue Service (USA), US Congress, US Department of the Treasury
Authors:
William K. Pao
Location:
USA
Firm:
O'Melveny & Myers LLP
View Original Article
Cryptoassets & Insolvency: Legal, Regulatory and Practical Considerations- September 2022
2022-09-29

Part I: Introduction and Background Cryptoassets & Insolvency 2 Introduction Cryptoassets have emerged from relative obscurity to become an increasingly significant and mainstream presence: in just five years the global market cap for cryptocurrencies rose from around $15bn to over $3tn at its peak in November of last year.

Filed under:
United Kingdom, USA, Banking, Capital Markets, Insolvency & Restructuring, IT & Data Protection, Litigation, Tax, White Collar Crime, Shearman & Sterling LLP, Cryptocurrency, Initial coin offering, Cybersecurity, Anti-money laundering, Non-fungible tokens, Financial Services and Markets Act 2000 (UK), Banking Act 2009 (UK), Internal Revenue Service (USA), US Securities and Exchange Commission, Financial Conduct Authority (UK), Consumer Financial Protection Bureau (USA), Financial Crimes Enforcement Network (USA), HM Treasury (UK), Bank of England
Authors:
Alexander Wood , Helena Potts , Kevin Heverin
Location:
United Kingdom, USA
Firm:
Shearman & Sterling LLP
View Original Article
Tax regulation alert – new tax rules to benefit debtors
2012-11-28

Pension issues in the American Airlines (AMR) bankruptcy1 have resulted in the Internal Revenue Service (IRS) issuing new final regulations, effective November 8, 2012 (Final Regulations), which broadly impact all debtors facing underfunded pension plan obligations. The Final Regulations provide chapter 11 bankruptcy debtors facing distress terminations of their tax-qualified defined benefit pension plans with the additional option of amending the plans to eliminate accelerated payment options.

Filed under:
USA, Employee Benefits & Pensions, Insolvency & Restructuring, Tax, Squire Patton Boggs, Bankruptcy, Debtor, Defined benefit pension plan, Internal Revenue Code (USA), Internal Revenue Service (USA), Pension Benefit Guaranty Corporation
Authors:
Stephen D. Lerner , K. Derek Judd
Location:
USA
Firm:
Squire Patton Boggs
View Original Article

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