Mit seinem Beschluss vom 28. November 2016 (veröffentlicht am 8. Februar 2017) hat der Große Senat des Bundesfinanzhofs („BFH“) den sogenannten „Sanierungserlass“ (BStBl. I 2003, 240; ergänzt durch BStBl. I 2010, 18) des Bundesfinanzministeriums („BMF“) verworfen. Dieser hatte bislang eine Steuerbefreiung von Sanierungsgewinnen über den Weg eines Billigkeitserlasses der Steuerzahlung nach §§ 163, 227 Abgabenordnung („AO“) ermöglicht.
Did you know that when a liquidator makes a court application, it is important to identify the appropriate applicant, not only as a procedural matter, but also from a costs perspective?
All good where the liquidator succeeds in the court application
We have previously reported that the Official Receiver retains its entitlement to ad valorem fees on the conversion of a compulsory liquidation to a creditors’ voluntary winding-up (CVL).
Introduction Hong Kong At a Glance Population: 7 million Languages: English, Cantonese and Mandarin Time zones: 8 hours ahead of Greenwich Mean Time Climate: Subtropical with long, hot summers and pleasant temperate winters Political System
Two recent Hong Kong cases highlight the importance for creditors to pursue action for debt recovery swiftly, as any undue delay may impact on the period for which interest is recoverable and may prevent any enforcement action on a judgment debt.
Bankruptcy Petition on a Judgment Debt Time Barred
Re Li Man Hoo, Re Foo SHuk Man Patty
The US Court of Appeals for the Second Circuit recently certified to the New York Court of Appeals two questions concerning the ability of a judgment creditor to garnish accounts of judgment debtors at non-US subsidiaries of banks that have branches in New York or are otherwise subject to jurisdiction in New York.
Introduction
Hildyard J’s recent sanctioning of the scheme of arrangement proposed by PrimaCom Holding GmbH (‘’PrimaCom’’), a German incorporated company whose creditors were domiciled outside of the UK, has reaffirmed the extra-territorial jurisdiction of the English courts in respect of schemes of arrangement and confirmed their status as a useful instrument for foreign companies looking to restructure1.
The process
The Government is proposing to amend (for a twelfth time!) the Regulations under s75 Pensions Act 1995. The amendments would make it easier to vary the basis on which liability is shared between employers.
Background – the Regulations as they stand
The Federal Deposit Insurance Corporation (FDIC) has announced that the agenda for its board meeting next Tuesday, January 18, 2011, will include discussion regarding a “Final Rule Implementing Certain Orderly Liquidation Authority Provisions of the Dodd-Frank Act.”
Arbitration proceedings in England are creatures of contract, arising out of the agreement between the parties to refer their disputes to arbitration. However, except in limited circumstances, when one of the parties to an arbitration agreement becomes insolvent, England’s statutory insolvency regime takes precedence over the rules of the arbitration.
The Insolvency Regime in England and Wales