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    Licensing Act 2003 – implications for insolvency practitioners
    2008-07-25

    The Licensing Act 2003 came into force in November 2005. Its effects were considerably wider than the much-publicised ‘24 hour drinking’ relaxation and, in particular, it makes specific provisions in relation to insolvency.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Leisure & Tourism, Squire Patton Boggs, Breach of contract, Landlord, McDonald's
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    Bankruptcy reorganization
    2011-02-28

    The taxpayer was able to convince the court that the creditors who got the stock in the reorganization were not the prior owners. Because the events occurred in 1992, under a prior version of the continuity of proprietary interest rules, continuity of ownership was broken and a section 338(h)(10) election could be made and the basis in the assets inside the corporation stepped up to fair market value, with no tax liability because the seller was in bankruptcy with large net operating losses (NOLs).

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Tax, Alston & Bird LLP, Tax exemption, Bankruptcy, Shareholder, Debtor, Interest, Federal Reporter, Debt, Liquidation, Fair market value, Subsidiary, McDonald's, Seventh Circuit
    Authors:
    Jasper L. (Jack) Cummings , Jr.
    Location:
    USA
    Firm:
    Alston & Bird LLP
    Licensing Act 2003 – implications for insolvency practitioners
    2008-07-25

    The Licensing Act 2003 came into force in November 2005. Its effects were considerably wider than the much-publicised ‘24 hour drinking’ relaxation and, in particular, it makes specific provisions in relation to insolvency.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Leisure & Tourism, Squire Patton Boggs, Breach of contract, Landlord, McDonald's
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
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