Skip to main content
Enter a keyword
  • Login
  • Home

    Main navigation

    Menu
    • US Law
      • Chapter 15 Cases
    • Regions
      • Africa
      • Asia Pacific
      • Europe
      • North Africa/Middle East
      • North America
      • South America
    • Headlines
    • Education Resources
      • ABI Committee Articles
      • ABI Journal Articles
      • Covid 19
      • Conferences and Webinars
      • Newsletters
      • Publications
    • Events
    • Firm Articles
    • About Us
      • ABI International Board Committee
      • ABI International Member Committee Leadership
    • Join
    High Court rules that statutory interest payable on an insolvency is not subject to UK withholding tax
    2017-01-30

    On 11 October 2016, the High Court10 held that statutory interest payable on an insolvency (under rule 2.88(7) IR 1986) is not “yearly interest” for UK tax purposes. Such statutory interest is therefore not subject to UK withholding tax (20%).

    The facts of the case are somewhat unusual in that there was a substantial surplus in the administration and the statutory interest was estimated at £5bn. However the decision is a welcome clarification of the position. It also confirms HMRC’s previous guidance on the taxation of statutory interest (subsequently withdrawn).

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, RPC, Withholding tax, HM Revenue and Customs (UK), High Court of Justice (England & Wales)
    Authors:
    David Gubbay , Ben Roberts
    Location:
    United Kingdom
    Firm:
    RPC
    First-tier Tribunal rules that growth share issue created a preference under the EIS rules
    2017-01-30

    On 29 November 2016, the First-tier Tribunal9 held that the issue of growth shares to certain key employees had inadvertently caused an existing class of ordinary shares to carry a preferential right to assets on a winding up. The effect of this was that both prior ordinary share issues, and future share issues, failed to meet the requirement of the Enterprise Investment Scheme (EIS) rules.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, RPC, HM Revenue and Customs (UK)
    Authors:
    David Gubbay , Ben Roberts
    Location:
    United Kingdom
    Firm:
    RPC
    Lomas - Court confirms statutory interest payable on insolvency is not 'yearly interest' and criticises HMRC's change of position
    2016-11-01

    In Lomas and others v HMRC [2016] EWHC 2492 (Ch), the High Court has confirmed that statutory interest payable on insolvency is not 'yearly interest' for UK tax purposes. The administrators therefore had no obligation to account for income tax on the interest payments made. The Court was also critical of HMRC's contradictory guidance on this issue.

    Background

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, RPC, HM Revenue and Customs (UK), High Court of Justice (England & Wales)
    Authors:
    Michelle Sloane
    Location:
    United Kingdom
    Firm:
    RPC
    High Court considers validity and timing of contractual notices in close-out procedures
    2016-11-08

    Introduction

    In Lehman Brothers International (Europe) (in Administration) v Exxonmobil Financial Services BV(1) the High Court considered a range of issues arising from the application of the close-out provisions of the standard-form Global Master Repurchase Agreement (GMRA) 2000.

    Filed under:
    United Kingdom, Banking, Capital Markets, Insolvency & Restructuring, Litigation, RPC, Security (finance), JPMorgan Chase, ExxonMobil, Lehman Brothers, High Court of Justice (England & Wales)
    Authors:
    Jake Hardy
    Location:
    United Kingdom
    Firm:
    RPC
    Uncrystallised personal pensions safe from creditors
    2016-10-14

    The Court of Appeal has resolved previously conflicting case law to confirm that a bankrupt cannot be obliged to crystallise his pension benefits in order to produce income to pay off creditors.

    Filed under:
    United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, RPC
    Authors:
    Robert Morris
    Location:
    United Kingdom
    Firm:
    RPC
    Court refuses to restrain presentation of winding-up petition and comments on ex parte proceedings
    2023-10-13
    • Introduction
    • Background
    Filed under:
    Hong Kong, Banking, Insolvency & Restructuring, Litigation, RPC, Winding-up, HSBC
    Location:
    Hong Kong
    Firm:
    RPC
    Commercial list cases - time to build?
    2023-08-29
    • Introduction
    • Background
    • Decision
    Filed under:
    Hong Kong, Capital Markets, Company & Commercial, Insolvency & Restructuring, Litigation, RPC, Due diligence, Initial public offerings
    Authors:
    Antony Sassi , David Smyth
    Location:
    Hong Kong
    Firm:
    RPC
    Liquidators' communications with experts privileged from production
    2023-08-15
    • Introduction
    • Background
    Filed under:
    Hong Kong, Insolvency & Restructuring, Litigation, RPC, Court of First Instance (Hong Kong)
    Authors:
    David Smyth , Antony Sassi , Warren Ganesh
    Location:
    Hong Kong
    Firm:
    RPC
    Directors' duties post Sequana - a differentiating factor?
    2023-08-11

    As expected, the scope of directors' duties whilst a company is in financial difficulties has been the source of further consideration by the Court. The recent case of Hunt v Singh [2023] EWHC 1784 raised the question as to whether, following the Supreme Court decision in BTI 2014 LLC v Sequana SA, a director's duty to take into account the interests of creditors arises where the company is at the relevant time insolvent if a disputed liability comes to fruition.

    Filed under:
    United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, RPC, HM Revenue and Customs (UK), Supreme Court of the United States
    Authors:
    Matthew Watson
    Location:
    United Kingdom
    Firm:
    RPC
    Company that funded litigation joined as party and ordered to pay costs
    2023-04-25
    • Introduction
    • Background
    Filed under:
    Hong Kong, Company & Commercial, Construction, Insolvency & Restructuring, Litigation, RPC
    Authors:
    Antony Sassi
    Location:
    Hong Kong
    Firm:
    RPC

    Pagination

    • First page « First
    • Previous page ‹‹
    • …
    • Page 12
    • Page 13
    • Page 14
    • Page 15
    • Current page 16
    • Page 17
    • Page 18
    • Page 19
    • Page 20
    • …
    • Next page ››
    • Last page Last »
    Home

    Quick Links

    • US Law
    • Headlines
    • Firm Articles
    • Board Committee
    • Member Committee
    • Join
    • Contact Us

    Resources

    • ABI Committee Articles
    • ABI Journal Articles
    • Conferences & Webinars
    • Covid-19
    • Newsletters
    • Publications

    Regions

    • Africa
    • Asia Pacific
    • Europe
    • North Africa/Middle East
    • North America
    • South America

    © 2025 Global Insolvency, All Rights Reserved

    Joining the American Bankruptcy Institute as an international member will provide you with the following benefits at a discounted price:

    • Full access to the Global Insolvency website, containing the latest worldwide insolvency news, a variety of useful information on US Bankruptcy law including Chapter 15, thousands of articles from leading experts and conference materials.
    • The resources of the diverse community of United States bankruptcy professionals who share common business and educational goals.
    • A central resource for networking, as well as insolvency research and education (articles, newsletters, publications, ABI Journal articles, and access to recorded conference presentation and webinars).

    Join now or Try us out for 30 days