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    Five years of restructuring plans: Stability midst the shifting stands at last?
    2025-07-11

    Overview

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, DAC Beachcroft LLP, HM Revenue and Customs (UK), Office of Foreign Assets Control (USA)
    Authors:
    Joe Bannister , Rachel Yafet
    Location:
    United Kingdom
    Firm:
    DAC Beachcroft LLP
    IRS Immunity in Bankruptcy Avoidance Actions
    2025-06-23

    Earlier this year, the Internal Revenue Service (“IRS”) recognized a victory in United States v. Miller. In this bankruptcy case, the trustee attempted to avoid certain transfers that shareholders of the bankrupt company had made, including a $145,000 transfer to the IRS.

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Tax, Greenspoon Marder LLP, Internal Revenue Service (USA), Supreme Court of the United States
    Location:
    USA
    Firm:
    Greenspoon Marder LLP
    Are You in This Party? The Scope of Section 213 of the Insolvency Act 1986
    <br>
    2025-06-17

    The UK Supreme Court recently handed down a judgment in Tradition Financial Services Ltd v Bilta (UK) Ltd & Others[1] in which it considered the scope of section 213 of the Insolvency Act 1986, specifically whether those beyond the small group of individuals with controlling or m

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Cooley LLP, HM Revenue and Customs (UK), Economic Crime and Corporate Transparency Act 2023 (UK), UK Supreme Court
    Authors:
    Ben Sharrock-Mason
    Location:
    United Kingdom
    Firm:
    Cooley LLP
    Liquidation loss allowed notwithstanding use of Irish group relief regime
    2025-03-21

    On 21 March 2025, the Dutch Supreme Court ruled that a taxpayer is allowed to deduct a liquidation loss on its participation in a liquidated subsidiary that transferred losses to group companies under the Irish group relief regime in the years prior to the liquidation. This Supreme Court judgment provides a favorable outcome for taxpayers.

    Background

    Filed under:
    Netherlands, Insolvency & Restructuring, Litigation, Tax, Loyens & Loeff, Liquidation
    Authors:
    Vincent van der Lans , Tjebbe Gerverdinck , Guido Derckx , Sebastiaan Claessen
    Location:
    Netherlands
    Firm:
    Loyens & Loeff
    Case update: transactions defrauding creditors and tax avoidance
    2025-01-13

    A recent case considered whether a tax avoidance scheme could constitute a transaction defrauding creditors under section 423 of the Insolvency Act 1986 (IA 1986). The decision hinged on whether the transactions were made for a "prohibited purpose" under s423(3)(a).

    Facts of Purkiss v Kennedy

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Foot Anstey LLP
    Authors:
    Ffion Davies
    Location:
    United Kingdom
    Firm:
    Foot Anstey LLP
    Stacks Furnishing Ltd v Shergill
    2025-01-13

    Starting life as a market trader, Balvinder Shergill went on to run a number of companies, mostly in the furniture business. Two of his early companies used the trading style Houghton Furnishing. After they stopped doing business, Mr Shergill went on to become involved as a director in five other companies.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Litigation, Tax, Wedlake Bell, HM Revenue and Customs (UK), Companies Act 2006 (UK), Companies Act 1985 (UK)
    Authors:
    Frances Coulson
    Location:
    United Kingdom
    Firm:
    Wedlake Bell
    [工商時報_名家評論]從FTX破產重組計畫─看台灣破產程序中之稅捐債權
    2024-11-15

    報載曾為全球第二大的加密貨幣交易所FTX於2022年11月聲請美國破產法第11章破產重組,其破產重組計畫終於在2024年10月獲得美國德拉瓦州破產法院法官核准。受益於加密貨幣價值的大幅提升及美國國稅局同意減少稅捐債權之數額,FTX的用戶可獲得以破產當時加密貨幣的美元計價之賠償,若以此計算,大部分的用戶均可取回全額賠償及部分利息。

    雖然仍有用戶認為加密貨幣現在之價值遠高於FTX破產時的價值,若無法返還用戶原本持有之加密貨幣,根本不算是全額賠償。但無論如何,在破產程序中債權人能獲得全額賠償及部分利息,是相當少見的狀況。

    ■美為讓債務人重獲新生,對稅捐債權保障可有所退讓

    Filed under:
    Taiwan, USA, Insolvency & Restructuring, Litigation, Tax, Formosan Brothers
    Location:
    Taiwan, USA
    Firm:
    Formosan Brothers
    False promises: directors beware of “insolvency avoidance" schemes
    2024-11-06

    The Times reported yesterday on the continued promotion of an “insolvency avoidance” scheme, despite efforts by the Insolvency Service to close it down. The scheme claims to offer directors of distressed companies a means of avoiding formal liquidation – with the associated scrutiny of their actions and risk of personal liability.

    Filed under:
    United Kingdom, Insolvency & Restructuring, Tax, Stevens & Bolton LLP, Liquidation, Insolvency, HM Revenue and Customs (UK), Insolvency Service (UK)
    Authors:
    Helen Martin
    Location:
    United Kingdom
    Firm:
    Stevens & Bolton LLP
    Income Tax Reassessment Notice Issued Post Approval of Resolution Plan Not Maintainable
    2024-09-11

    A recent ruling involved the petitioner challenging an income tax reassessment notice issued after the approval of a resolution plan by the National Company Law Tribunal (NCLT). The Hon’ble High Court of New Delhi in the case of Asian Colour Coated Ispat Limited v. Additional Commissioner of Income Tax and Ors.,(2024 SCC OnLine Del 5459), dated August 7, 2024, held that once a resolution plan is approved under the Insolvency and Bankruptcy Code (IBC), 2016, income tax reassessment for periods before the plan’s approval is impermissible.

    Filed under:
    India, Insolvency & Restructuring, Litigation, Tax, Fox Mandal, State Bank of India, Insolvency and Bankruptcy Code (India), National Company Law Tribunal
    Location:
    India
    Firm:
    Fox Mandal
    Liability of Trustees in Bankruptcy for CGT on Real Property
    2024-09-11

    Did you know that bankruptcy trustees are now liable for capital gains tax (CGT) on the sale of real property? Section 254 of the Income Tax Assessment Act 1936 (Cth) imposes specific obligations on trustees and agents, covering income, profits, and gains of a capital nature in their representative capacity. This has recently taken on new importance for bankruptcy trustees.

    What has changed?

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Tax, Macpherson Kelley, Bankruptcy, Capital gains tax, Australian Taxation Office, Income Tax Assessment Act 1936 (Australia), Bankruptcy Act 1966 (Australia), Trustee, Infrastructure
    Authors:
    Daniel Wignall
    Location:
    Australia
    Firm:
    Macpherson Kelley

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