In einem aktuellen Beitrag im Betriebs-Berater wird das Schreiben des Bundesfinanzministeriums (BMF) vom 6. Dezember 2018 zur Entscheidung des Europäischen Gerichtshofs (EuGH) in der Rechtssache Hornbach ausführlich erläutert. Den Beitrag im Betriebs-Berater können Sie hier kostenfrei abrufen.

Recently the German legislature passed a new law, exempting extraordinary profits created by the waiver of claims under restructurings from income tax liability. The amendment was necessary because the German Federal Tax Court had previously held the original administrative decree (which in a conceptually different manner avoided the tax burden on such profits) unlawful. This article gives a brief overview over the legislative history and the practical consequences of the amendment.

1. LEGISLATIVE HISTORY

The Paris office of Hogan Lovells is pleased to provide this English language edition of our monthly e-newsletter, which offers a legal and regulatory update covering France and Europe for June 2017.

Please note that French legal concepts are translated into English for information only and not as legal advice. The concepts expressed in English may not exactly reflect or correspond to similar concepts existing under the laws of the jurisdictions of the readers.

If you would like to consult this newsletter from past months, please click here.

Brexit

The potential impact of Brexit on securitization transactions

Impact of the referendum

Following the vote in the UK referendum on 23 June 2016 to leave the EU, there is some uncertainty as to how this will impact transactions.

PARLIB01/ZZZPARP/1030762.3 Hogan Lovells French Legal and Regulatory Update – May 2016 The Paris office of Hogan Lovells is pleased to provide this English language edition of our monthly e-newsletter, which offers a legal and regulatory update covering France and Europe for May 2016. Please note that French legal concepts are translated into English for information only and not as legal advice. The concepts expressed in English may not exactly reflect or correspond to similar concepts existing under the laws of the jurisdictions of the readers.

There is no equivalent to the English law concept of trust under French law.  This means that where a syndicated loan is to be secured by French obligors, security interests must generally be granted independently to each member of the syndicate (there will be a list of pledgees contained in the security document).  Any change to that group of lenders would generally entail the transfer of the French law security to each new lender.

Significant innovations have been introduced in Italy by Law Decree no. 83 of 27 June 2015 (entitledUrgent Measures on Insolvency, Civil and Procedural Matters and the Organization and Functioning of Judicial Commissioners (the "Decree").The Decree was converted by the Italian Parliament into statutory law no.132 enacted 6 August 2015 (the "Conversion Law").
  

Interim costs awards in arbitration proceedings are not often the precursors to winding up applications. However, it may happen that if such an award of costs is not paid, the possibility of winding up the non-paying party may arise. This possibility leads to the following question, "Is a bill of costs drafted pursuant to an arbitration award and taxed by the taxing master of the High Court a "debt" for purposes of section 345 of the Companies Act 61 of 1973?"

Judge Andre van Niekerk handed down an interesting judgment in the High Court of South Africa (North Gauteng Division) on 30 September 2013.  In my respectful opinion the judgment is insightful and is correct.  The facts are fairly simple.  Miles Plant Hire (Pty) Ltd (MPH) had a tax liability of R37 441 090.59 to the commissioner of the South African Revenue Services (SARS). SARS had levied a tax assessment in this amount on MPH, which included penalties and interest.

Summary of miscellaneous French draft legislation
• Draft law granting amnesty for acts committed in the course of social movements and trade unions' protesting activities – Filed on
November 28, 2012 – Adopted in first reading by the Senate on February 27, 2013 – A vote for a referral to commission was adopted
during the first session on May 16, 2013.
• Draft law relating to social and solidarity-based economy, n°805 – filed on July 24, 2013 – adopted in first reading by the Senate on
November 7, 2013.