Having trouble reading this email? View it in your browser August 2022 SHARE THIS In this edition of Restructuring Watch, we reflect on: • The first restructuring plan to cram down HMRC. • Recent government reports on certain UK restructuring processes and learnings from the first six-months of the National Security and Investment Act 2021. • Government consultations on a crypto special administration regime and prospective additions to the cross-border recognition and insolvency framework. • A reminder of the recent important milestone in the Galapagos cross-border insolvency battle.
In April 2022, the ATO began writing to batches of company directors in relation to unpaid liabilities informing them about the risk of their personal liability for unpaid company tax debts. If not actioned, directors are at risk of receiving a Director Penalty Notice (DPN).
These letters pre-DPN will continue to be sent to directors of companies if that company has not met its obligations for all or either of PAYG withholding tax, Superannuation Guarantee Charges (SGC) and GST. So far, approximately 80,000 of these letters have been sent out.
Houst Limited's (the Company) restructuring plan (under Part 26A of the Companies Act 2006) (RP) was recently sanctioned at the High Court on 22 July 2022.
KEY TAKEAWAYS
Two years on: review of CIGA permanent measures
Welcome to the first issue of ENSafrica's Uganda in brief, focusing on the latest legal and regulatory updates across Uganda's corporate commercial and banking and finance industries.
corporate and commercial
On 22 July 2022 and after the judge ordered a delay for more evidence, the English court sanctioned the restructuring plan proposed by Houst Limited (Houst). Houst is an SME that is concerned with the provision of property management services for short-term/holiday lets. Its business was badly affected by the Covid-19 pandemic, meaning it was both cash flow and balance sheet insolvent when proposing the plan.
Introduction
In a move to accord relief to Licensors with outstanding license fee payments, the National Company Law Appellate Tribunal (“NCLAT”) vide order dated 7th July 2022 (“Order”) held that a debt arising from unpaid license fees is qualified as an ‘operational debt’ under Section 5(21) of the Insolvency and Bankruptcy Code, 2016 (“Code”).
The fallout from failed tax saving arrangements using Employee Benefit Trusts (“EBTs”) continues. In Hunt, directors who in reliance on tax advice from a firm of accountants, arranged for a company to use an EBT, were found not in breach of duty. The decision whilst of comfort to directors, increases the likelihood of recovery actions following failed tax saving schemes shifting back on the accountancy firm tax advisors.
Background
We developed this checklist as a tool and guide to necessary and optional elements to negotiate and document the principal agreement or deal document in an international or cross-border Joint Venture (“JV”) between a U.S. party or parties and one or more non-U.S. parties.
１ 「経済の着実な安定化のための一括的政策措置の発布に関する 通知」
国務院は、2022年5月31日に「経済の着実な安定化のための一括 的政策措置の発布に関する通知」を発表し、財政政策、貨幣金融政 策、投資安定化政策、消費促進政策、産業及びサプライチェーン安 定化政策等の方面から計33項目の具体的措置を打ち出した。特に企 業に関連している項目として、以下の内容が挙げられると思われる。
① 従来の製造業や技術サービス業等に加えて、卸売・小売業等7 つの産業に所属する企業を、増値税控除留保税額の還付政策の 適用対象として組み入れる。
② 社会保険納付猶予政策の適用範囲を、従来の飲食、小売、観光、 民間航空、運輸の５業種以外に、自動車製造業、紡績業、製紙 及び紙製品業等の計17業種を追加し、これら産業に対する養老 保険料の支払猶予期限を22年末までに延長し、また新型コロナ 感染症の影響を著しく受けた地域にある⽣産経営が困難な状況 に陥っているすべての中小企業・零細企業に対して、養老、失 業、労災の3 項目の社会保険料の会社納付部分を段階的に納付 猶予し、猶予期限を22年末まで延長する。