The UK's latest quarterly company insolvency statistics, published on 29 October, suggest that the unexpectedly calm seas seen over the last 18 months (and maintained by unprecedented government economic support) may be starting to give way to stormier waters as corporate insolvencies begin to return to pre-pandemic levels.

The High Court has dismissed a challenge to Caffe Nero's company voluntary arrangement (CVA) in Young v Nero Holdings Limited. The Applicant in the proceedings, Mr Young, was a landlord of premises let to the First Respondent, Nero Holdings Limited (the Company) and challenged the Company's CVA under s 6(1)(a) and (b) of the Insolvency Act 1986 (the Act).

UK REIT Horizon Scanner Q4 2021

UK REIT Horizon Scanner Q4 2021

Key Issues

Key issues coming up for UK Main Market REITs in corporate, financial regulatory, planning, real estate, securities law and regulation and tax1 in England (including retained EU law2).

Issue/status/timing: New developments since our March 2021 edition are shown in green text. Impact: urgency/impact rating for REITs admitted to London Stock Exchange Main Market (including the Specialist Fund Segment3)

Tax reform 2021, land market opening, CFC rules, new requirements on disclosure of ultimate beneficial owners as well as companies’ corporate structure and a lot more – the novelties of the first half of 2021 raised lots of questions, as they relate to all those living, working and carrying out entrepreneurial activity in Ukraine.

GOLAW Team has prepared a new issue of the «Analyses and Forecasts of the legislative changes».

Contents:

ПІДСУМКИ ТА ПРОГНОЗИ ЗАКОНОДАВЧИХ ЗМІН Перше півріччя 2021 Відкриття ринку землі в Україні: Що потрібно знати? Відповідальність за неподання декларації та приховування статків: Що нового передбачає закон? Відповідальність платників податків: Що змінилося у 2021 році? Контрольовані іноземні компанії: Поточний стан і погляд в майбутнє Кінцеві бенефіціари і корпоративна структура компанії: Нові вимоги до розкриття Нові правила оподаткування непрямого продажу нерухомості 2 6 11 Податкова амністія для приватних осіб: 14 Можливість чи зачіпка для переслідування?

Corporate restructuring transactions are often motivated by tax planning, though there are usually other legitimate corporate needs to be achieved. The Corporations Tax Code of Japan contains provisions granting the government power to deny the effects of corporate restructuring for tax purposes—e.g., Article 132 (for family company group transactions) and Article 132-2 (for intra-group mergers and other reorganizations). In recent years, Japanese courts have been trying to clarify the standard for denying the tax effect of certain restructuring transactions.

1. Related Fund Entity filings for private funds]

On 1 September 2021, the Cayman Islands Monetary Authority (CIMA) issued a Notice advising industry that a new Related Fund Entity (RFE) form for private funds was available for use via CIMA's Regulatory Enhanced Electronic Forms Submission (REEFS) portal.

What have we been up to?

Aside from our collective (but not wholly unexpected) disappointment that the lifting of the remaining Covid restrictions has been pushed back to 19 July, the team continue to advise on a wide range of insolvency related matters, amongst the recent highlights being:

One of the key questions for an individual facing bankruptcy is how they can protect their assets from the trustee-in-bankruptcy (trustee) or from creditors. This is particularly relevant for the family/matrimonial home. One of the ways of protecting this asset is via the presumption of advancement.

This article explores a recent appeal case where the presumption of advancement, in relation to the family home, was rebutted.

What is the presumption of advancement?

Supreme Court: Interest free term loans advanced to a corporate person are not excluded from the purview of a financial debt under Section 5(8) of the Insolvency and Bankruptcy Code, 2016. II. Bombay High Court: A secured debt shall take priority over the ‘Government’ dues/tax dues under the SARFAESI Act. III. NCLAT: Rejects application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 on grounds of collusion between the corporate debtor and the financial creditor. IV.