The Federative Republic of Brazil is the largest country in South America and the world’s fifth largest country, both by land mass (almost 8.6 million square kilometers) and population (more than 200 million people). It is the only lusophone (Portuguese-speaking) country in otherwise Spanish-speaking Latin America and the largest lusophone country in the world. Brazil is a member of the G20, and one of the BRICS countries, along with Russia, India, China and South Africa. The country’s Constitution serves as the foundation of the Brazilian legal framework and sets forth fundamental rights.

The Superior Court of Justice (Superior Tribunal de Justiça - STJ) judged Direct Appeal n. 1.223.792 where the State of Mato Grosso do Sul sought to include the delay penalty in the classification of the credits in the bankruptcy of a company. According to the opinion announced by the Second Panel, in the case of bankruptcy declared during the validity term of Law n.

On 06.11.2013, the 1st Panel of 3rd Chamber of 1st Judgment Section of Federal Administrative Tax Court granted relief to the Voluntary Appeal filed by Banco GMAC S/A, recognizing the use of a tax benefit for the amortization of goodwill originated from the corporate restructuring of GM Group.

Tax authorities claimed that the GM Group had used a vehicle company and that the corporate operations lacked business purpose, so the goodwill was created inside the group by an inverted merger.  

Welcome to the February 2017 edition of our wealth and trusts quarterly digest. The digest provides up to date commentary and analysis on key sector developments. Our tax, wealth and trusts teams are able to provide a wide ranging service to assist you and your clients in responding to market trends and legal developments. We would welcome the opportunity to discuss any concerns you may have and always welcome feedback on the content of our publications. Feature When can trustees exercise their right of retention?

Traduction en cours.

Proposed U.S. Treasury and IRS Regulations Limiting Use of NOLs

The Alberta Court of Appeal recently upheld an unreported decision of the Court of Queen’s Bench that unpaid taxes on linear property (which were pipelines and associated facilities in the case at bar) formed only unsecured claims against the debtors.

The Alberta Court of Appeal has dismissed an appeal brought by three municipalities (the "Municipalities") seeking status as secured creditors entitled to special priority for payment of linear property taxes.

In Northern Sunrise County v Virginia Hills Oil Corp, 2019 ABCA 61, the primary issue was whether the Municipal Government Act ("MGA") grants to an Alberta municipality a special lien for linear property taxes, which lien ranks senior in priority to contractual security interests if the tax debtor is not bankrupt or subject to other insolvency proceedings.

Background

Background

Virginia Hills Oil Corp. was a small publicly traded oil producer with assets in north central Alberta. Some of its assets were held through its subsidiary Dolomite Energy Inc. (collectively the "Debtors"). The Debtors' main secured creditors were the Alberta Treasury Branches and the Bank of Nova Scotia (the "Banks"). The Debtors also owned a pipeline that passed through three municipalities (the "Municipalities").

On February 12, 2019, the Court of Appeal of Alberta (Court) released its long-anticipated decision in Northern Sunrise County v. Virginia Hills Oil Corp. (Virginia Hills).