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    Comparing US and Canadian rules for debt forgiveness
    2009-10-29

    In the current recession, some North American businesses facing difficulty in meeting their debt obligations may consider the implications of restructuring their debt in Canada or the US. The rules in the two jurisdictions have some similarities, but also some significant differences that should be examined in any such restructuring.

    Filed under:
    Canada, USA, Insolvency & Restructuring, Tax, Cassels Brock & Blackwell LLP, Share (finance), Bankruptcy, Shareholder, Debtor, Interest, Taxable income, Debt, Debt relief, Fair market value, Default (finance), Preferred stock, Bankruptcy discharge, Bankruptcy and Insolvency Act 1985 (Canada)
    Authors:
    Lorne H. Saltman
    Location:
    Canada, USA
    Firm:
    Cassels Brock & Blackwell LLP
    Supreme Court of Canada rules that the CRA has no claim on the GST component of a bankrupt’s accounts receivable
    2009-10-30

    The Supreme Court of Canada ruled that bankruptcy trustees, receivers and secured creditors can continue to collect the full amount of accounts receivable of a bankrupt supplier, including the Goods and Services Tax (GST) component, even if an amount remains owing by the supplier to the Canada Revenue Agency (CRA).

    Filed under:
    Canada, Insolvency & Restructuring, Litigation, Tax, Dentons, Bankruptcy, Debtor, Unsecured debt, Accounts receivable, Debt, Secured creditor, Goods and services tax (Canada), Goods and Services Tax (New Zealand), Canada Revenue Agency, Supreme Court of Canada
    Authors:
    Roger P. Simard
    Location:
    Canada
    Firm:
    Dentons
    Distressed preferred shares offer attractive restructuring alternative
    2008-12-08

    Distressed preferred shares are an important weapon in the arsenal of a restructuring lawyer. They allow distressed companies to reduce their borrowing costs by restructuring their debt in a way that gives a taxable Canadian resident corporate lender a tax-free return. This means that the lender can accept a dividend rate that is less than the interest rate on the debt it holds and receive the same economic return without losing the priority that came with holding secured debt.

    Filed under:
    Canada, Insolvency & Restructuring, Tax, Osler Hoskin & Harcourt LLP, Bond market, Tax exemption, Shareholder, Debtor, Dividends, Interest, Debt, Economy, Maturity (finance), Refinancing, Cashflow, Default (finance), Subsidiary, Preferred stock, Distressed securities, Secured loan, Income-Tax Act 1961 (India)
    Location:
    Canada
    Firm:
    Osler Hoskin & Harcourt LLP
    Alberta court finds a DIP Charge can be granted in priority to the deemed trust claims of CRA
    2008-02-28

    In Re Temple City Housing Inc.; Minister of National Revenue v. Temple City Housing Inc. 2007 CarswellAlta 1806 (Alta. Q.B.), Temple City Housing Inc. (“Temple”) filed for protection under the Companies’ Creditors Arrangement Act (“CCAA”). The Order sought by Temple contemplated that a Debtor-In-Possession credit facility (“DIP Charge”) would be granted. Temple’s major creditor, Canada Revenue Agency (“CRA”), opposed the granting of the DIP Charge, which would create a court ordered priority over the CRA deemed trust claim.

    Filed under:
    Canada, Insolvency & Restructuring, Tax, Dentons, Debtor, Interest, Stakeholder (corporate), Line of credit, Canada Revenue Agency, Constitutional amendment, Minister of National Revenue (Canada), Court of Appeal of England & Wales
    Location:
    Canada
    Firm:
    Dentons
    Cayman Islands Voluntary Liquidations: Operational Efficiencies from Starting the Liquidation Process Earlier
    2017-07-10

    The timing of the commencement of the voluntary liquidation of a Cayman Islands company was often driven primarily by the desire to avoid incurring the following year’s annual government fees. To avoid those fees, the liquidation had to commence by December, with the final meeting being held before the end of January. This timetable allowed for an effective dissolution date into the next calendar year, while still avoiding the government fees for that year.

    Filed under:
    Cayman Islands, Insolvency & Restructuring, Private Client & Offshore Services, Tax, Maples Group, Liquidation, Cayman Islands Monetary Authority
    Location:
    Cayman Islands
    Firm:
    Maples Group
    Trade Alert - February 2016
    2016-03-03

    CAYMAN ISLANDS

    Filed under:
    Cayman Islands, Iceland, Italy, Banking, Corporate Finance/M&A, Insolvency & Restructuring, Litigation, Private Client & Offshore Services, Tax, Cadwalader Wickersham & Taft LLP
    Location:
    Cayman Islands, Iceland, Italy
    Firm:
    Cadwalader Wickersham & Taft LLP
    Implications of FATCA for Cayman Islands liquidators
    2014-02-28

    WHAT IS FATCA?

    Filed under:
    Cayman Islands, USA, Insolvency & Restructuring, Private Client & Offshore Services, Tax, Carey Olsen, Withholding tax, Due diligence, Internal Revenue Service (USA), Foreign Account Tax Compliance Act 2010 (USA)
    Authors:
    Jarrod Farley
    Location:
    Cayman Islands, USA
    Firm:
    Carey Olsen
    2017 Proskauer Annual Review and Outlook for Hedge Funds, Private Equity Funds and Other Private Funds
    2017-11-17

    2017 Proskauer Annual Review and Outlook for Hedge Funds, Private Equity Funds and

    Other Private Funds

    2017 Proskauer Annual Review and Outlook for Hedge Funds, Private Equity

    Funds and Other Private Funds

    The following annual review and outlook (Annual Review) is a summary of some of the significant changes and developments that occurred in the past year and certain recommended practices that investment advisers to hedge funds, private equity funds and other private funds (collectively, private funds) should consider when preparing for 2018.

    Filed under:
    Central & South America, China, Hong Kong, United Kingdom, USA, New York, Corporate Finance/M&A, Employment & Labor, Insolvency & Restructuring, Insurance, IT & Data Protection, Tax, White Collar Crime, Proskauer Rose LLP, Whistleblower, Security (finance), Hedge funds, Valuation (finance), Professional liability insurance, Commodity Futures Trading Commission (USA)
    Location:
    Central South America, China, Hong Kong, United Kingdom, USA
    Firm:
    Proskauer Rose LLP
    公司经营在美国
    2019-07-31

    美国是世界上最容易开展业务的司法管辖区之一1。监管壁垒总体较低,建立分支机构或业务实体方 便快捷,相比其他多数发达经济体,劳动就业法律对雇主更为友好,并且法律体系发达、透明。然 而,在美国进行投资或设立业务之前,仍有若干准入壁垒及营商挑战需要考虑。 本刊将简要介绍可能限制非美国人进入美国市场或在美国设立业务后开展业务能力的贸易管制问题, 以及对外国投资者而言极其重要的公司、商事、劳动就业、移民、知识产权、反洗钱、反垄断、出 口管制、反腐败、责任、破产等法律及实践。本刊并非综合性指南,仅对投资者需要考虑及与法律 顾问商讨的一些重要问题加以概述。 

    Filed under:
    China, USA, Company & Commercial, Competition & Antitrust, Copyrights, Corporate Finance/M&A, Designs and trade secrets, Employment & Labor, Immigration, Insolvency & Restructuring, Litigation, Patents, Tax, Trade & Customs, Trademarks, White Collar Crime, Hogan Lovells, Foreign direct investment, Money laundering, NAFTA, Export Administration Regulations (USA), USMCA
    Location:
    China, USA
    Firm:
    Hogan Lovells
    Legal flash - Shanghai office - April 2015 - Ministry of Finance and the State Administration of Taxation notice on individual income tax policies for individual non-monetary asset investment (CAISHUI [2015] No. 41)
    2015-05-11

    财政部国家税务总局关于个人非货币性资产投资有关个人所得税政策的通知)

    On March 30, 2015, the Ministry of Finance (“MoF”) and the SAT jointly released Caishui [2015] No. 41 (“Circular 41”) to expand nationwide the tax payment installment policy applicable in the Shanghai Free Trade Zone to income derived from non-monetary asset investment made by individuals.

    Circular 41 defines non-monetary asset investment and includes the contribution of non-monetary assets to establish a new company, to participate in company capital increase, private placement of stock, stock exchange and corporate restructuring.

    Filed under:
    China, Insolvency & Restructuring, Tax, Cuatrecasas, Income tax, State Administration of Taxation (China)
    Location:
    China
    Firm:
    Cuatrecasas

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