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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, Foreign Account Tax Compliance Act 2010 (USA), Internal Revenue Service (USA)
Authors:
Jarrod Farley , Michael Makridakis
Location:
Cayman Islands, USA
Firm:
Carey Olsen
View Original Article
High Court rules that statutory interest payable on an insolvency is not subject to UK withholding tax
2017-01-30

On 11 October 2016, the High Court10 held that statutory interest payable on an insolvency (under rule 2.88(7) IR 1986) is not “yearly interest” for UK tax purposes. Such statutory interest is therefore not subject to UK withholding tax (20%).

The facts of the case are somewhat unusual in that there was a substantial surplus in the administration and the statutory interest was estimated at £5bn. However the decision is a welcome clarification of the position. It also confirms HMRC’s previous guidance on the taxation of statutory interest (subsequently withdrawn).

Filed under:
United Kingdom, Insolvency & Restructuring, Litigation, Tax, RPC, Withholding tax, HM Revenue and Customs (UK), High Court of Justice
Authors:
David Gubbay , Ben Roberts
Location:
United Kingdom
Firm:
RPC
View Original Article
Trust companies in liquidation - dealing with priority debts
2016-07-12

The decision in In the matter of Independent Contractor Services (Aust) could mean more reliance upon fair entitlements guarantee funding provided by the Commonwealth in relation to the liquidation of trading trusts.

Filed under:
Australia, New South Wales, Insolvency & Restructuring, Litigation, Clayton Utz, Costs in English law, Audit, Beneficiary, Debt, Withholding tax, Liquidation, Liquidator (law), Discretionary trust, Corporations Act 2001 (Australia), Australian Taxation Office, New South Wales Supreme Court , Trustee
Authors:
Mikhail Glavac , Orla McCoy
Location:
Australia
Firm:
Clayton Utz
View Original Article
Restructuring of indebtedness: French tax points
2009-06-22

Summary

This briefing sets out the key French corporate income tax issues in respect of debt restructurings. In summary, debtors and creditors may be faced with material tax consequences in case of a debt waiver, debt transfer, conversion of debt into equity or debt buy-back, so that such operations may require an appropriate structuring in order to mitigate potential tax issues.

Introduction  

This briefing summarises key French tax points relating to restructuring of indebtedness.  

Filed under:
France, Insolvency & Restructuring, Tax, Freshfields Bruckhaus Deringer LLP, Contractual term, Surety, Debtor, Security (finance), Waiver, Interest, Accounting, Debt, Withholding tax, Accrued interest, GAAP
Location:
France
Firm:
Freshfields Bruckhaus Deringer LLP
View Original Article
Contractor insolvency – be prepared
2009-03-17

In the construction industry, contractor insolvency delays projects, increases costs and may deprive the employer of remedies and third parties of meaningful warranty protection. In 2008, it was reported that the number of construction firms facing grave financial concerns was 547 per cent higher than in 2007 (Building, 14 November 2008). As contractor insolvencies are likely to increase in 2009, how can an employer protect its position at the start of a project and when contractor insolvency occurs?  

Contractual safeguards  

Filed under:
United Kingdom, Construction, Insolvency & Restructuring, Freshfields Bruckhaus Deringer LLP, Bond (finance), Surety, Collateral (finance), General contractor, Independent contractor, Option (finance), Subcontractor, Withholding tax, Warranty, Default (finance), Subsidiary, Parent company, House of Lords
Location:
United Kingdom
Firm:
Freshfields Bruckhaus Deringer LLP
View Original Article
Incorporate amended legislation
2009-09-15

In the case of William Hare Ltd v Shepherd Construction Ltd [2009] EWHC 1603 (TCC) (25 June 2009), the court declined to incorporate amendments made to an Act before the contract was signed which were not specifically referred to in the contract.

The facts

Filed under:
United Kingdom, Construction, Insolvency & Restructuring, Litigation, Gowling WLG, Statutory interpretation, Withholding tax, Best practice, Constitutional amendment, Insolvency Act 1986 (UK), High Court of Justice
Authors:
David Lowe
Location:
United Kingdom
Firm:
Gowling WLG
View Original Article
No withholding notice: no defence to winding-up proceedings
2007-01-23

Case summary:

When a contractor failed to pay certain agreed invoices the sub-contractor issued a winding up petition. The contractor applied to halt the advertising of the petition on the grounds that the debts were bona fide disputed on substantial grounds as there was a cross claim which exceeded the amount claimed. The court refused to halt proceedings because the absence of a withholding notice under the HGCRA meant that there were no substantial grounds for disputing the petition.

Comment:

Filed under:
United Kingdom, Insolvency & Restructuring, Litigation, Gowling WLG, Advertising, Debt, Subcontractor, Withholding tax, Liquidation, Good faith
Location:
United Kingdom
Firm:
Gowling WLG
View Original Article
The Century Services case - getting the Crown's priorities straight
2011-02-18

Introduction

The decision of the Supreme Court of Canada last month in Century Services Inc. v. Canada1 is of striking interest to the tax and insolvency bars. The Court considered Crown priorities, in particular, the various “deemed trust” provisions found in section 227 of the Income Tax Act (Canada),2 section 86 of the Employment Insurance Act,3 section 23 of the Canada Pension Plan (the “CPP”)4 and in particular section 222 of the Excise Tax Act (GST Portions).5

Filed under:
Canada, Insolvency & Restructuring, Litigation, Tax, Dentons, Bankruptcy, Debtor, Statutory interpretation, Income tax, Withholding tax, Liquidation, Tax deduction, Unemployment benefits, Secured creditor, Canada Pension Plan, Bankruptcy and Insolvency Act 1985 (Canada), Supreme Court of Canada, Court of Appeal for Ontario
Location:
Canada
Firm:
Dentons
View Original Article
Employers' right to withhold sums following determination is not confined to insolvency
2007-08-07

Following the House of Lords' decision in Melville Dundas in April, the TCC has now decided in the case of Pierce Design v Johnston on 17 July that the case has a wide application - but unreasonable failure to pay may still be penalised.

The decision of the House of Lords in Melville Dundas in April resolved a tension between the payment provisions of the Housing Grants, Construction and Regeneration Act 1996 ("the Act") and contractual clauses applying to payments after termination of building contracts.

Filed under:
United Kingdom, Construction, Insolvency & Restructuring, Litigation, Herbert Smith Freehills LLP, Independent contractor, Withholding tax, Cashflow, House of Lords
Location:
United Kingdom
Firm:
Herbert Smith Freehills LLP
View Original Article

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