In this article Paul Pritchard, Managing Director of our European Tax Advisory team discusses how the deemed release rules apply to transactions in debt rights. This is an extract from Tax Journal, first published on June 17, 2021. The whole publication is available at https://www.taxjournal.com/articles/-debt-restructuring-deemed-releases. The impact of the pandemic may necessitate a financial restructuring…
DetailsSG/SM/20819 Following are UN Secretary-General Antnio Guterres remarks, as prepared for delivery, to the third Group of 20 (G20) meeting of finance ministers and central bank governors, held today: We are now in the second year of a global pandemic that has killed 4 million people. Extreme climate events regularly devastate vulnerable communities. You have…
DetailsLAVAL, QUE. — After speaking to some 20 families who lost millions in deposits when local real estate developer Bel-Habitat went bankrupt last week, Laval Mayor Marc Demers is promising support. “Given the magnitude of the situation, we have asked the general management to look at the tools we have available to help you,” he…
DetailsIn 2020, the Dutch government, like many others, implemented various temporary measures aimed at providing immediate financial leeway to the business community to cope with the financial consequences of the pandemic. Such measures include non-tax schemes, like extended governmental business loan guarantee schemes and non-refundable temporary emergency schemes for job retention. There are also several…
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DetailsCrown Resorts has claimed it could default on hefty debts impacting thousands of innocent employees if its Melbourne licence is not renewed. The companys Victorian operation, under the microscope of a royal commission into whether it can retain a licence, wrote a letter to the state government last week requesting a meeting to discuss its…
DetailsBSE has revealed the manner of dealing with companies undergoing Corporate Insolvency Resolution Process. BSE in a release said, “SEBI (Listing Obligations and Disclosure Requirements) Regulation, 2015 (“LODR Regulations”) was amended in the year 2018 vide SEBI (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2018, and point 16 was inserted in Para A of…
DetailsCorporate bankruptcies have gone up By the results of the first half of the year, the number of corporate bankruptcies in Russia has increased for the first time since 2017, according to the statistics published by the Fedresurs service on 7 July. In comparison with the first half of 2020, this year the growth has…
DetailsIdaho is one of 15 states now agreeing to a controversial bankruptcy plan involving Purdue Pharma, with the state poised to receive tens of millions of dollars from the OxyContin maker if the deal is approved. Two dozen states and D.C. originally opposed a $3 billion bankruptcy plan from Purdue Pharma and the Sackler family…
DetailsDang Tuan Anh, CEO of taxi firm Thanh Loi Group, said: “Every time there is an outbreak, I request banks to reduce interests on existing loans. But they only say they will consider.” With over 600 vehicles operating in Hanoi and two neighboring provinces, the 20-year old company has been struggling amid the latest Covid…
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