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Tax and insolvency

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Latest Restructuring & Insolvency News

Claims arising from a fraudulent investment scheme resulting in corporate insolvency (Biscoe (as joint liquidators of Equitable Law Capital Ltd) v Milner)

Claims arising from a fraudulent investment scheme resulting in corporate insolvency (Biscoe (as joint liquidators of Equitable Law Capital Ltd) v Milner)

The following Dispute Resolution news provides comprehensive and up to date legal information on Claims arising from a fraudulent investment scheme resulting in corporate insolvency (Biscoe (as joint liquidators of Equitable Law Capital Ltd) v Milner)

Restructuring & Insolvency weekly highlights—15 April 2021

Restructuring & Insolvency weekly highlights—15 April 2021

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Restructuring & Insolvency weekly highlights—15 April 2021

Comment—UK lenders square up to tricky task of clawing back Covid-19 loans

Comment—UK lenders square up to tricky task of clawing back Covid-19 loans

The following Banking & Finance news provides comprehensive and up to date legal information on Comment—UK lenders square up to tricky task of clawing back Covid-19 loans

Changes to SIP 13 and SIP 16 and withdrawal of SIP 4

Changes to SIP 13 and SIP 16 and withdrawal of SIP 4

The following Restructuring & Insolvency news provides comprehensive and up to date legal information on Changes to SIP 13 and SIP 16 and withdrawal of SIP 4

Featured Restructuring & Insolvency content

Key elements of a standstill agreement

Key elements of a standstill agreement

When restructuring is considered rather than formal insolvency proceedings (see Practice Note: Benefits of restructuring over formal proceedings) the...

Effect of equitable, contractual and structural subordination

Effect of equitable, contractual and structural subordination

Senior creditors will ensure that in addition to having higher security rights over junior creditors, juniors are also subordinated to them.Generally...

Debt for equity swaps

Debt for equity swaps

A popular restructuring method is a debt for equity swap; financial creditors receive equity in the restructured vehicle in return for reducing or...

Winding-up and administration searches for companies at the Central Registry

Winding-up and administration searches for companies at the Central Registry

STOP PRESS: This Practice Note is being updated for the Corporate Insolvency and Governance Act 2020 (CIGA 2020), which introduces a new insolvency...

Practice notes

What is considered onerous property or contracts?

DisclaimerUnder sections 178 and 315 of the Insolvency Act 1986 (IA 1986), a liquidator or a trustee in bankruptcy (trustee) has the power to disclaim...
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9th Nov
Practice notes

Role, powers, functions and duties of a liquidator

Coronavirus (COVID-19)This content is affected by the coronavirus (COVID-19) pandemic. For further details, take a look at our Coronavirus (COVID-19)...
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9th Nov
Practice notes

Practice Direction on Insolvency Proceedings

Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...
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9th Nov
Practice notes

Proprietary claims

Creditors are often keen to establish proprietary claims as they create rights in rem (which attach to the property itself) rather than personal...
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9th Nov
Practice notes

Effect of a moratorium in a company voluntary arrangement (CVA) on creditors and the company [ARCHIVED]

The Court of Appeal has made it clear in JCAM that a moratorium cannot be obtained through the back door by filing a notice of intention to appoint an...
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Produced in partnership with Lexa Hilliard QC of Wilberforce Chambers 12th Jan
Practice notes

Equitable accounting—how it works in practice

This Practice Note looks at equitable accounting, what it is, how and when it applies. It does not look at how the trustee in bankruptcy (trustee)...
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9th Nov
Practice notes

Court-appointed receivers—when a court will appoint a receiver and who may be appointed

This Practice Note covers receivers who are appointed by the court, including the circumstances in which a court will appoint a receiver and who may...
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Produced in partnership with John Hughes of Shakespeare Martineau LLP 12th Jan
Practice notes

How to serve a demand for payment

A demand for payment is a formal demand made in accordance with the contractual requirements underpinning the liability which the party issuing the...
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Produced in partnership with James Hannant of Guildhall Chambers 12th Jan
Precedents

Certificate of urgency for applications in insolvency proceedings

Court Reference No: [INSERT COURT REF. NUMBER][IN THE HIGH COURT OF JUSTICEBUSINESS AND PROPERTY COURTS [OF ENGLAND AND WALES OR IN [INSERT...
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9th Nov
Practice notes

Prohibited names under section 216 of the Insolvency Act 1986

The purpose of section 216 of the Insolvency Act 1986Section 216 of the Insolvency Act 1986 (IA 1986) is aimed at preventing phoenix companies from...
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9th Nov
Practice notes

Insolvency set-off—the position under the Insolvency (England and Wales) Rules 2016

IntroductionSet-off refers to claims that may be set-off against other claims. A set-off is the right of one party, Party A, who is owed money by...
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Produced in partnership with South Square and BDO LLP 12th Jan
tag iconIn-house
Practice notes

Key features of securitisation and asset based lending

BrexitBREXIT: The UK is leaving the EU on Exit Day (as defined in the European Union (Withdrawal) Act 2018). This has an impact on this Practice Note....
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9th Nov
Practice notes

US bankruptcy financing—debtor-in-possession (DIP) financing

DIP financing generallyDebtor-in-possession financing (DIP financing) is new, post-petition financing provided to a debtor in a bankruptcy case. The...
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Produced in partnership with Liz Downing of Skadden Arps Slate Meagher & Flom LLP 12th Jan
tag iconIn-house
Practice notes

Misfeasance claims under section 212 of the Insolvency Act 1986

What is a misfeasance claim under section 212 of the Insolvency Act 1986?Claims commenced under section 212 of the Insolvency Act 1986 (IA 1986) are...
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9th Nov
tag iconIn-house
Practice notes

A guide to independent business reviews

This Practice Note looks at independent business reviews (IBRs) and aims to:•provide high level guidance around an IBR•identify when an IBR may be...
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Produced in partnership with Allan Kelly of RSM 12th Jan
Practice notes

Avoiding invalid floating charges under section 245 of the Insolvency Act 1986

Coronavirus (COVID-19)This content contains guidance on subjects impacted by the Coronavirus Act 2020 and related changes to court procedures and...
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9th Nov

Most recent Tax and insolvency content

Practice notes

Insolvency Services Account

The official receiver (OR) deals with the administration and investigation of all bankruptcies and compulsory liquidations, including partnerships (ie...
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Produced in partnership with Christopher Buckley of Radcliffe Chambers 9th Apr
Practice notes

Receivers and VAT

FORTHCOMING CHANGES relating to insolvency and tax: Finance Act 2020 introduces provisions where:•HMRC becomes a secondary preferential unsecured...
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Produced in partnership with John Baldry of Temple Tax Chambers 9th Apr
Practice notes

Taxation in corporate insolvency—the principal issues in outline

Taxation and insolvencyThere are relatively few specific rules governing the UK taxation of companies that are subject to insolvency procedures. The...
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Produced in partnership with David L. Irvine, Nathan Langford of Kirkland & Ellis International LLP and Philip Ridgway of Temple Tax Chambers 9th Apr
Practice notes

Liquidation demergers

This Practice Note is about the tax implications of liquidation demergers, also known as section 110 demergers, after section 110 of the Insolvency...
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9th Apr
Practice notes

Key tax considerations relevant to appointment of a fixed charge receiver

This Practice Note:•outlines the main UK tax provisions that apply where a fixed charge receiver sells assets owned by a company, and•answers the...
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Produced in partnership with Anthony Davis and Julia Fox of Deloitte LLP 9th Apr
Practice notes

VAT bad debt relief

This Practice Note outlines how a taxable person who has accounted for and paid VAT on a supply, but who is not paid the price for that supply, may...
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Produced in partnership with Etienne Wong of Old Square Tax Chambers 9th Apr
Practice notes

Debt restructurings—tax issues on debt restructurings

This Practice Note outlines the tax issues that should be considered when a company seeks to restructure its external debt obligations.Other Practice...
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Produced in partnership with Jenny Doak of Weil Gotshal & Manges LLP 9th Apr
Practice notes

Taxation of loan relationships—impairment and debt releases

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...
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9th Apr
Practice notes

US: Foreign Account Tax Compliance Act (FATCA)—summary

The Hiring Incentives to Restore Employment Act (the HIRE Act) include provisions that give the US Internal Revenue Service (the IRS) administrative...
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Produced in partnership with John Narducci (Partner) and Stephen C Lessard (Associate) of Orrick, Herrington & Sutcliffe LLP 9th Apr
Practice notes

Taxation of loan relationships—impairment and debt releases: connected companies

A foundational principle of the loan relationships regime is that the profits and losses to be brought into account for corporation tax purposes on a...
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9th Apr
Practice notes

Taxation of loan relationships—accounting framework and principles

IP COMPLETION DAY: 11pm (GMT) on 31 December 2020 marks the end of the Brexit transition/implementation period entered into following the UK’s...
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9th Apr
Practice notes

Key tax consequences of an administration

This Practice Note outlines:•the main corporation tax consequences when a UK incorporated company goes into an administration process in the UK,...
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Produced in partnership with Anthony Davis and Julia Fox of Deloitte LLP 9th Apr
Practice notes

Key tax consequences of an insolvent liquidation

This Practice Note outlines:•the main corporation tax consequences when a UK incorporated company enters into an insolvent liquidation process,...
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Produced in partnership with Julia Fox of Deloitte LLP and Anthony Davis 9th Apr
tag iconIn-house
Practice notes

Debt restructurings—enforcement

This Practice Note outlines the tax issues that are relevant where creditors seek to enforce their security over the assets of a company, or corporate...
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Produced in partnership with Jenny Doak of Weil Gotshal & Manges LLP 9th Apr
Practice notes

Tax—FATCA tracker

This tax 'tracker' tool displays the current status of both US FATCA and UK FATCA intergovernmental agreements (IGA).The tracker is split into five...
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9th Apr
Practice notes

Joint and several liability of company directors and certain other individuals for tax debts of companies and limited liability partnerships

The Finance Act 2020 (FA 2020) introduced measures enabling HMRC, in certain insolvency-related circumstances, to make:•directors, shadow directors...
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Produced in partnership with David L. Irvine and Nathan Langford of Kirkland & Ellis International LLP 6th Apr
Practice notes

Key tax considerations relevant to company voluntary arrangements (CVAs) with creditors

This Practice Note outlines the main tax implications where a company implements a company voluntary arrangement (CVA) under Part I of the Insolvency...
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Produced in partnership with Anthony Davis and Julia Fox of Deloitte LLP 11th Mar
Practice notes

Debt restructurings—tax issues on acquisitions of distressed debt

The economic climate can lead to instances of distressed debt portfolios changing hands. In such a climate, typically banks seek to reduce their...
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Produced in partnership with Jenny Doak of Weil Gotshal & Manges LLP 3rd Mar
Q&As

Is stamp duty payable in respect of a share for share exchange undertaken as part of a section 110 demerger?

Since UK stamp duty applies to instruments of transfer (such as stock transfer forms) relating to stock or marketable securities (paragraph 1,...
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18th Feb
Q&As

Where a close company in members’ voluntary liquidation has made a loan to its sole shareholder and director, can you leave the funds with the individual without triggering a loan to participator tax charge under section 455 of the Corporation Tax Act 2010?

This Q&A assumes that the company and the director/shareholder are resident in the UK for tax purposes.As explained in the Members' voluntary...
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15th Feb

Popular documents

LEXISNEXIS

Forfeiture of a lease

Coronavirus (COVID-19): During the current pandemic, legislation and changes to practice and procedure in the courts and tribunals have been introduced, which affect the following:•proceedings for possession•forfeiture of business leases on the grounds of non-payment of rent•a landlord's right to

LEXISNEXIS

Skeleton arguments

This Practice Note provides guidance on the interpretation and application of the relevant provisions of the CPR. Depending on the court in which your matter is proceeding, you may also need to be mindful of additional provisions—see further below.Note: this Practice Note does not deal with the

LEXISNEXIS

Promissory estoppel

For guidance on the basic features of the doctrine of estoppel and the different classifications it has been subject to, see Practice Note: Estoppel—what, when and how to plead and related content.Promissory estoppel—what is it?Where A has, by words or conduct, made to B a clear and unequivocal

LEXISNEXIS

The equity of redemption

Disposal and devolutionThe equity of redemption arises as soon as the mortgage is made. It is an interest in the land which the mortgagor can:•transfer, lease or mortgage inter vivos, or•by will (it passes on intestacy)No cloggingIt is a fundamental principle of a mortgage that there must be no clog