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Latest Briefings

Voluntary disclosures program update – The new normal

The Canada Revenue Agency voluntary disclosures program (VDP) has been around for decades. While the VDP has changed periodically, perhaps the most significant change occurred when the new Information Circular IC00-1R6, initially published on December 15, 2017, became effective on 1 March 2018.

Section 160 liability – Damis Properties Inc. v. The Queen

In Damis Properties Inc. v. The Queen, the Tax Court of Canada (TCC) found subsection 160(1) of the Income Tax Act inapplicable because the appellants and their former subsidiaries were dealing at arm’s length at the time of the transfer of the subject property. The TCC further concluded that, even if subsection 160(1) applied, the liability of the appellants under paragraph 160(1)(e) was nil because they gave fair market value consideration.

Private wealth – the potential for impact

“It is good to have money and the things money can buy, but its good too to check up once in a while and make sure you haven’t lost the things money can’t buy.” – George Lorimer

Nitrate neutrality

Developments on hold, trips to the High Court, nutrient credit schemes… Ever since a European Court of Justice ruling in November 2018, being nitrate neutral has caused headaches and blockages for developers and planners.

Bermuda: Three-day registration for special purpose insurers issuing bonds

Bermuda has always provided an efficient process for insurance submissions of all classes, with applications being approved in under two weeks. On 20 August 2021, the Bermuda Monetary Authority issued a notice announcing that enhancements have been made to allow further streamlining of the registration process for Restricted Special Purpose Insurers (“R-SPI”). Now, the licensing and registration processes of R-SPI registrants whose business model is to issue bonds (e.g. catastrophe bonds and mortgage bonds) will be consolidated and registrants can be fully registered within three business days.

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Shoosmiths and BCLP called in on Monsoon Accessorize rescue deal

Shoosmiths and Bryan Cave Leighton Paisner are acting on the rescue of Monsoon Accessorize, which has been saved by a buyout deal. The fashion brand collapsed into administration last night (9 June). Almost immediately, founder Peter Simon bought the business out of administration as part of a pre-pack deal, leaving him in control of a […]

Brad Karp

Paul Weiss’ Karp: “Never doubt how volatile our world is”

Paul Weiss global chair Brad Karp has marked the publication of this year’s US Top 50 report by offering his view of the current global turbulence as seen from New York. Last year Paul Weiss was a new entry in The Lawyer’s US Top 50 report, which highlights the London activities of the leading transatlantic […]

moving quickly

The speed read: NQ pay; US firms; and the super-exam battle continues

After seven years of consultations and pilots, junior lawyers’ super-exam concerns have still not been allayed In this turbulent world, it’s good to know that some things never change. Reform to the legal education system has been in the works for the best part of a decade now. The Solicitors Regulation Authority (SRA) has been […]

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