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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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Dechert’s PEP surpasses $3m in bumper year of growth

Dechert’s profits per equity partner rose 10 per cent last year up from $2.7m to just over $3m, in a year of double-digit growth for the firm. This 10 per cent increase in PEP is matched by its global revenue, which also grew by nearly 11 per cent from $1bn to $1.1bn in 2019. Its […]

Dechert strengthens in restructuring with Shearman hire

Dechert has replenished its financial restructuring capabilities with a Shearman & Sterling hire based in London. Solomon Noh joined the Philadelphia-based firm after 17 years with Shearman, where he has represented investment managers in financial restructurings, financings, and mergers and acquisitions. Noh has had particular experience working on the creditor side in many of the […]

Bakers appoints three City partners to global roles

Baker McKenzie has rejigged its practice and industry group leadership, with three new appointments in London. Two City partners – Matthew Dening and Helen Bradley – have been appointed as global chairs of banking and finance and capital markets, respectively. Dening replaces Michael Foundethakis, who is based in Paris and Bradley replaces Koen Vanhaerents in […]

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