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.

Recommended

telecoms

A&O wins key mandate for pension fund on £504m telecoms purchase

Allen & Overy is advising the Universities Superannuation Scheme on its acquisition of UK telecoms group KCom. London partner Richard Hough is leading the magic circle firm’s team for the pension fund USS, which is buying KCom through a wholly-owned indirect subsidiary company. He was supported by banking partner James Graham. KCom, a Hull-based broadband […]

DLA Piper grabs mandate on LK Bennett administration

DLA Piper has earned a first time instruction from ailing upmarket clothing brand LK Bennett, which yesterday confirmed it had called in the administrators. The firm is understood to have pipped Taylor Wessing and Mishcon de Reya to the post, which have both previously represented the retailer and its founder Linda Bennett in the past. […]

wrapping

Kirkland wins lead mandate on Paperchase rescue plan

2019 looks set to be another challenging year for the retail industry, with Paperchase the latest store to enlist legal advisers on its company voluntary agreement. Kirkland & Ellis has secured the top role for Paperchase, with seasoned Kirkland restructuring duo Kon Asimacopoulos and Elaine Nolan advising the card store. The company was bought by […]

DWF grabs mandate on Flybmi’s collapse

Flybmi has become the latest airline to enter into administration, with the company citing Brexit uncertainty as one of the main reasons for its collapse. DWF is acting for the administrators BDO, with a team led by Leeds-based associate partner Matthew Brown. The airline cancelled all flights over the weekend with immediate effect. DWF is understood to […]

Todd Foreman

Stockbroker recruits former Labour councillor as first GC

Saville Row-based international stockbroker Makor Group has taken on its first general counsel, appointing lawyer and former Labour party councillor Todd Foreman. Foreman joins the Makor Group as chief legal officer in London. A New York and English qualified lawyer, he worked as an associate at White & Case and Freshfields Bruckhaus Deringer, before moving […]

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