Take-private transactions – BVI law considerations

Take-private transactions have long been a feature of the legal landscape in the British Virgin Islands, whether as a tool for acquiring a company or as precursor to re-listing the company on a more favourable or convenient stock exchange.

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Will 2021 be the year of special purpose acquisition companies (SPACs) in Luxembourg?

While SPACs have existed for decades on public markets, a revival seems to be taking place, with SPACs representing about 60 percent of IPOs in the US in 2020. February 2021 saw the launch of the first Luxembourg SPAC in more than 10 years, highlighting the potential for Luxembourg to become the European hub for this type of funding structure. The jurisdiction not only offers a flexible and tax efficient legal framework but also the ability to rely on the European passport mechanism set forth in the Prospectus Regulation.

Using provisional liquidation offshore to preserve bondholder claims under keepwell deeds

Offshore companies are frequently used to facilitate debt finance transactions for large PRC based corporate groups. In the context of a bond issue, the corporate group will often incorporate an offshore subsidiary for the sole purpose of acting as the bond issuer. Bondholders, naturally, expect some form of credit protection, which the offshore subsidiary cannot […]

Latest Briefings

‘Tax Day’ – government continues its campaign to tackle non-compliance

In the UK’s first ever ‘Tax Day’ on 23 March 2021, the government released more than 30 consultation documents relating to the future landscape of the UK tax regime. Whilst these documents scrutinised how taxes should be paid, opportunities for simplification and the potential of digitalisation, it was tackling non-compliance which was firmly in the spotlight once again. Tax & estate planning Partner, James Austen, gives his opinion on the proposed measures.

Fraud in the sub line market – should we be concerned?

In recent weeks, news of the JES Global Capital fraud committed by fund manager Elliot Smerling has come to light. Unfortunately, we live in world where fraud, much like death and taxes, is inevitable.

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Dollars

Mayer Brown PEP climbs, as Dechert growth slows

Mayer Brown’s profit per equity partner (PEP) grew by 10.7 per cent over 2020, while Dechert’s financials fell after record gains in 2019. Mayer Brown’s PEP exceeded $2m from $1.8m in 2020. Global revenue was up 2.2 per cent, ticking past the $1.5bn figure to $1.51bn. Revenue per lawyer meanwhile fell 1 per cent to […]

Pinsents unveils 19-strong partner promotions round

Pinsent Masons has made the majority of its partner promotions across the UK, with no new appointments across mainland Europe. The bulk have been appointed in London (seven) followed then by Birmingham and Edinburgh with two apiece. The firm’s offices in Continental Europe have missed out on new partners altogether. Head of the firm’s professional […]

Knights continues growth spurt with Mundays acquisition

Knights has acquired Surrey-based commercial firm Mundays as it continues its rapid expansion. The latest addition follows the listed firm’s acquisition of two firms in the UK 100-200 bracket this time last year – Shulmans of Leeds and ASB Law of Crawley. The previous month it took over Fraser Brown Solicitors in Nottingham. The ASB […]

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