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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luxembourg

Debevoise opens tenth global office in Luxembourg

Debevoise & Plimpton is the latest US firm to press ahead with European expansion plans, joining a growing number of firms with an office in Luxembourg. Debevoise’s newest outpost will be its tenth overall, and fifth in Europe, focused on private equity, assisting clients with the establishment of funds and regulatory issues. It is the […]

London city

Kirkland restructuring partner moves to Ropes

In a rare loss for one of the busiest restructuring teams in the City, Ropes & Gray has picked up a Kirkland & Ellis London partner to revive its restructuring offering. Matthew Czyzyk will join the US firm after two years and a half at Kirkland. Before joining the firm at the Gherkin, Czyzyk had […]

Leaitherland steps down as DWF’s CEO in leadership shake-up

DWF’s longtime leader Andrew Leaitherland is passing on the baton as the firm’s CEO,  after leading for more than two decades and taking it from a national entity to a listed business. As part of the change, Leaitherland will also renounce his role as managing the firm’s two LLPs contained within the DWF brand. The […]

DWF Manchester

Leaitherland’s DWF exit deal: departing CEO to keep 70 per cent of shares

DWF’s departing CEO Andrew Leaitherland is to be paid an annual salary of £530,000 over the next 12 months, while nearly a third of his shares in the firm will be clawed back by the business. Details of Leaitherland’s lucrative exit package have emerged following his shock departure from the listed outfit on Friday, which […]

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