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United Kingdom: Mid-Market Outlook - Unblocking The Backlog Of M&As - Smith & Williamson

Thu, 19 Nov 2009 09:45:09 GMT

The recession, from which we now appear to be emerging, has been unlike anything we’ve seen before.

United Kingdom: Enterprise – Autumn 2009 - This Time It’s Different - Smith & Williamson

Thu, 19 Nov 2009 09:45:09 GMT

‘This time it’s different’ is a phrase we normally associate with asset bubbles and impending financial turmoil.

United Kingdom: ‘Qualified Person’ Reports To Be Introduced - Smith & Williamson

Thu, 19 Nov 2009 09:45:09 GMT

Most RPs are now very familiar with the various requirements within the Commonhold and Leasehold Reform Act 2002 (Clara).

Indonesia: Impact Of New Indonesian Tax Regulations: Update - O'Melveny & Myers LLP

Thu, 19 Nov 2009 00:00:00 GMT

We have had overwhelming response to our alert on the new Indonesian tax regulations last week available here. SPV issuers will be required to certify that they meet all the criteria in the Certificate of Domicile to be submitted to the Indonesian tax authorities.

United Kingdom: The Social Housing Pension Scheme - Smith & Williamson

Mon, 16 Nov 2009 09:00:09 GMT

RPs who participate in Social Housing Pension Schemes (SHPS) have until 30 November this year to advise The Pensions Trust (TPT) of their new strategy for pensions. However, for those who cannot meet the deadline there are other options available.

United Kingdom: Component Accounting - Smith & Williamson

Mon, 16 Nov 2009 09:00:09 GMT

With housing associations, the housing property typically comprises a number of parts, e.g. the roof, kitchen, bathroom and windows, which are replaced at varying intervals, while the core building remains for a very long time.

United States: The In Re Tousa, Inc. Fraudulent Transfer Decision: Impacts On Debt Trading, Derivatives Trading, And Commercial Lending - Morrison & Foerster LLP

Mon, 16 Nov 2009 09:00:09 GMT

A recent decision in the U.S. Bankruptcy Court for the Southern District of Florida, In re Tousa,1 has received widespread attention for its near wholesale rejection of insolvency “savings clauses,” and the resulting order requiring lenders to disgorge hundreds of millions of dollars.

United States: Crucial Transitional Relief Under the FDIC Securitization Safe Harbor - Mayer Brown

Mon, 16 Nov 2009 00:00:00 GMT

On November 12, 2009, the Board of the FDIC approved an interim rule that provides some crucial transitional relief relating to recent changes in US accounting standards for securitizations (see our June 22, 2009, Client Update "Big Changes to Securitization Accounting").

United Kingdom: Future Of UK GAAP - Bond Partners LLP

Tue, 10 Nov 2009 11:11:06 GMT

Following the publication of the International Financial Reporting Standard for Small and Medium-sized entities ("IFRS for SMEs"), the Accounting Standards Board ("ASB") is proposing to replace UK GAAP with this standard.

United Kingdom: RP Issues - A Briefing For Registered Providers Of Social Housing, December 2009 - Smith & Williamson

Tue, 10 Nov 2009 09:00:10 GMT

The key theme through this newsletter is one of planning ahead. We cover a range of different issues of critical importance to the future of registered providers of social housing (RPs), all of which will require investment of time by management to ensure that potential adverse consequences are minimised.

United Kingdom: Sustainability For Tomorrow’s Consumer - The Business Case For Sustainability - Deloitte

Tue, 10 Nov 2009 00:00:00 GMT

The World Economic Forum’s Consumer Industries community is pleased to present this report as part of the Sustainability for Tomorrow’s Consumer initiative.

United Kingdom: Going Concern And Liquidity Risk For SMEs - Bond Partners LLP

Thu, 05 Nov 2009 15:04:44 GMT

The Financial Reporting Council ("FRC") is revising its guidance on going concern.

Canada: Supreme Court Of Canada Rules That The CRA Has No Claim On The GST Component Of A Bankrupt's Accounts Receivable - Fraser Milner Casgrain LLP

Thu, 05 Nov 2009 00:00:00 GMT

The Supreme Court of Canada ruled that bankruptcy trustees, receivers and secured creditors can continue to collect the full amount of accounts receivable of a bankrupt supplier, including the Goods and Services Tax (GST) component, even if an amount remains owing by the supplier to the Canada Revenue Agency (CRA).

United States: Second Circuit Expands Scope Of Permissible Sales Of Assets In Chapter 11 Pursuant To Section 363 Of The Bankruptcy Code - Cadwalader, Wickersham & Taft LLP

Wed, 04 Nov 2009 09:00:09 GMT

As is now well known, General Motors, Inc. and Chrysler LLC financially restructured themselves with the help of the United States Treasury.

United States: In Re TOUSA, Inc.: Implications For Solvency Opinion Providers - McDermott Will & Emery

Wed, 04 Nov 2009 00:00:00 GMT

The bankruptcy court's opinion exemplifies the second guessing that can confront solvency opinion providers and highlights issues that providers should carefully vet with experienced legal counsel

United States: Supreme Court Docket Report - November 2, 2009 - Mayer Brown

Wed, 04 Nov 2009 00:00:00 GMT

The Tax Injunction Act ("TIA"), 28 U.S.C. § 1341, provides that federal district courts "shall not enjoin, suspend or restrain the assessment, levy or collection of any tax under State law where a plain, speedy and efficient remedy may be had in the courts of such State."

United Kingdom: Lehman Brothers International (Europe) (in administration) - joint administrators release progress report - Mayer Brown

Wed, 04 Nov 2009 00:00:00 GMT

The joint administrators of Lehman Brothers International (Europe) (“LBIE”) have released their second statutory six month progress report for the period 15 March 2008 to 14 September 2009 (the “Report”).

Australia: Queensland Local Government Act 2009: Turning Compliance Into Business Success - MWH Global

Wed, 04 Nov 2009 00:00:00 GMT

Following a 2005 PricewaterhouseCoopers study conducted for the Australian Local Government Association, a backlog of $14.5 billion in infrastructure renewals was identified.

Canada: Bankruptcy And Insolvency: Tax Priorities - Davies Ward Phillips & Vineberg

Tue, 03 Nov 2009 00:00:00 GMT

On October 30, 2009, the Supreme Court of Canada rendered judgment in the matter of the Deputy Minister of Revenue of Québec and Her Majesty the Queen v. Caisse Populaire Desjardins de Montmagny and Raymond Chabot Inc., trustee in the bankruptcy of 9083-4185 Québec Inc

United States: GGP Bankruptcy Court Denies Motions To Dismiss Twenty Property Level Bankruptcy Cases As Bad Faith Filings - Cadwalader, Wickersham & Taft LLP

Sun, 01 Nov 2009 09:00:13 GMT

On August 11, 2009, in one of the most significant rulings to date in the GGP bankruptcy proceeding, the Bankruptcy Court denied motions to dismiss as bad faith filings the bankruptcy cases of 20 GGP property-level subsidiaries.

United Kingdom: Ten Lessons From European IFRS Conversion In The Real Estate Industry - Deloitte

Fri, 30 Oct 2009 00:00:00 GMT

Since November 2008 when the Securities and Exchange Commission (“SEC”) issued a proposed roadmap for the mandatory adoption of International Financial Reporting Standards (“IFRS”) for public companies, there has been a significant level of speculation regarding the future of the US accounting framework.

United Kingdom: Telling Performance - Surveying Narrative Reporting In Annual Reports In 2009 - Deloitte

Thu, 29 Oct 2009 00:00:00 GMT

A Financial Reporting Council report, published in October 2009, contains the following:

Ireland: Directors’ Duties When A Company Is Facing Insolvency - Dillon Eustace

Thu, 29 Oct 2009 00:00:00 GMT

It is well established that the fiduciary and statutory duties of directors are generally owed to the company.

United Kingdom: The Deloitte CFO Survey Caution Rules - Deloitte

Thu, 29 Oct 2009 00:00:00 GMT

Despite doubts about the timing and magnitude of the recovery, UK CFOs have become markedly more optimistic about financial prospects for their own companies.

United Kingdom: Getting Your Money's Worth - Holman Fenwick Willan LLP

Tue, 27 Oct 2009 00:00:00 GMT

Port operators who have received increasing requests from users for extended credit lines (informally or formally) are exposing themselves to greater credit risks by retaining customers and market share in very competitive markets - when they might not otherwise have done so.