Late last year ARITA released a consultation draft for the 4th edition of its Code of Professional Practice for Insolvency Practitioners, which serves to educate ARITA members as to their professional responsibilities and provide a reference for stakeholders to gauge the conduct of practitioners. Of the changes, perhaps the most significant is to the format of the […]
In a recent decision of the New South Wales District Court, a Sydney business man was sentenced to six years in jail and ordered to pay $1.8 million in reparations, after he was convicted of tax fraud relating to illegal phoenix activity. On 25 January 2019, the court found that Benjamin Ensor had fraudulently lodged […]
Michael Cohen’s testimony on February 27, 2018, before the U.S. House Committee on Oversight and Reform featured several heated exchanges, including one particular line of questioning about the Foreign Agents Registration Act (“FARA”) from Mark Meadows (R-NC). Congressman Meadows suggested during the hearing that Mr. Cohen’s work for several foreign companies obligated him to register […]
In the matter of Bell Lawyers Pty Ltd v Pentelow & Anor [2018] HCATrans 264, the High Court has granted special leave to appeal an earlier decision of the New South Wales Supreme Court, after it held that the Chorley exception may extend to barristers. The case follows a lengthy legal battle between Sydney barrister Janet Penetelow and […]
French insolvency law is constantly being reshaped, with multiple new laws, amendments and reforms taking place across the last three decades. This article aims to present the latest amendments introduced by the ‘PACTE Act’, which is currently being discussed by the French parliament. The PACTE Act, has a broader scheme than just insolvency procedure, but […]
The Supreme Court of India on 25 January 2019 has passed a landmark judgement upholding the constitutional validity of the Insolvency and Bankruptcy Code, 2018. Introduction The judgment tests the Insolvency and Bankruptcy Code, 2018 on the bases of the approach of the courts remaining hands of economic legislation and the principle of judicial restraint […]
On the last day of 2018, the IRS issued Notice 2019-09 clarifying how the new 21 percent tax on “excess” compensation impacts nonprofits. The tax is effective for compensation paid in tax years beginning after December 31, 2017.[1] For most nonprofits, the biggest impact will be the need to keep track of whether they […]
In the recent matter of Monto Coal 2 Pty Ltd & Ors v Sanrus Pty Ltd & Ors [2018] QCA 309, the Queensland Court of Appeal provided a reminder that the time required to assess costs may be taken into account when determining whether a respondent is able to realise assets to pay security. Background and the […]
In the recent matter of Australian Securities & Investments Commission v Westpac Banking Corporation [2018] FCA 1733, Perram J of the Federal Court dismissed an application by ASIC and Westpac Bank for judicial approval of a penalty settlement. ASIC tends to favour reaching settlements rather than litigation for the purpose of applying penalties due its relative […]
A recent decision of the Federal Court has given guidance on how damages for loss arising from a wrongly-granted injunction are calculated. The case of Sigma Pharmaceuticals (Australia) Pty Ltd v Wyeth [2018] FCA 1556 belongs to a long running pharmaceutical patent litigation regarding a patent for an extended-release formulation of the medicine venlafaxine. The judgement is important […]
The Federal Court has held that payment from trust property recovered as an unfair preference must be applied by trustee in bankruptcy for the benefit of creditors of the trust. Lane (Trustee), in the matter of Lee (Bankrupt) v Commissioner of Taxation (No 3) [2018] FCA 1572 Background Mr Lee was the sole trustee of the […]
On November 29, 2018, the IRS released updated Voluntary Disclosure Practice (VCP) procedures applicable to both offshore and domestic voluntary disclosures. The new VCP supersedes in part the IRS’s longstanding voluntary disclosure practice and fills the gap left in the absence of the Offshore Voluntary Disclosure Program (OVDP), which ended on September 28, 2018 (see […]