Amendments to the Corporate Income Tax Act which went into effect on 1 January 2014 provide an opportunity to revive the practice of subparticipation in lending in Poland. Regulations governing subparticipation have been in force since 2004. For tax reasons, however, subparticipation has remained much less popular in Poland than assignment of receivables, despite certain other advantages, particularly the greater ease of selling participation in loans backed by mortgages ...
Over a year ago, Congress amended the Bankruptcy Code to create Subchapter V, with the intent of encouraging small businesses (defined as those with less than $2,725,625.00 in debt) to file reorganization plans more often by saving certain costs of a routine Chapter 11. Congress then passed the CARES Act in response to the COVID-19 pandemic, raising the debt limit to $7,500,000.00 ...
The Internal Revenue Service has released a Private Letter Ruling ("PLR") allowing a plan sponsor to make contributions to employees' 401(k) accounts if the employees are repaying student loans. This is exciting news for employers sponsoring 401(k) plans who hope to attract and retain employees as student loan debt rises to unprecedented levels. The PLR confirmed that some student loan repayment programs linked to 401(k) employer contributions are acceptable ...
The Asian hedge fund industry is comparatively new and small. However, the industry has witnessed phenomenal growth since 2002. The purpose of this book is to assist start-up managers to establish a hedge fund business. To date, a majority of the newly-established funds in Asia have been set up by fund managers or proprietary traders setting up their own business, after a successful career at one of the larger investment houses ...
It goes without saying that a lender must work to maximize its recovery when a borrower is in default and has no reasonably realistic or meaningful way to cure the default. This scenario far too often forces a lender to determine the most efficient and effective method to sell its collateral ...
In a fascinating court case involving perhaps the best known players in the crytocurrency sector, old legal principles were used to try to solve a new problem. The claim relates to very substantial digital currency assets that Tulip Trading Limited (TTL) claimed it owned but is currently unable to control or use. Following what it says was a hack of computers at the home office of Dr Craig Wright, its primary owner, the company allegedly lost access to more than 111,000 bitcoins ...
The recent decision of the Ugandan Court of Appeal to uphold a 12-year custodial sentence against a former managing director of the National Social Security Fund (“NSSF”) has sparked much debate among finance and legal professionals. Speculation is rife on the impact the decision will have on fund managers (falling within the scope of the Anti-Corruption Act, 2009), as they trade on the secondary bond market ...
An entrepreneur who invests time and energy raising the funds necessary to launch a startup, usually from family and friends (love money), will necessarily want their startup to grow exponentially. Achieving exponential growth requires always more capital, and so the entrepreneur will need to find additional sources of financing. One of these could be venture capital financing ...
The BVI is a leading international financial centre, and BVI companies play a significant role in the flow of capital across the global economy. As global economic conditions become more challenging, lenders are increasingly reliant on formal insolvency procedures to realise value from distressed assets. As a result, the past year has seen a marked increase in the use of statutory demands against BVI companies as a precursor to an application to appoint liquidators ...
China Business Law Journal Published March 9, 2023 With the growing importance of environmental, social and corporate governance (ESG) and the high level of globalisation in capital and supply chains, the scope of ESG regulation is no longer confined to listed companies, the traditional targets ...
The State of California and the City of Los Angeles are providing emergency assistance for California small businesses. These grants and loans are separate from incentives and programs being offered by the U.S. Small Business Administration. The State is also reminding businesses of existing small business loan programs that affected businesses can utilize. Information about the programs and how to apply is set forth below. State of California Loan Programs 1 ...
Following the announcement of economic measures aimed towards responding to the COVID-19 outbreak, the Serbian Government issued two regulations on 10 April 2020 that determine the conditions and criteria for compliance of the state aid (i) for remedying the negative effects caused byCOVID-19 and (ii) for remedying a serious disturbance in the economy caused byCOVID-19, whereas both regulations will be valid until 1 July 2021 ...
In the VC community, especially for early stage investments, the valuation of a startup is strongly influenced by subjective factors, mainly how the investors view the business, market and management team of the startup. While there are no objective benchmarks for valuing early startups, the valuations of these companies are especially vulnerable to an uncertain economy. Valuation is a very important issue for startups ...
A company’s need for substantial amounts of capital is intensified when looking to grow quickly, or develop an innovative product that will disrupt the market in a meaningful way. This is true to any company, and is especially true to innovative and disruptive startups, which aim at creating new markets, revolutionizing existing ones and prevailing over traditional market participants ...
On Jan. 19, 2021, the two recent final rules issued by the Department of Health and Human Services Office of Inspector General (OIG) and the Centers for Medicare and Medicaid Services (CMS) regarding changes to the Physician-Self Referral Law (Stark Law) and the Anti-Kickback Statute (AKS) regulations (respectively the OIG Final Rule and the CMS Rule, collectively the Final Rules) will become effective ...
Following certain onsite inspections, the Hong Kong Securities and Futures Commission (SFC) issued a Circular in October 2008 setting out various standards of conduct and control procedures that the SFC views as being "generally expected" of a Hong Kong-licensed hedge fund manager (HKHFM) ...
On St Patrick’s Day the Irish Revenue Commissioners issued a communication, through CREST, in relation to CFDs. In the communication the Revenue said they believe the underlying hedging transaction behind a CFD, where the broker acquires Irish shares, may not fall within the relevant stamp duty exemptions that the brokers are claiming. If the Revenue are correct the broker has a 1% stamp duty liability on this hedging transaction ...
One of the main features of the cryptocurrency market is how unpredictable it is - the value of cryptocurrencies can rise and fall sharply, depending on how investors feel about them or the social media hype around them at the time ...
All banks rely upon their critical vendors, including law firms that handle sensitive, complicated, and high-risk matters. And yet vendor oversight of law firms has been awkward for all parties involved – fitting square pegs into round holes. We believe opportunities exist to ameliorate this awkwardness and enhance law firm oversight ...
On April 29, 2022, the National Information Security Standardization Technical Committee issued for public comments a draft of the Technical Specifications for the Certification of Personal Information Cross-border Processing (the “Draft Specifications”) ...
On April 29, 2022, the National Information Security Standardization Technical Committee issued for public comments a draft of the Technical Specifications for the Certification of Personal Information Cross-border Processing (the “Draft Specifications”) ...
