On 8 May 2018, Scott Morrison, Treasurer of Australia, delivered the 2018 budget. In addition to a number of tax cuts and related proposals, the budget includes new measures to increase director liabilities and compliance, specifically targeting illegal company ‘phoenix activity’. The Treasurer has committed $40 million over four years to tackle illegal phoenix activity
Since the financial crisis in Greece began there has been an evolution of legislative initiatives regarding pre-insolvency procedures addressing the need to lift barriers to efficient restructuring of Greek businesses. This May the Greek legislature introduced a new process of extra-judicial settlement of debts expected to become effective August 3, 2017. Ally Law member Your
The U.S. Uniform Foreign Money-Judgments Recognition Act (UFMJRA) was intended to make enforcement of foreign country judgments more streamlined and predictable in this age of transborder disputes and multi-jurisdictional transactions. It also reassures foreign courts that their judgments are likely to be honored in the U.S. by removing the issue of comity and reciprocity from
The United States Internal Revenue Code prescribes minimum imputed interest rates and time-value-of-money factors applicable to certain loan transactions and estate planning techniques. These rates are tied formulaically to market interest rates. The Internal Revenue Service updates these rates monthly and the full list can be found at the IRS webpage “Determination of Issue Price in the
A recent decision by the High Court of Australia settles the question of whether contractual late payment fees constitute impermissible penalties. In allowing the fees in question, the High Court reaffirmed the freedom of contract and held that courts should refrain from interfering in contracts unless the fee in question is out of all proportion
In the United States, bankruptcy is governed by the federal court and rules, with certain property rights being determined by state law. The federal Advisory Committee on Bankruptcy Rules, engaged in a modernization project intended to simplify the language within bankruptcy forms, created new Official Bankruptcy Forms to this end and has now issued them.
