Publication
US: IRS and global tax enforcers expand war on cryptocurrency
Global tax authorities have been continuously building an arsenal of tools and experts to monitor and audit crypto transactions.
Commercial division update: Judicial dissolution of New York limited
New York courts are frequently called upon to resolve disputes over whether a limited liability corporation ("LLC") should be dissolved. The dissolution of New York LLCs is governed by Article 7 of the New York Limited Liability Company Law ("LLCL"). Section 702 thereof provides that, as one ground, judicial dissolution may be decreed "whenever it is not reasonably practicable to carry on the business in conformity with the articles of organization or operating agreement." Two primary questions drive the determination of whether dissolution is proper under the provision. First, does the petitioner seeking judicial dissolution have standing to request that relief? And, second, is it "reasonably practicable" for the LLC to continue fulfilling its organizational purpose?
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Publication
Australia: Can Legacy Employers still access the temporary JobKeeper enabling directions under the Fair Work Act 2009 (Cth)?
When extending Part 6-4C of the FW Act, the government recognised there would be employers who had previously qualified for the JobKeeper scheme, but who would no longer qualify to participate in the scheme following its extension past the end of September 2020.
Publication
China: New Financial Holdco Licence introduced in China
On September 13, 2020, the State Council promulgated the Decisions on Permitting and Management of Financial Holding Companies (in Chinese: 《国务院关于实施金融控股公司准入管理的决定》), which were further implemented by the Supervisory and Management Financial Holdco Measures for Financial Holding Companies (In Chinese: 《金融控股公司监督管理试行办法》) issued by the People’s Bank of China (the PBOC) on the same date (collectively the Financial Holdco Measures). The Financial Holdco Measures will become effective on November 1, 2020, and introduce a new financial licensing requirement and a new type of financial institution, the financial holding company (Financial Holdco).
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