Cross-border business restructurings play a central role in multinational enterprises. They often entail the relocation of functions from one tax jurisdiction to another and the shift of business profits between these countries, often to the detriment of the former tax jurisdiction. In 2008, the German legislature adopted business restructuring (i.e. OECD Guidelines Chapter IX) transfer…
At the end of June 2021, 43 million borrowers or about 14% of all adults in the U.S. owed approximately US$1.59 trillion in outstanding federal student loans. Although in many cases the media has focused on borrowers with extremely large balances such as the orthodontist who owes over $1 million in student loans the average…
On 22 July 2021, Swencn AB (a subsidiary of Nordecon AS) filed an application with the Nacka District Court in Stockholm, Sweden, to initiate restructuring proceedings. Through the restructuring procedure, the company wants to overcome the difficulties in paying bills, restructure creditors’ claims and improve Swencn AB’s liquidity. The purpose of the restructuring is to…
Celebrity Esports has gone into liquidation, months after securing partnership deals with the likes of Grenade, Primark and NOW, among others. The company, founded by Leo Skagerlind, was launched in March 2020 and looked to appeal to a wider audience with esports by using celebrities to take part in tournaments. In January 2021, Celebrity Esports…
Thursday, July 22, 2021 Even prior to the global impact of COVID-19, commercial bankruptcy filings were already on the rise. As stay-at-home orders caused many businesses to close or significantly curtail operations in 2020, financial struggles in the commercial sector mounted. Government assistance through the passage of different stimulus programs such as the Coronavirus Aid,…