By Ashishkumar Bairagra
1. A trust, where the shares of the beneficiaries are determined in the trust deed, can only be considered to be a determinate trust.
When the shares of the beneficiaries are determinate, a trust is commonly considered to be “transparent” for tax purposes, and the beneficiaries are liable for tax on their proportionate share of income from the trust. Even if the beneficiaries' shares are determined after the formation of the trust (e.g. by way of contributions in an investment fund by different investors or by way of a resolution passed by the trustees or any other mechanism), the trust can be considered to be a determinate trust.
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By Thomas Parry, Regent Assay
During the Covid-19 pandemic, supermarket shelves gathered cobwebs, cars motionlessly filled driveways, and gym memberships were unceremoniously cancelled. In an attempt to navigate a world devoid of human contact, people turned to technology to maintain a semblance of normality, and the value of technology companies, both public and private, skyrocketed. Fast forward two and a half years, and Apple’s value stands at USD 2.51 trillion (capIQ, July 2022), down from the heady heights of USD 3 trillion that it achieved earlier in 2022. The NASDAQ is down almost a quarter on the year, and private investors are daring to use the “P” word – profitability – having been content to burn through capital for the past two years or so.
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By Harmajinder Hayre, Ward Hadaway
Firing someone is probably one of the single most difficult things that you will need to do. Even when the business justification is clear, it can be tough to tell one of your senior executives that you’re letting them go. Set out below are some best practice tips on how to carry out the termination with minimal disruption to the business and, at the same time, allow a senior executive to preserve their dignity and self-esteem on exit.
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By Thorsten Hunsalzer, Gehrke Econ
Principle of equal treatment of creditors: From the opening of insolvency proceedings, the majority of creditor claims are treated equally. Insolvency voidance shifts this period forward. According to this law, creditors who specifically had knowledge of their debtor's illiquidity must return to the insolvency administrator any satisfactions and securities received. The resulting unpaid claim can only be filed in the insolvency table and will be satisfied proportionately.
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By Stephen Grant, Wright, Johnston & Mackenzie LLP
Following Russia’s invasion of Ukraine in February 2022, the Economic Crime (Transparency and Enforcement) Act 2022 (the “Act”) was fast-tracked through the UK Parliament and came into force on 15 March 2022, despite it progressing at a lackluster pace for some years prior.
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