Phnom Penh, Cambodia

INTERNATIONAL TAX COMPLIANCE REGULATIONS IN (PART 3): Cambodia

By Larry Shuen Fai Ng, ALLNISON Auditing & Consulting Co., Ltd.

Compared to its neighbouring countries, Cambodia is relatively new in opening itself to the global market. Therefore, there have been very limited regulations and policies addressing matters related to international tax compliance. However, this has not caused limitations in the investment activities of foreign investors. Except for the investment in immovable property such as land holding, in general, the country has no restrictions to the foreign participation and activities in investments.

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Munich, Germany

Enforcement of Preliminary Injunctions in Another EU Member State

By Dr Christian Dittert, LUTZ | ABEL Rechtsanwalts PartG mbB

In urgent matters, civil procedural law allows for preliminary injunctions. It is a peculiarity of German law that a preliminary injunction must be formally served on the opposing party. Such formal service of documents at the instigation of a party can be mainly affected either by instruction of a courtappointed enforcement offcer to serve the documents or by formal service from one attorney on another attorney (the latter only if both parties are represented by attorneys). It is important that, according to Sec. 929 Para. 2 ZPO, such formal service must be duly performed within a month after the preliminary court decision has been issued. Without service in time, the opposing party is entitled to bring a motion to set aside the preliminary injunction.

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São Paulo, Brazil

INTERNATIONAL TAX COMPLIANCE REGULATIONS IN (PART 2): BRAZIL

By Nidi Andreia da Cruz and Doriluzi da S. Borges, PRA Global

According to the World Bank’s Doing Business report, Brazil has one of the most complex tax systems in the world. Taxes are charged on three levels: federal, state and municipal. The federal constitution and laws set forth general rules for all taxes; however, each state and municipality have powers to enact their own laws and regulations for the collection of state and municipal taxes, respectively.

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Beverly Hills, USA

Non-Recourse Guaranties

By Albert C. Valencia, Ervin Cohen & Jessup LLP

Despite the name, “non-recourse” real estate loans have the potential to increase personal liability due to the so-called “bad-boy provisions” that are included in non-recourse carveout guaranties, often required by lenders to be delivered by the borrower’s principal(s) as a condition to making the loan. Examples of bad-boy acts that would give rise to personal liability of the borrower’s principals could be waste, unpermitted transfers of the property or the interests in the borrower, or the misapplication of funds. These bad-boy provisions serve to make the principal(s) personally liable to the lender in the event of a default by the borrower under the loan and are intended to protect lenders from certain wrongful acts of the borrower that would limit the lender’s ability to be repaid from the borrower’s assets, which assets are often solely the borrower’s ownership interest in the real property securing the loan.

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