The acquisition of reconstructed tax loss companies and trusts

Article Abstract:

Review of the tax treatment of loss companies restructured under various forms of insolvency reorganization indicates that the anti-trafficking rules may be applied overbroadly by the Australian Taxation Office. The denial of loss deduction usage to all trusts that demonstrate a change in majority beneficial ownership is unfair and will discourage insolvent corporate trustee reconstruction. Deed of company arrangements and scheme of arrangement reconstructions in the context of liquidation, receivership, administration and other insolvency proceedings are reviewed.

Taxation, Corporate reorganizations, Bankruptcy reorganizations, Bankruptcy reorganization

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The loss of another tax loophole

Article Abstract:

The Australian Treasurer has eliminated a loophole that allowed formerly bankrupt taxpayers to deduct losses arising from debts that were resolved during the bankruptcy. The rule ends a double benefit situation where the taxpayer is protected from the debt and yet still benefits from the loss deductions. Cases where the bankruptcy ruling was annulled are still limited by the rule because otherwise taxpayers could benefit from arrangements made during the bankruptcy which was later removed.

Interpretation and construction, Bankruptcy law

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Damages for breach of the employer's implied duty of trusts and confidence

Article Abstract:

The 1909 House of Lords decision in Addis v. Gramophone Co. is a barrier to employees wrongfully dismissed seeking to recovery damages in both the UK and Australia. The House of Lord confirmed this in their 1997 decision of Malik v. Bank of Credit & Commerce International. The issue of necessity, however, differs in the UK from Australia, and the courts should consider if the Addis barrier might be overcome.

United Kingdom, Employer liability, Remedies, Employee dismissals, Employment terminations, Employment at will, Breach of trust, Necessity (Law)

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