Professionals dealing with secured lending in Belgium have been looking forward for some time to the new Belgian law of 11 July 2013 on security interests over movable goods (“Wet van 11 juli 2013 tot wijziging van het Burgerlijk Wetboek wat de zakelijke zekerheden op roerende goederen betreft en tot opheffing van diverse bepalingen ter zake” / “Loi du 11 juillet 2013 modifiant le Code civil en ce qui concerne les sûretés réelles mobilières et abrogeant diverses dispositions en cette matiè
A number of tax figures are adjusted each year for inflation; for 2015, the most significant adjustments for estate and gift taxes are: Unified estate and gift tax exclusion amount. For gifts made and estates of decedents dying in 2015, the lifetime exclusion amount will be $5,430,000 individually or $10,860,000 per couple (up from $5,340,000 or $10,680,000 per couple for 2014). Generation-skipping transfer (GST) tax exemption ...
On December 2, 2014, the Yukon Supreme Court struck down the Yukon government’s Peel watershed regional land use plan because of the government’s failure to follow the process for developing that plan under final agreements (modern treaties) with the Na-Cho Nyak Dun, Tr’ondek Hwech’in and Vuntut Gwichin First Nations ...
PRIVATE EQUITY FUND ECONOMICS IN CANADA: AN OVERVIEW OF THE ESSENTIALS Robert La Rosa, Guillaume Lavoie and Philippe DécaryPrivate equity fund economics play an important role in attracting investors to a given fund. Indeed, investors want to know how expenses will be shared, what fees are applicable and how profits will be allocated. The summary below provides a brief overview of the most common fund arrangements with respect to such considerations ...
Action: The Bureau of Ocean Energy Management has issued a final rule increasing the limit of liability for damages under the Oil Pollution Act to $133.65 million. BOEM’s Final Rule: On December 12, 2014, the Bureau of Ocean Energy Management (BOEM) issued a final rule that, effective January 12, 2015, will increase from $75 million to $133 ...
As part of the implementation of the Energy Reform, the Mexican Government has selected certain areas and fields out of Round One which will be tendered for private industry participation in hydrocarbon exploration and production projects. Round One comprises 109 blocks for exploration and 60 blocks for production, and includes new areas of different sizes and types of resources, including: (i) deep-water; (ii) shallow-water; and (iii) on-shore fields ...
Oil markets have fallen significantly since the latest round of borrowing base redeterminations in September and October. The next scheduled round of redeterminations is set for March. Expectations are that there will be substantial downward pressure on producers’ borrowing bases. Some reductions could trigger mandatory principal amortization which would have serious consequences for highly leveraged oil and gas companies ...
Policy & Law: What is the government policy and legislative framework for the electricity sector? Securing energy supply, competitive energy prices and meeting the European Union’s common energy and climate goals are core elements of policy in the Finnish electricity sector ...
The Brazilian Ministry for Mines and Energy has issued Ordinance No. 653, which outlines the procedures for the A-5 Power Bid to be held on April 30, 2015. The bid will auction Regulated Market Energy Commercialization Contracts (CCEAR) to be negotiated on two fronts: (i) Quantity for hydroelectric power plants, and (ii) Availability for coal-fired plants, natural gas-fired combined cycle plants and biomass ...
On January 15th, Resolution DGA N° 3,438 was published. It contains a list of water rights subject to the payment of a fine for lack of use. The fine must be paid during the month of March, 2015. The term to contest such resolution is 30 days, as counted from the date of publishing. To review the list of water rights affected by the payment of fines for non-use click here ...
You can’t open up the paper these days without news of declining oil prices and fears of uncertainty for the oil and gas industry. As part of Haynes and Boone’s alert series on this topic, we continue our review, this time focusing on the contango spread and how market participants are responding. It seems like there is a sprint taking place to lock in the benefits of the current contango spread ...
The Texas Supreme Court recently declined to reach a question of significant interest to energy companies and landowners—whether deep subsurface wastewater migration can give rise to trespass liability when the wastewater crosses lease lines. See Envt’l Processing Sys., L.C. v. FPL Farming Ltd., No. 12-0905 (Tex. Feb. 6, 2015) ...
Two companion bills introduced in the Tennessee legislature on February 2, 2015—Senate Bill 324 and House Bill 213 filed by Tennessee Senate Majority Leader Mark Norris and Tennessee House Majority Leader Gerald McCormick respectively—seek to change Tennessee’s method of apportioning income and net worth of multi-state businesses (including corporations and limited liability companies) operating in Tennessee ...
During his State of the State address delivered on February 9, 2015, Tennessee Governor Bill Haslam discussed the sharp decline in tax collections from business that the state experienced in 2014. Gov. Haslam stated that the drop in revenue collections was partly due to a disparity between the taxes paid by “companies outside of Tennessee that do business in Tennessee,” and those “that our in state and homegrown companies” are required to pay ...
Prior articles in our series demonstratedways to stretch a borrowing base and how to address defaults on oil and gasloans. If a producer ultimately finds itself with a shrunken borrowing base andlimited liquidity, the producer in turn might not be able to pay balances dueto its contractors. An unpaid contractor may be able to file a mechanic’s andmaterialman’s (“M&M”) lien on the producer’s mineral property ...
The new Myanmar Electricity Law was enacted by the Myanmar Parliament on October 27 last year, replacing the old Electricity Law of 1984. The old electricity law was enacted during Myanmar’s socialist period and lacked the legal framework to include private sector participation in power projects and independent power producers ...
The new Myanmar Electricity Law was enacted by the Myanmar Parliament on October 27 last year, replacing the old Electricity Law of 1984. The old electricity law was enacted during Myanmar’s socialist period and lacked the legal framework to include private sector participation in power projects and independent power producers ...
SUMMARY US Parent corporations sending employees into Canada to subsidiaries – General tax issues and remedy Business trips to Canada: Business visitor status or work permit? US Parent corporations sending employees into Canada to subsidiaries – General tax issues and remedyn Emmanuel Sala, Carolyne Corbeil and Luc PariseauWhere a corporation is a resident of the United States (the “US”) for the purposes of the Convention Between Canada and the United States
On March 1st, 2015, the federal Minister of Finance, Joe Oliver, and the federal Minister of Natural Resources, Greg Rickford, announced important new measures to support Canada’s mining industry in a speech at the Prospectors and Developers Association of Canada (PDAC) 2015 Convention ...
Q&A provides a high level overview of finance tax in Argentina and focuses on corporate lending and borrowing (including withholding tax requirements), bond issues, plant and machinery leasing, taxation of the borrower and lender when restructuring debt, and securitisations. The Q&A is part of the global guide to tax on transactions. For a full list of jurisdictional Q&As visit www.practicallaw.com/taxontransactions-mjg.Tax authorities. 1 ...
Amendments toPoland’s Corporate Income Tax (CIT) Act and Personal Income Tax (PIT) Act wentinto force at the beginning of 2015. One of the key changes is taxation ofincome earned by controlled foreign companies (CFC, in Polish: zagranicznespółki kontrolowane).With the entryinto force of the amendments to the CIT Act and the PIT Act, there is a 19% taxon CFC’s income that goes to a Polish tax resident ...
In an opinion that should give pause to mineral lessors, the Texas Supreme Court revisited the scope of the duty that an executive rights holder owes a non-executive, holding that a lessor’s negotiation of an above-market bonus (for itself) and below-market royalty (shared with the non-executive) may give rise to liability to the non-executive.KCM Financial LLC v. Bradshaw, No. 13-0199, 2015 Tex. LEXIS 220, --- S.W.3d --- (Tex. Mar. 6, 2015) ...
As part of our series on legal issues arising out of the plummeting commodity prices, this article looks at one distinct factor in the commodity finance equation: hedging. Hedging is usually thought of in terms of cash-settled derivatives offered by lenders as part of a broader financial relationship tied together by a credit agreement and perhaps collateral documents. But many other transactions blend hedging and finance attributes ...
The new Myanmar Electricity Law was enacted by the Myanmar Parliament on October 27 last year, replacing the old Electricity Law of 1984. The old electricity law was enacted during Myanmar’s socialist period and lacked the legal framework to include private sector participation in power projects and independent power producers ...
