The South African Revenue Service (“SARS”) has extensive powers in terms of the Tax Administration Act No. 28 of 2011 (“the TAA”). In terms of section 46(1) of the TAA, SARS may, for the purposes of the administration of a tax Act in relation to a taxpayer (“Taxpayer”), require such taxpayer or another person (“Third Party”) to submit relevant material that SARS requires within a reasonable period. SARS may require such relevant material to be submitted orally or in writing ...
OVERVIEW:Good governance can and should create value for SMEsGood governance can constitute protection against a director’s potential liabilityThe general duties of the director of a SME are the same as those of the director of a large corporation (care and loyalty)The terms for complying with duties and implementing governance should be simple and practical in the context of a SMEAn adequate structure and openness by management must be present before agreeing to act as an external directorS
“Families that play together, stay together”. That’s what my late grandfather always used to say. But what does his message have to do with developing business opportunities in a law firm? In my opinion, everything. Business development is about people. It’s about relationships. Not just momentary relationships, but committed relationships. Relationships one would most likely find in a family. What unites a family and makes it strong? Trust, common values and support ...
In the policy statement PS21/16 issued at the end of November 2021, the Financial Conduct Authority (FCA) set out its new approach to decision makers when issuing statutory notices ...
On Friday, April 27, 2016, a panel of the United States Court of Appeals for the Federal Circuit declined to reevaluate the venue rules for patent litigation. In a closely watched case titled In re: TC Heartland LLC, petitioner TC Heartland requested that the Federal Circuit reshape patent litigation venue rules, and largely eliminate the ability of patent owners to file suit in popular venues like the Eastern District of Texas ...
In a judgment handed down on 14 June 2022 in The Federal Republic of Nigeria v JPMorgan Chase Bank, N.A [2022] EWHC 1447 (Comm) (FRN v JPMC) the court again considered the scope of the Quincecare duty and gross negligence. The decision is good news for Banks. The case related to the payment of over $1 billion by JPMorgan Chase (JPMC) to accounts held by a Nigerian company called Malabu Oil and Gas Limited (Malabu) ...
Since the launch of the Main Street Lending Program, the Federal Reserve (through the Federal Reserve Bank of Boston, which is implementing the program) issued updates on July 15, 2020 and July 31, 2020 to the Frequently Asked Questions document (“FAQ”), originally published on April 30, 2020, for the three loan facilities available to for profit businesses ...
We would like to inform you that on July 10, 2023 the Federal Law No. 301-FZ “On Amendments to the Federal Law “On Protection of Competition” has been adopted (hereinafter – the “Law”, the “Fifth antimonopoly package”). The Law shall take effect as of September 01, 2023 ...
On August 12, 2013, the United States Court of Appeals for the Fifth Circuit in Joe W. and Dorothy Dorsett Brown Foundation, et. al. v. Frazier Healthcare V, L.P., et al. affirmed the decision of the United States District Court for the Western District of Texas dismissing with prejudice all claims stemming from the 2011 acquisition of Ascension Orthopedics, Inc. (“Ascension”) by Integra LifeSciences (“Integra”) ...
In the aftermath of some highly-publicised social dumping cases in the media, the Flemish government has proposed a zero tolerance policy for bogus posting set-ups involving illegal employment, especially if they involve exploitation and “smart” contractor chain constructions. To achieve this aim, the Flemish government has adjusted some already existing chain liability schemes and is seeking to introduce, amongst other things, a duty of care obligation for certain contractors ...
It's the final countdown to the new Consumer Duty. After what feels like a lifetime of consultations, responses and commentary on the FCAs new Consumer Duty, the final countdown is upon us. With just over 5 months to go before the Consumer Duty comes into force, the big question is.. ...
In the case of Leung Ka Lau & Ors v The Hospital Authority [2006] HKEC 399, doctors working in public hospitals successfully claimed compensation in the Court of First Instance for "rest days" and "holidays" for which they had been deprived but lost their claim on compensation for "overtime" worked (Please refer to our newsletter issue 2006.2) ...
The Finance Committee at Holyrood published its long awaited Report into Accountability and Governance last month. Its conclusions, and especially its strong criticism of the current structure of independent bodies in Scotland, have raised a few eyebrows among those with an interest in public administration. The Report follows a lengthy inquiry which began in March this year, looking into the growth of independent regulatory and investigatory bodies in Scotland since devolution ...
1. Background to the case The case concerned a young, female employee in a mechanical workshop, who felt she had been sexually harassed by two of the enterprise’s customers. Customer No 1 had on one occasion, while the female employee was sitting on the floor in a forward-leaning position, performing work, put his hands on her lower back, under her top ...
In what appears to be the first substantive dispositive ruling on a COVID-19 related business interruption insurance claim, a Michigan court has dismissed an insured’s business interruption claim, finding that the insured did not suffer a direct physical loss and no insurance coverage exists for the insured’s claim ...
In the turmoil of adjusting and living day-to-day in this time of the COVID-19 virus, the public has become more attuned to the reality of the term “Supply Chain.” We are gaining a better appreciation that before products reach the consumer, an extensive network of shippers and transportation entities of all types and modes of commerce, as well as freight brokers and any other functions essential to the delivery cycle, are at play 24/7 ...
The advent of blank cheque company IPOs. Special Purpose Acquisition Companies (SPACs) have taken the corporate world by storm. These “blank cheque” shell companies, which raise funds in their initial public offerings (IPO) to invest in potential but as yet unidentified target businesses, have fuelled a listing frenzy in the US. SPAC IPOs have garnered US$87.9 billion in fundraising in the first three months of 2021, already exceeding last year’s total ...
What is Fintech? The term fintech refers to the technologising of the financial industry. Fintech has become ever more recognized in the past few years, especially amidst COVID-19 in which demand for cashless payments and quick transactions have increased. Fintech exists in our daily lives from online banking to blockchain and to cryptocurrencies ...
At the beginning of the pandemic, businesses had to rapidly adopt new ways of working and enable staff to work from home as much as possible. Nine months on, the threats posed by the virus remain, and ways of working have changed beyond recognition. We consider below the longer term impact of COVID-19 on flexible working, and the extent to which employees are willing (or not) to return to their ‘normal’ place of work ...
COVID-19 has forced us to completely rethink the way we live, work and move around. It has begged the question: what is it that makes a great city? Manchester is one of the fastest-growing cities in the UK. With cranes dominating the skyline, billions continue to be invested into the city centre as it evolves into a city of quarters ...
Yesterday, Shoosmiths hosted an event by The Fashion Network titled ‘The Future of Social Commerce: Connecting Business with Community’. During this event we heard from fashion industry leaders on social commerce's transformative impact on fashion and FMCG ecommerce - in partnership with The Ecommerce Club ...
The role of the Millennial lawyers and the recent incorporation of Artificial Intelligence (“AI”) in law firms are current trending topics. As a 27-year old associate of a law firm based in Guatemala City, every time I read about AI and that global law firms are incorporating AI to their practice, I ask myself, will I be replaced by it (or IT) ...
The Paycheck Protection Program (the “PPP”) was passed into law by Congress as part of the CARES Act earlier this year in response to the COVID-19 pandemic. While considered a relative success at its intended goal of temporarily preserving jobs during the pendency of the pandemic, the PPP ended its initial run with tens of billions of dollars left on the table and frustrated borrowers and lenders because of opaque and frequently changing rules and regulations ...
The pandemic alongside a renewed focus on climate change following COP26 and the growing interest in ESG credentials are all contributing to a changing world of work ...
