Monthly Archives: September 2017

ILN Today Post

The Insolvency and Bankruptcy Code ’16

The Insolvency and Bankruptcy Code, 2016 is a comprehensive piece of legislation that touches all insolvency and bankruptcy issues of companies, limited liability partnerships (LLPs), limited liability entities, individual and partnership firms.

The Insolvency and Bankruptcy Code, 2016 (the Code) applies to both domestic and foreign creditors in dealing with issues related to cross- border transactions of companies incorporated under the Companies Act, 2013. Enactment of the Code is an attempt to match the international corporate standards followed across the globe.

 

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Key Takeaways from CBPs First Final Determination of Evasion under EAPA

On August 14, 2017, U.S. Customs and Border Protection (“CBP”) issued its first notification of final determination of antidumping duties (“ADD”) evasion pursuant to the Enforce and Protect Act (“EAPA”).[1] This case unofficially began nearly a year earlier when CBP received an allegation from M&B Metal Products Company, Inc. claiming that a U.S. importer,  Eastern Trading NY, Inc. (“Eastern Trading”), imported steel wire hangers manufactured in China and transshipped through Thailand to evade paying ADD.  CBP found that the allegations “reasonably suggested” evasion of ADD order A 570 918, and on October 11, 2016, CBP initiated its investigation into the matter.

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Whos Who Legal: Trade and Customs 2017 Recognizes Torres Law Founder

We are pleased to announce that the law firm’s Founder and Managing Member, Olga Torres, has been named to the 2017 edition of Who’s Who Legal: Trade and Customs, a guide to the world’s leading trade and customs lawyers, economists, and anti-dumping consultants.

Who’s Who lawyers are selected based upon a comprehensive, independent survey with both general counsel and private practice lawyers worldwide. Only lawyers who have met independent international research criteria are listed, and it is not possible to buy entry into any Who’s Who Legal publications.

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U.S. Economic Sanctions: A 3/4-Year Review

Aside from one last mid-January initiative by the Obama Administration to begin rolling back sanctions targeting Sudan, the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”) was quiet at the start of 2017 and during the first 100 days of the transition. However, whether because of long-running investigations coming to a close or as a result world events, there have been a number of intriguing and important sanctions developments over the last several months both in the realm of enforcement and in the imposition of new sanctions.

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Late EEI Filing: Is It Too Late To Mitigate?

In 2009, the U.S. Customs and Border Protection (“CBP”) published guidelines that govern the enforcement and mitigation of civil penalties for companies and other entities that fail to comply with the Foreign Trade Regulations (“FTR”) in 15 C.F.R. § 30.[1] These regulations require exporters to file Electronic Export Information (“EEI”), which is the electronic equivalent of the former Shipper’s Export Declaration (“SED”), and is filed through the Automated Export System or AESDirect (“AES”).[2]

While Section 30 includes a list of violations that trigger civil penalties, it also lists mitigating factors for violations. According to the guidelines, proving that the “violation was an isolated occurrence,” submitting a voluntary self-disclosure (“VSD”), or offering evidence that the violating party has a compliance program in place may lessen penalties for exporters that take initiative and proactively remedy potential violations.[3]

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Insights Whatcha Gonna Do When They Come For You? Export Control Agency Visits, Part 2

This article is the second part of a two-part series. In the first article, we introduced the types of company visits conducted by the two major U.S. export agencies,[1] and discussed potential outcomes and consequences of these visits. In this second article, we discuss what to expect during a visit from the agencies and best practices to prepare for them.  The first article can be accessed here.

DDTC Visits

The Directorate of Defense Trade Controls (“DDTC”) Office of Defense Trade Controls Compliance (“DTCC”) has published specific guidance regarding what companies should expect from a Company Visit Program (“CVP”) effort. DTCC will initially contact the selected company, at which point the company could elect not to participate in the CVP visit.[2] If the company decides to participate in the CVP visit, DTCC and the company will coordinate and select a date for the visit. After a visit date is confirmed, DTCC will send a formal visit notification letter outlining an agenda for the visit and may request certain pre-visit materials, such as an organizational chart or written export procedures.

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Howard & Howard welcomes back Nolan A. Yaldo

Chicago, Illinois, September 26, 2017: Howard & Howard Attorneys PLLC is pleased to announce that Nolan A. Yaldo has re-joined the firm. He will practice out of the firm’s Royal Oak office.

Mr. Yaldo concentrates his practice in the areas of tax law, general and specialized business transactions, and corporate matters, including: corporate formations, mergers and acquisitions, and corporate dissolutions. He has experience with buy and sell side transactions, large corporate and state tax projects, and a variety of general business matters for public companies, closely-held businesses and large private entities.

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Alitalia (update 7): extended to October 16 the deadline for the submission of binding offers

Alitalia (update 7): extended to October 16 the deadline for the submission of binding offers
Authors: Antonello Corrado, Silvia Viceconte Following the publication of the Call for the sale of…
Antonello Corrado
Silvia Viceconte

The reasons for the extension are summarized in a brief press release published on the site of the Extraordinary Administration and consist in the need to enable the subjects who have expressed the interest in the acquisition to more thoroughly examine the documentation made available in the data room.

The press release also confirms that the deadline of November 5, set for the completion of the next procedural steps (any negotiation phase and / or improvement of the binding offers submitted), remains unchanged.

For information and details on the Call dated August 1 and its terms and conditions, please refer to our previous update (update 6).

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Aluminium Composite Cladding – what have we learned?

The Grenfell Tower fire tragedy raised many issues around the use of aluminium composite cladding in high rise buildings.

This paper provide a summary of the steps being taken in Australia by Federal and State Governments, and by the wider building industry (known as the chain of responsibility), to ensure the risks are managed and stakeholders are kept informed of their rights and responsibilities, to prevent a tragedy like this happening again.

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Is the U.S.-Korea Trade Deal Headed for Trouble?

On June 30, 2007, the United States signed a historic free trade agreement with South Korea.[1] The Korea-United States Free Trade Agreement (“KORUS”), like most FTAs in which the U.S. is engaged, eliminates “tariffs and non-tariff barriers to trade in goods and services” between the two countries in an effort to enhance trade and promote economic growth.[2] In 2006, just before the deal was made, U.S. exports to South Korea totaled over $32.5 billion, making South Korea the U.S.’s seventh largest trading partner.[3]Among its other provisions, KORUS sought to grow the relationship between the U.S. and South Korea with regards to the export of U.S. autos, pharmaceuticals, machinery, IP, and agriculture.

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