Monthly Archives: November 2018

ILN Today Post

Ever-Greening of Loans and Bad Debts – RBI’S Stand and its Implications

The Reserve Bank of India (“RBI”) has time and again, in its directions, reports and Master Circulars, reiterated that banks should not indulge in ever-greening of its loans. RBI strongly frowns upon the practice of ever-greening of bad debts where banks so as to avoid classifying their accounts as non-performing assets (NPAs) (which requires higher provisioning and ultimately affects the profitability of banks), extend more loans to debt-ridden companies to repay their old loans with such banks, much to the detriment of the interest of the stakeholders and general public interest.

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NYC Issues FAQs on New Sexual Harassment Training Requirements

Pursuant to its mandate to implement the new anti-sexual harassment training requirements under the Stop Sexual Harassment Act (the “Act”), the New York City Commission on Human Rights (“Commission”) just released FAQs clarifying various aspects of the Act’s training mandates. Most notably, the FAQs address how an employer should determine whether it is covered by the training requirement, as well as a covered employer’s obligations with regard to training independent contractors. The training mandate becomes effective on April 1, 2019.

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Hall & Wilcox advises LandMark White on acquisition of private valuer

Leading independent business law firm Hall & Wilcox has acted on behalf of ASX-listed property valuer LandMark White in its acquisition of private NSW and Queensland valuer Taylor Byrne.

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Talking Tax – Issue 140

Case law

Are you taking ‘reasonable steps’ to ensure your company is compliant?

In Deputy Commissioner of Taxation v Thomas Wilson [2018] NSWDC 302, the New South Wales District Court rejected a director’s (Director) defences to a Director Penalty Notice (DPN) for $111,798, comprising the Pay-As-You-Go withholding (PAYGW) debts of the corporate taxpayer.

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ILN Today Post

Howard & Howard Expands Intellectual Property Practice

Howard & Howard Attorneys PLLC is pleased to announce that David L. Coppiellie has joined the firm. He will practice out of the firm’s Royal Oak office.

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ILN Today Post

The IRS announced new retirement plan limitations for 2019 today.

On Nov. 1, 2018, the IRS announced cost of living adjustments affecting dollar limitations for pension plans and other retirement-related items for the 2019 tax year. Changes to the limits are based upon the Social Security cost-of-living increases. Unlike in some recent tax years, most of the applicable pension and retirement limitations will increase for the 2019 tax year.

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ILN Today Post

FTC’s Ability to Seek Relief in Federal District Court Based on Past Conduct Is Called Into Question

Section 13(b) of the Federal Trade Commission Act (“Act”), 15 U.S.C. § 53(b), authorizes the Federal Trade Commission (“FTC”) to, among other things, seek injunctive relief (including preliminary and permanent injunctive relief) in federal district court in aid of an administrative proceeding “[w]henever the [FTC] has reason to believe … that any person, partnership, or corporation is violating, or is about to violate, any provision of law enforced by the [FTC] ….” Despite the explicit—and what would appear to be unambiguous—language of this provision, the FTC has taken the position that its authority to seek injunctive relief in federal district court pursuant to section 13(b) of the Act extends to situations where past conduct is “likely to recur” or “there exists some cognizable danger of a recurrent violation.” The FTC’s position is based, in part, on U.S. Supreme Court precedent holding that injunctive relief may be an appropriate remedy in situations where past conduct is likely to recur.

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FTC Announces Hearings on Consumer Privacy and Data Security

On October 26, 2018, the Federal Trade Commission (FTC) announced that it will hold four days of hearings between December of 2018 and February of 2019 to examine the FTC’s authority to deter unfair and deceptive conduct in data security and privacy matters.[1] The two days of December hearings will focus on data security, while the two days of February hearings will focus on consumer privacy. This announcement comes as part of the agencies Hearings on Competition and Consumer Protection in the 21st Century, an initiative that has already scheduled hearings on closely related topics such as Big Data, Privacy, and Competition, and Algorithms, Artificial Intelligence (AI), and Predictive Analytics. The FTC will seek comments on the privacy and data security hearings through March 13, 2019.

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U.S. News -Best Lawyers Recognizes Connolly Gallagher in 2019 “Best Law Firms” Guide

Wilmington, DE (November 1, 2018) –U.S. News –Best Lawyers® has once again ranked Connolly Gallagher LLP in its annual guide of the “Best Law Firms.” In the 2019 edition, the firm was selected for 16 law practice areas in Delaware.  They  include:

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Davis Malm Named to 2019 “Best Law Firms” Lists By U.S. News – Best Lawyers®

Davis Malm received multiple rankings in the Boston metropolitan market and, for the first time, the national market of the U.S. News – Best Lawyers® 2019 edition of “Best Law Firms.” Firms included in the “Best Law Firms” rankings are recognized for professional excellence and have persistently impressive ratings from clients and peers.

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