Monthly Archives: November 2019

ILN Today Post

Unlocking Hidden Tax Savings Through Real Estate Tax Abatements

Benjamin Franklin stated, “…in this world nothing can be said to be certain, except death and taxes.” But that doesn’t mean that the taxes levied can’t be challenged.

It is a common misconception that tax abatements are only available when new structures are being built. In fact, owners and users of existing properties, such as offices, warehouses, retail shopping outlets, hotels, nursing homes and multi-family residential units, also have the opportunity to achieve substantial tax refunds or savings through the abatement process. Similar opportunities exist for the reduction of personal property taxes levied upon equipment and other items used in operating businesses and real estate. Many people also do not realize that real estate tax abatements can be achieved by tenants who pay more than one-half of the annual tax levy.

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ILN Today Post

MCA amends the threshold limits for Related Party Transactions

The Ministry of Corporate Affairs (“MCA”) on 18th November 2019 vide notification of the Companies (Meeting of Board and its Powers) Second Amendment Rules, 2019 (“Second Amendment Rules, 2019”) issued further amendment to rule 15 of the Companies (Meeting of Board and its Powers) Rules, 2014.

The MCA vide Second Amendment Rules, 2019 seeks to revise the threshold limits pertaining to any contract or arrangement with a related party for transaction value beyond which the company would require approval of shareholders by way of a resolution [as provided under the first proviso to sub-section (1) of section 188 of the Companies Act, 2013].

The revised threshold limits prescribed in the Second Amendment Rules, 2019 are as follows:-

  • For the sale, purchase or supply of any goods or materials, directly or through appointment of agent, the revised threshold limit provides ten percent or more of the turnover of the company as against the earlier threshold limit of amounting to ten percent or more of the turnover of the company or rupees one hundred crore, whichever is lower [Amendment in Rule 15(3)(a)(i)];
  • For selling or otherwise disposing of or buying property of any kind, directly or through appointment of agent, the revised threshold limit provides ten percent or more of the net worth of the company as against the earlier threshold limit of amounting to ten percent or more of net worth of the company or rupees one hundred crore, whichever is lower [Amendment in Rule 15(3)(a)(ii)];
  • For leasing of property of any kind, the revised threshold limit provides ten percent or more of the turnover of the company as against the earlier threshold limit of amounting to ten percent or more of the net worth of the company or ten percent or more of turnover of the company or rupees one hundred crore, whichever is lower [Amendment in Rule 15(3)(a)(iii)];
  • For availing or rendering of any services, directly or through appointment of agent, the revised threshold limit provides ten percent or more of the turnover of the company as against the earlier threshold limit of amounting to ten percent or more of turnover of the company or rupees fifty crores, whichever is lower [Amendment in Rule 15(3)(a)(iv)].
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ILN Today Post

Maxima Legal has increased its number of practice areas for private clients

Law firm Maxima Legal has expanded the range of services provided as part of its Private Wealth practice. Since November 2019, the firm has been offering a package of family law services.

The new practice area includes advising and assisting HNWI clients on issues around marriage and divorce, including in divorce proceedings, drafting nuptial contracts, maintenance payments, child law issues, and property sharing agreements covering corporate and international assets.

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Legalization of cannabis: Benoît Chartier remains very active with training activities

November 22, 2019 — On November 14, Benoît Chartier, a partner with the firm and co-chair of our Insurance Litigation Practice Group, gave a presentation at the Montréal office of the world-leading insurance brokerage firm Marsh. The presentation, accredited by Quebec’s Chambre de l’assurance de dommages (ChAD), discussed the legal impact of the legalization of cannabis and edible by-products on the insurance industry in Quebec.

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International Lawyers Network Welcomes a New Member Firm in China

We’re so pleased to announce that we’ve welcomed a new member firm in China, Llinks Law Offices.
Llinks Law Offices is a leading PRC law firm, with a national and international practice, specializing in cross-border transactions. They are renowned for providing high-quality legal service and formulating innovative solutions to complex legal problems. With offices in Shanghai, Beijing, Hong Kong and London, Llinks assists its global clientele in achieving their business goals, whilst providing both a high-caliber and professional service, through a combination of technical excellence, commercial awareness and a practical, constructive approach to legal issues.
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Enforcing Non-Solicitation Agreements Against Financial Professionals: A Court Finds Financial Professionals Have a Duty to Notify Clients About a Change of Employment

A recent decision in Edward D. Jones & Co., LP v. John Kerr (S.D.In. 19-cv-03810  Nov. 14, 2019), illustrates the unique challenges that broker-dealers may face when enforcing post-employment covenants that prohibit former registered representatives (“RRs”) from soliciting clients. Edward Jones sued Kerr, a former RR, to enforce an employment contract that required him to return confidential information upon termination and prohibited him from “directly or indirectly” soliciting any Edward Jones’ client for a period of one year.  Although Kerr did not challenge the validity of the confidentiality and non-solicitation provisions, the court denied Edward Jones’ request for a temporary restraining order (“TRO”) because it found that RRs who change firms have a duty to notify clients of material changes to their accounts, which includes changes of employment.  The Kerr opinion provides a useful primer for financial firms seeking to enforce post-employment restrictive covenants.

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Time Is Running Out to Make Important Decisions to Comply with New FLSA “White Collar” Salary Thresholds

As we wrote here in September 27, the new “white collar” salary thresholds under the federal Fair Labor Standards Act (“FLSA”)  are set to go into effect on January 1, 2020.

That deadline is sneaking up fast.

And, like waiting until the last minute to start holiday shopping, waiting until the last minute to make important decisions regarding the new thresholds may not be wise.

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ILN Today Post

Singapore Summit to Gather Anti-Corruption Experts in Industry, Government

Anti-corruption enforcement has never been more aggressive or coordinated. In light of this current situation, multinational corporations have continued to emphasize investment in strong anti-corruption compliance programs. In the Asia-Pacific region, jurisdictions have taken strong steps to reinforce their anti-corruption legislative framework by requiring organizations and businesses to comply with internal policies and local regulations.

To address this issue, Duxes will host the 8th Anti-Corruption Compliance Asia Pacific Summit 2020 (ACAP) from March 26-27 in Singapore. The event is designed to help companies adapt to the new anti-corruption environment. The two-day summit will gather government officials and industry leaders to discuss important developments, including anti-corruption enforcement trends, third-party due diligence, and risk management, as well as best practices for compliance, internal communication and internal audits.

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Santa Dash for Novas and Peter McVerry Trust

On 17th of October 2019, the Holmes O’ Malley Sexton team were once again delighted to be involved in the Liveable Limerick Christmas Dashes to help raise awareness and funds for charity organisations, Novas and the Peter McVerry Trust.

A variety of fun races were held up and down O’ Connell Street. We sponsored the Celebrity Race which included radio presenter, Meghann Scully and men’s fashion and lifestyle blogger, Patrick McLoughney.

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Rainmaking Recommendation from Jaimie Field: The Benefits of Gratitude on Business Development

If you’re a regular Zen follower, you’ll know that this week’s topic from rainmaking trainer and coach, Jaimie Field, is a favorite of mine – using gratitude in business development. Read on to learn why!

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In one week’s time, it will be Thanksgiving in the United States.  And, you will probably be feasting with friends and family, watching football games (and probably arguing with them). I believe that many of us have forgotten that Thanksgiving is a time when we are supposed to be grateful for all that we have received during the past year. 

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