The Covid-19 pandemic has brought about significant challenges for many businesses, and a heightened risk of financial difficulty and insolvency. While the number of formal insolvencies has been relatively low thus far, troubled businesses may be forced to pursue accelerated asset disposals, or may themselves present an attractive investment opportunity for new equity stakeholders capable of providing new capital. There are market indicators of a continuing appetite for acquisitions in 2021, particularly acquisitions of businesses that have been impacted by the Covid-19 crisis but are fundamentally sound. Continue reading “Transacting with troubled companies: navigating stressed, distressed, and insolvent acquisitions”

Greek Law 4706/2020 (the Law) will take effect in July 2021. The Law brings about broad reforms in the landscape of corporate governance, aiming to upgrade compliance standards, enhance transparency and restore investor trust. Following is an overview of selective key aspects of the Law, together with our preliminary assessment of the proposed new approach. Continue reading “A breath of fresh air in Greek corporate governance”

The risk of white-collar crime in the UAE is high, but authorities are increasingly proactive in taking steps to prevent, detect and prosecute crime and thereby to enhance the country’s profile as a safe investment destination. Continue reading “White-collar crime developments and trends in the UAE”

Transactions for the transfer of assets of commercial enterprises, and commercial enterprises in toto, have always been somewhat controversial under Turkish law. A threshold issue is whether, under applicable law, the divested asset(s) comprise the seller’s total enterprise. In this respect, it is important to start with the definition of an asset transfer under Turkish law. Asset transfer is defined as the transfer of ownership of an asset, group of assets, or business from one natural or legal person to another natural or legal person. However, the transfer of a substantial asset of a commercial entity or merchant is considered a transfer of a commercial enterprise. When an asset is going to be purchased in Turkey, an assessment must be made to determine whether it is an independent asset, or constitutes a commercial enterprise. Continue reading “Substantive and procedural issues in asset purchases under Turkish law”

We understand that it would be frustrating to get detained in China (or elsewhere indeed), but it doesn’t mean that you can do nothing about it – you still have the chance to not get formally arrested or prosecuted, or obtain a not-guilty verdict under the PRC criminal law regime. The key is to act swiftly, get the professional advice from local practicing lawyer and develop your defence strategy and present it to the authorities as early as possible. It gets more and more difficult to get out of the situation when things move on to the next stages. Below are some suggestions about what you can do, or should be aware of, if you get detained/arrested in China, with some specific to white-collar crime: Continue reading “What to do if you get detained in China for white-collar crime”

On 24 December 2020 the Fiscal Procedure Code in Romania was amended and several fiscal-budgetary measures were approved. This law came with many important changes in the area of fiscal law, but it also impacts, to a large extent, the field of white-collar crime. Continue reading “New aspects of the dual proceedings in tax evasion offences in Romania”

As the level of sophistication of economic crime has evolved and increased, there has been a growing need to streamline the mechanisms for confiscating its benefits, thus eliminating its economic incentive and inculcating the idea that ‘crime does not pay’. The law went beyond a strict definition of white-collar crime and entered what is seen as an admirable new world. Continue reading “New Portuguese powers to seize criminal spoils – a dangerous game”