After half a century, Disney remade the beloved children’s classic movie, Mary Poppins. Not to be a spoiler, but from a real life perspective, it’s kind of irresponsible to make kids think that the celebratory film finale response to a father losing his job because his bank went out of business is to, uh...go fly a kite.
If a UK bank went under and US shareholders were involved, you'd better believe they wouldn’t go down without a fight. And that’s where Chapter 15 enters.
Bankruptcies can get messy, especially when large multinationals go belly up. Companies whose bankruptcies can impact international investors, especially when subject to foreign jurisdictions, can be particularly problematic.
Chapter 15 was added under the Bankruptcy Abuse Prevention and Consumer Prevention Act of 2005. Modeled on the U.N. Commission on International Trade Law’s Model Law, which a number of other countries have also signed onto, it was designed to protect US domiciled shareholders of international companies. Chapter 15 addresses cooperation with US courts during cross border insolvencies.
So Mr. Banks is going to have to go to the local pub to drown his sorrows in a pint.
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Finance: What is a 1099?0 Views
Finance, a la shmoop. What is a 1099? Well it's a tax form for the rest of us the
non fully employed, the non recipients of crappy health care and benefit plans, the [Man looks shocked at his medical bill]
non recipients of fancy corporate business cards those of us who choose to [Business card for Brett Corporate]
go it on our own as consultants, contractors, day laborers and
independents who self employ under the yoke of many masters trying to make our [A contractors diary]
own little way in the world, yeah. Corporations who hire contractors in
whatever form, must deliver to those contractors a form 1099 which outlines [Corporation giving out 1099s to contractors]
and stipulates the details of the job performed for the contractee. That 1099
is a direct conduit to the IRS holding out their arm to shake your hand and [The form 1099s are sent to the IRS]
then turning it 90 degrees to the right. [IRS's hand out expecting something]
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