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John Overs Head of the Corporate Tax Group and David Leibowitz Head of the Corporate Recovery Group introduce this special edition which has been put together by Berwin Leighton Paisner
Practitioners who have survived at least one boom and one recession will know that what seemed like sensible structuring or planning for a client at a time when the economic cycle was at a high may prove to be fraught with difficulties when the cycle reverses. Experience strongly suggests that all transactions should be stress-tested by asking the question — What happens if one or other of the parties defaults? If the transactions do 'go wrong' because of actual or impending insolvency how then can they be unwound or reversed tax-efficiently?
Insolvency clearly has tax...

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