Hickman & Rose’s Post

On December 23, 2024, the United States Court of Appeals for the Fifth Circuit stayed the nationwide preliminary injunction against enforcement of the federal Corporate Transparency Act (CTA) previously issued by the U.S. District Court for the Eastern District of Texas in a case challenging the constitutionality of the CTA.1 As a result of the stay, the CTA has gone back into effect nationwide after having been suspended since December 3. However, also on December 23, FinCEN announced that it was extending several beneficial ownership reporting deadlines, including extending the initial reporting deadline for companies formed prior to 2024 from January 1, 2025 to Monday, January 13, 2025. Read the full Legal Alert from Louis Barbieri, David M. Eaton, and Kate Kanabay here: https://lnkd.in/eDXRPamN

I have posed the following question for the Legal Services Board meeting tomorrow, and have just received confirmation of its receipt; it will be interesting to see whether in fact it is asked, and if it is, what the answer will be! "Please can you ask when the report looking at the conduct of the SRA in this scandal [Axiom Ince] will be released; the delay in publication is severely damaging the reputation of the legal profession and raises significant questions around whether the SRA is meeting its obligation around consumer protection."

A U.S. District Court recently issued a nationwide preliminary injunction, temporarily halting the Beneficial Ownership Information (BOI) reporting requirement under the Corporate Transparency Act. For now, businesses that have not yet filed their BOI reports can hold off while the judicial process unfolds. This pause provides time to assess how the ruling might shape the implementation of these requirements moving forward. For more details, click the links below. https://lnkd.in/gDqJYNJJ... https://lnkd.in/gvFqZXrc...

The UK Supreme Court has ruled that an agreement to transfer the beneficial interest in private company shares to the legal owner of those shares did not need to be in writing and signed by those making the disposal. Read more: https://bit.ly/4gap4PM #STEPCPD #BeneficialInterest

The UK Supreme Court's recent ruling on the transfer of beneficial interests in private company shares has significant implications for businesses and individuals alike. While this decision offers flexibility in certain scenarios, it's crucial to approach such arrangements with caution. Key takeaways from this ruling: - While oral agreements can be legally binding, proving the terms of such agreements can be challenging. - To mitigate risks and ensure clarity, written agreements are still strongly recommended. - Seek legal advice Could this ruling lead to increased disputes and litigation as parties seek to enforce oral agreements? More work for our legal friends.

Major Update: We are excited to share that the United States District Court for the Eastern District of Texas has granted a preliminary injunction, effectively halting the enforcement of the Corporate Transparency Act (CTA) and its Beneficial Ownership Information (BOI) filing requirements. This decision reflects the Court’s view that the CTA likely oversteps constitutional boundaries. This is a significant development for businesses across the country, providing relief from potentially burdensome reporting requirements while constitutional concerns surrounding the CTA are thoroughly addressed. We will continue to monitor the situation and provide updates as they become available. More info: https://vist.ly/3mp6vi2 #CorporateTransparencyAct #CTA #LegalUpdate #Compliance #BusinessLaw #Regulatio

Is the CMA sticking to "easy win" competition enforcement cases or pushing the boundaries and pursuing more complex theories of harm?    We break down the trends in the types of antitrust cases the CMA are choosing to investigate, and what they could mean for the future of competition law enforcement in the UK.    Read our report for more data-driven insights: https://lnkd.in/e_bnefWx CMS UK #cmslaw #competitionlaw #antitrustlaw #antitrust #competition #CMA #CAT

On December 3, 2024, a Texas federal court issued a nationwide preliminary injunction blocking the enforcement of the Corporate Transparency Act (CTA), which includes a reporting requirement for Beneficial Ownership Information (BOI). The injunction could delay the January 1, 2025 reporting deadline for entities formed before 2024 and casts doubt on the CTA’s constitutionality. In this Client Alert, William Hanson, Natalie Lederman, Spencer Stone, Ida Vanto and Ziahang Zhou discuss the implications of the injunction and provide guidance for businesses navigating the evolving regulatory landscape. To read the full alert, click here: https://lnkd.in/eignY37v #WhatsYourNext

Registration cancelled for not filing returns; court follows previous TVL case, allows revocation with conditions.: The High Court addressed the issue of cancellation of registration due to non-filing of statutory returns. The court relied on its previous decision in TVL. Suguna Cutpiece Center v. The Appellate Deputy Commissioner (ST) (GST), where it had directed revocation of registration under similar circumstances, subject to certain conditions. Consequently, the court extended the same benefit to the petitioner in the present case. The petition was disposed of accordingly. http://dlvr.it/TG9Vql #taxlaw #GST #compliance #legalcase #courtruling

What can you recover if you successfully sue somebody? My colleague Gemma Mittell (Symons) explores one of the most important considerations before you embark on litigation 👇 👀 👌 #disputeresolution