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Further comment has appeared on the England and Wales Family Court's decision to pierce the corporate veil in the financial remedy case of Akhmedova v Akhmedov (2018 EWFC 23 Fam). The judge considered it necessary to go against the long-standing legal principle, in response to Farkhad Akhmedov's 'continuing campaign to defeat his ex-wife by concealing his assets in a web of offshore companies', and issued orders to aid her enforcement of the judgment in the Isle of Man and Dubai FATTO

Trustees cannot simply brush aside beneficiaries' request for information

INTERNATIONAL - UK - Nearly 100,000 properties in England and Wales owned by foreign entities

INTERNATIONAL - UK: Foreign investors may be discouraged by capital gains tax on commercial property

'Foundation company' vehicle established in Cayman Islands

INTERNATIONAL - UK, TRUSTS: online trusts register is delayed

INTERNATIONAL - EU: Court of Justice rules on dynamic IP addresses

AUSTRALIA: New tax on foreign owners of unoccupied homes

INTERNATIONAL - UK: Doubts cast on non-dom reforms' commencement date

INTERNATIONAL - Cayman Islands: Beneficial ownership regime ready for launch

The civil law notary is at one and the same time a public official representing the State, and a professional expert in the juridical field. He/she is appointed by the Ministry of Justice and is assigned by the latter to a single Municipality, although, if required, he/she is empowered to carry out his/her functions throughout the territory of the District in which the place he/she is assigned to is located, coinciding approximately with that of the Province. Accordingly, although he/s

The following are examples of what needs to be included in a proposal for sale or purchase and in a preliminary contract: - the precise description of the asset or assets; - the exact identification of the owner or owners and of the purchaser or purchasers; - the obligations of the vendor and of the purchaser; - the price of the sale and method of payment; - the conditions of the conveyance and relevant guarantees; - documentation of the history of the asset or assets; -

The rate of interest is usually set in percentage terms; it may be fixed, which means it is the same for the whole duration of the loan, or variable, which means it is determined with reference to changing parameters that are set by objective, impartial criteria. For example, Euribor is an average quotation for variable rates calculated using objective criteria in the EU financial markets; while I.R.S. (interest instalments swap) is the financial reference parameter for establishing the cost

The rules governing this matter are extremely complex and may be schematically simplified by looking at a subjective profile and an objective profile. As regards the former, there are two main types of tax linked to real estate conveyances: stamp duty (imposta di registro) (and the related mortgage and cadastral taxes) and VAT. Whether one tax or the other is applied depends mainly but not exclusively on the nature of the vendor. Stamp duty is applicable in all cases where the vendo

One of the essential elements in the negotiation of a home loan is the delay allowed for  repayment of the capital, i.e. the duration. In general terms, one may say that the longer the duration of a home loan the lower the amount of each repayment instalment, which gives the borrower more breathing space; all this, however, means paying overall a larger amount in  interest, precisely because the capital is repaid more slowly. The practice also is that a longer duration

The purchase of a home is always an important step in our lives. Just as the sale of a property also carries significant overtones: from investment decisions, to the reordering of assets, to the need for generational change. Whether it be the purchase or the sale of a property, it is not something to be taken lightly. Indeed, these are extremely complex operations that are full of pitfalls and that cannot be undertaken without the advice of an expert. Are you aware of the rights and oblig

A property conveyance gives rise to a series of rights and obligations for both parties. For a number of the rights of one of the contracting parties, there are corresponding and equal obligations of the other party, so that the vendor and the purchaser find themselves involved in an interactive web of expectations to be met and duties to be performed. While some of these rights/obligations, such as the payment/receipt of the purchase price and the delivery/receipt of the property, are

In "land credit" contracts, the borrower has the legally-assured option of early repayment of the home loan; but generally, even in ordinary contracts, that possibility is foreseen. The borrower may decide, therefore, at a certain point in the repayment plan, to close out the contract and repay the remaining capital, on which obviously he will no longer pay interest. Given this loss of earnings, the bank could, if the contract so stipulates, demand compensation (a penalty). According to a

A person may not always be able to express his intentions directly: for example, because he is abroad or far from the place in which he is supposed to sign a particular deed or contract.In such cases, it is possible to use a power of attorney, i.e. a document giving another person the power to undertake a material or legal act in one's stead.For example, if a husband is abroad and a purchase contract for a house must be signed urgently, the husband – before he leaves or from abroad – may give hi

In a property conveyance, right from what we have called the preparatory phase before the definitive contract, the notary plays a rather delicate and important role: determining whether in fact the vendor is free to sell the asset and whether the purchaser in his turn may legitimately acquire it. For example - to cite just a few of the more important aspects - the notary's tasks include certifying the personal identity of the parties (in other words that the vendor and hence the owner of

Law no. 52 of 1996 introduced rules into the Italian legal system to protect the consumer in his contractual relations with professionals. In order to rationalize regulations which have been complicated by a long sequence of amendments, a Consumer Code was recently published (Legislative Decree no. 206 of 6 September 2005), which contains a thorough reworking of most of the consumer-protection rules. Article 3 of the Consumer Code defines a "consumer" as a physical individual who acts

A foreigner may set up a company in Italy, create an association, or undertake any other operation on the same conditions mentioned for the purchase of a house. With one caveat: reciprocity may exist only with regard to certain matters. If, for example, in a particular country an Italian may set up a company but not buy a house, a foreigner from that country (not officially resident in Italy) may set up a company in Italy but not buy a house.

First of all, the purchaser has the right to have the vendor consign the property at the time of the notarised conveyance, upon payment of the purchase price, in its known state, with any agreed accessories, free of persons and things. It is legitimate for the purchaser to request consignment of the asset before the definitive transfer: however it is not his right to insist upon it, it being left to the d

In order to grant a home loan, the bank requires a guarantee: by definition, the most common of these is the mortgage. A mortgage gives the bank the right to be repaid from the proceeds of any forced sale of the asset offered as collateral, with priority over other creditors. A mortgage has better legal standing if it is a first mortgage, i.e. if there are no higher-priority mortgages: a "land credit" guarantee generally requires a first mortgage. A mortgage is established over the

As has been seen above, in order to determine the type of tax and the amount and means of payment of the sums due for duties on the purchase of a so-called primary residence, one must first of all take into account the nature of the vendor. When the vendor is the company that built (or renovated) the property and four years have not elapsed since completion, the conveyance is subject to VAT that the purchaser must pay directly to the company and not to the notary, along with the payment o

The consortium company is a particular form of consortium which operates under the same rules as those that govern the consortium that carries out external activities, set up for carrying out activities jointly with third parties. So this type of entity is organised like a company but it also has the function of a consortium.There are also mixed consortium companies, where some members are not  entrepreneurs but their presence in the enterprise is deemed instrumental for achieving the purpos

In general partnerships too it may happen that, in the course of the company’s existence, the partners may wish to amend the partnership deed.Unless otherwise agreed, such changes must be adopted unanimously (except for when the company is turned into a company with share capital, or when mergers or demergers are carried out),  and must be written in a public deed or in an authenticated private contract, just like the partnership deed, since the law prescribes that also these amendments must

Once upon a time it was enough to say that a foreigner was someone who was not an Italian citizen. This definition – to be clear – is still valid. Except that Article 17 of the EC Treaty institutes a citizenship of the European Union which is attributed to anyone who is a citizen of a Member State. Belonging to the European Union brings with it various consequences, some of which are very important, like the prohibition on

The management of a company is the activity of running the corporate enterprise. The power of management is the power of carrying out any activity that falls within the scope of the corporate purpose.When the management of the company falls on more than one partner (all or some), and the partnership contract makes no provision on how the power of management is to be exercised, then the notion of  separate management shall apply:  each partner is a director, that is, he has the power of manag

Throughout the life of the company the partners may modify the partnership contract but this requires a unanimous vote, unless otherwise agreed and except for the case in which the company were to be turned into a  stock company, for mergers and spin offs, in which cases (unless otherwise decided in the shareholders’ agreement on which you should be advised by your notary) a simple majority is required by law.  The majority is established on the basis of the share of profits attributed to ea

The relationship between a partner and the company ends automatically when the partner dies. Within six months from his death, the surviving partners have the duty of returning the share held by the dead partner to his heirs. The surviving partners are not obliged to accept that the heirs of the deceased member should succeed him by taking his place in the company.The surviving partners have two options they can choose from. They may either decide:- to wind up the company in advance;- to car