Jenny Doak
Jenny is a partner in Weil's European Tax practice. Her experience includes restructurings, M&A transactions (private and public), joint ventures, financings, debt and equity capital markets, and special situations. Jenny advises across all sector areas, but has particular experience in certain specialist areas, including energy and TMT.
Alongside her transactional practice, Jenny provides consultancy advice to clients on standalone tax matters. She also represents clients in tax litigation.
Alongside her transactional practice, Jenny provides consultancy advice to clients on standalone tax matters. She also represents clients in tax litigation.
Practice Area
Panel
- Contributing Author
Membership
- Admitted to practice: Solicitor of the Senior Courts of England and Wales, 2004
Education
- Nottingham Law School, England, Legal Practice Course, 2001
- University of Cambridge, England, B.A., M.A., 2000
4 Contributions by Jenny Doak
PRACTICE NOTES
Distressed debt: tax consequences of creditor enforcement—sale, receivership, administration, foreclosure, and transfers to lenders (satisfaction or set-off)
This Practice Note sets out the principal tax considerations where creditors move to enforce security over the assets of a distressed company or corporate group. Related Practice Notes in this series address tax issues concerning:
acquisitions of distressed debt, and
debt restructurings (ie waivers, debt/equity swaps or renegotiations)
In addition, Tax and distressed debt—checklist of points to consider distils the main tax points to bear in mind when dealing with distressed debt in general. This Practice Note reviews the enforcement routes open to creditors of troubled businesses and the consequences that may follow. For a detailed look at the loan relationships provisions on debt releases, see:
Loan relationships—impairment and debt releases
Loan relationships—impairment and debt releases: connected companies
Types of enforcement
As explained in Practice Note: Tax and distressed debt—debt restructurings, lenders will frequently engage in a restructuring of a distressed group’s debt to help the underlying business continue. Enforcing security over a borrower’s assets is therefore typically pursued only as a measure of last resort...
Tax
PRACTICE NOTES
UK corporation tax and the loan relationships regime in distressed debt restructurings: waivers, debt-for-equity swaps, corporate rescue, insolvency arrangements, deemed releases, RAAR and connected parties
Practice Note
This Practice Note sets out the principal tax considerations where a company facing difficulty repaying external borrowings looks to reorganise and restructure its external debt commitments.
Companion Practice Notes in this series address tax matters connected with and arising in relation to:
acquisitions of non-performing loans
the enforcement of debts
Additionally, the checklist ‘Tax and distressed debt—checklist of points to consider’ summarises the main tax points to bear in mind when dealing with distressed debt more generally...
Tax
PRACTICE NOTES
UK tax considerations in acquiring non-performing loan portfolios: vehicle choice, withholding, securitisation, treaty relief, permanent establishment risk, funding, VAT and stamp taxes
Practice Note
Shifts in the economy can lead to sales of distressed debt portfolios. In such periods, banks commonly look to cut balance sheet exposure to underperforming companies or individuals, while private equity and similar funds pursue returns by buying these portfolios and then securing realisation or repayment of the underlying liabilities. This Practice Note sets out the tax considerations relevant to an acquisition of a distressed debt portfolio. For the purposes of this Practice Note, distressed debt is described as non-performing loans (NPLs). NPLs may comprise, for instance, residential mortgage lending or corporate borrowings...
Related Practice Notes
debt restructurings (ie waivers, debt/equity swaps or renegotiations)
enforcement of debts
In addition, Tax and distressed debt—checklist of points to consider summarises the principal tax points to address when approaching distressed debt more generally...
Tax
CHECKLISTS
UK tax checklist for distressed corporate debt: acquisitions of non-performing loans, restructurings and enforcement
This checklist highlights the principal tax considerations when handling distressed corporate debt, addressing in turn:
acquisitions of non-performing loans
debt restructurings (ie waivers, debt/equity swaps and renegotiations)
enforcement of debts
For fuller analysis of the points signposted here, see Practice Notes:
Tax and distressed debt—acquisitions of non-performing loans
Tax and distressed debt—debt restructurings
Tax and distressed debt—enforcement actions available to creditors
Acquisitions of non-performing loans
This part summarises the tax considerations when a buyer takes on existing UK debt at a discount to face value:
Where should the purchaser be located?
will interest paid by the borrower to the purchaser be subject to withholding tax?
if the purchaser is non-UK resident, can relief be obtained under a double tax treaty?
to what extent will amounts received from borrowers be chargeable on the purchaser?
How will the debt be serviced?
where the purchaser is outside the UK, could UK servicing arrangements in relation to the debt create a UK permanent establishment of the purchaser?
These considerations frame the key tax implications for parties dealing with UK distressed debt transactions…
Tax
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