On June 23, 2016, Britain voted to leave the European Union.
Financial analysts throughout the globe are bracing themselves for
the potentially wide ranging ramifications of the Brexit
referendum, many calling Brexit one of the most extraordinary
financial events in history. As stated in our
last post regarding this subject, Britain's exit is
creating a further drag on mergers and acquisitions. KPMG has noted that six (6) M&A deals that
the firm was working on have been put on hold. Moreover, inbound
deals into Britain have dropped by more than 50% since the first
quarter, amounting to a bleak $13.1 Billion (www.cnbc.com). However, despite this
short-term wobble in deal-making, there is some indication that
M&A activity will pick up. The British pound has dipped to a
31-year low, causing some to speculate whether British companies
will become prey to foreign investor (www.guardian.com). Also, Lloyds has just
appointed a new senior executive to head its mergers and
acquisitions strategy and aggressively pursue deals (news.sky.com/lloyds-names-deals-boss-despite-brexit-effect).
Early indications post-Brexit suggest a varied approach to M&A
opportunities in the immediate future. Time will tell but rest
assured, we will be monitoring closely the fallout of Brexit.
Visit our website for further reading, regarding
The author wishes to acknowledge the assistance of Fahad Diwan,
Summer Student, in the preparation of this blog post.
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Under the Income Tax Act, the Employment Insurance Act, and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions or GST.
Under the Income Tax Act, the Employment Insurance Act, the Canada Pension Plan Act and the Excise Tax Act, a director of a corporation is jointly and severally liable for a corporation's failure to deduct and remit source deductions.
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