Italy – Family Business Succession Agreements – Joint Control Exercised by the Assignees of Minority Shareholdings by Virtue of a Shareholders’ Agreement does not Qualify as Legal Control for the Purposes of the Gift Tax Exemption
By judgment No. 6591 of March 10th, 2021,
the Court of Cassation ruled on an iconic case concerning a family business
succession agreement (“Patto di Famiglia”)
pursuant to Sec. 768-bis of the
Italian Civil Code (“ICC”), whereby
the controlling shareholder had transferred to his three sons equal
shareholdings of roughly 25% each, who then entered into a shareholders’
agreement mainly aimed at ensuring a unanimous governance of the company and a
lock-up obligation for the following five years.
Mexico – Government’s Electricity Counter-Reform – More than 90 Amparo Actions Filed to Challenge its Constitutionality
As many experts predicted, the “DECRETO por el que se reforman y adicionan diversas disposiciones de la Ley de la Industria Eléctrica”,
the controversial fast-tracked electricity counter-reform pushed by Mexican government, has caused a wave of
amparo actions, upon entering into force.
Legal and Contractual Consequences of the Suez Canal Blockage by MV Ever Given
From March 23, 2021 through March 29, 2021, MV Ever Given – one of the world’s largest container vessel owned by a Japanese firm and chartered by the Taiwanese shipping company Evergreen Marine – has been wedged in the Suez Canal, causing a knock-on effect that involved more than 400 ships.