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Moral & Partners And Cukur & Partners Advise On Taxim Capital’s Investment Nn Yilpar

Taxim Capital is an Istanbul-headquartered private equity firm specializing in capital investments and shareholder and management buyouts.Established in 1959, Yilpar specializes in the packaging industry in Turkey. The company produces price, code, and computer labels.

The Moral & Partners team included Partner Resat Moral and Associates Dilara Kaymaz, Ozgur Aydin, Nilay Enkur, Yelda Yalcin, and Ilayda Sak.

The Cukur & Partners team was led by Managing Partner Devrim Cukur and Partner Irem Soyman Alevok and included Senior Associate Hilal Simsek.

Firm Description:

NAZALI offers a broad range of services in the fields of Tax, Audit, Corporate and Commercial Law, Mergers & Acquisitions, Corporate Finance, Banking, Finance and Capital Markets, Protective Legal Services and Dispute Resolution, Personal Data Protection and Privacy, Social Security and Labor Law, Occupational Health and Safety, Competition Law, Intellectual Property Law and R&D, Compliance and White-Collar Crimes, Administrative Law, Real Estate Law, Customs and Foreign Trade, Accounting and Payroll, Financial Incentives and Advisory Services and Public Administration and Compliance through its partners, associates and consultants of different seniorities who have both public and private sector experience.

What sets NAZALI apart from others is that NAZALI offers a truly comprehensive service to its clients with experts from different disciplines working collaboratively as a team under one roof enabling us to evaluate all dimensions of legal matters together with financial and technical matters.

The services that NAZALI provides to its clients include the most appropriate solution with the support of technical departments specialized in their fields. In this context, NAZALI associates are supported by NAZALI technical team and work alongside the experts in the fields of finance, social security and customs matters. NAZALI has set out with the aim of providing the most efficient and comprehensive solution for its clients by adapting to the developing conditions and happily gained the trust of its clients by never compromising the quality of service.

As conditions continuously evolve, NAZALI always aims to further itself remaining true to its motto “GROW WITH KNOWLEDGE” and has set out with the aim of providing the most efficient and comprehensive solution for its clients by adapting to the developing conditions and happily gained the trust of its clients by never compromising the quality of service.

Firm’s website: http://www.nazali.com

 

Roberto Gilardino joins Leaders in Law as the Investigations Services Member in China

Leaders in Law, the leading platform in its field, is delighted to welcome Roberto Gilardino as our exclusively recommended & endorsed Investigations Services expert in China. Roberto’s office is located in Shanghai.

From the Horizons lead office in the heart of Shanghai, Roberto directs the team in serving both inbound and outbound investments in China. With a multidisciplinary team, Horizons’ professionals tackle legal, accountancy and tax challenges from a local, national, and international perspective. Through this approach, cross-border investments are comprehensively safeguarded for the present and future.

Roberto and his team understand that misinterpreting cultural nuances can be significant dealbreakers in international transactions. As a result, Horizons leverages a worldwide team in over 40 jurisdictions to serve clients without language, geographical or cultural barriers. Namely, the Horizons’ team designate a local team in the country or region of investor to navigate them through unfamiliar jurisdictions. In the comfort of the client’s home country or region, Horizons delivers global results through local gateway and erase cultural and geographical obstacles.

 

Virtual Law Firms In 2022 – Creating A New Way For Lawyers To Do What They Do Best

Analysts have reported that virtual law firms may play a huge role in the future of the legal sector, with coronavirus restrictions fuelling more and more lawyers to become consultant solicitors. The report from investment bank Arden Partners Pllc estimates that one-third of all UK solicitors could be working under a consultancy model within five years. The report also suggests that virtual law firms could be as disruptive to the current legal market as Specsavers and Vision Express have been to High Street opticians.

Of course, the pandemic has acted as an important catalyst for this change, demonstrating that working from home is possible – and for many – preferable to the traditional office environment An increasing number of lawyers have begun to question what they want their future working life to look like, and virtual firms are in ‘pole position’ to take advantage of this according to the report.

How does a virtual law firm work?

Under a consultancy model, freelance lawyers at the firm have a central platform and brand, and also benefit from management and technology services. Consultant lawyers keep a proportion of their fees, and give a percentage to the firm to allow them to utilise the firm’s infrastructure. Typically, lawyers retain around 70% of their fees, which means they often earn more than working in a traditional firm.

How a virtual firm can allow you to do your best work

One of the biggest advantages to joining a virtual firm is that it allows you to focus on doing what you do best. Lucy Scott-Moncrieff said:

“First, many lawyers just want to practise law and don’t want the administrative and managerial responsibility of the partnership – but also they don’t want to be employees any more.”

She goes on to discuss how virtual firms are attractive for fee-earners who just want to be great lawyers without investing in their own firm or becoming involved in practice management. She said:

“They’re happy because they can focus on practising the law and their salaries are often higher than they would find in traditional firms as a result.”

In addition, the ability to work to your own schedule, but also your clients’ schedules is essential too. At Scott-Moncrieff, lawyers are in control of how much they work, when they work, and the type of work they take on.

“Some consultants choose to work full-time for us and take on fairly substantial pieces of work, others work more part-time, and some work for other firms as well as us.”

Reduced overheads under consultancy models also mean competitive pricing. Fee earners are making more money but can also charge their clients less and offer a more tailored service.

Legal Due Diligence: Beware of Credit Assignments

The assignment contracts

Credit assignment is the contract by which the creditor (assignor) transfers its right to credit to a third party (assignee), who will collect it from the debtor (assigned).

This is an increasingly common practice, involving not only banking institutions but also commercial companies that, in turn, also assign receivables to their suppliers.

Audits in DD

Right from the Due Diligence (DD) phase aimed at the acquisition of company shares/shares or companies and business units, it is essential to pay attention to the issue of credit assignment and assess whether the payment flow is in accordance with the agreements made, notifications, acceptances and exchange of information carried out between the parties involved. Verification is necessary, among other reasons, to prevent:

  • (a) the obligor who has paid erroneously (e.g., payment in favor of the assignor despite notification or acceptance of the assignment) is forced to pay the same amount again in favor of the assignee;
  • (b) the assigning creditor collects sums not due to it and, (i) on the one hand, is forced to return the sum to the assignee or the debtor (if the latter has in the meantime repeated the sum in favor of the assignee) and, (ii) on the other hand, may be subject to actions for damages by the debtor and/or the assignee.
  • (c) the transferee creditor is forced to “chase” the debtor who has paid erroneously or an assignor creditor who has collected an undue sum.

Verifications must be conducted based on legal regulations.

It is noted, for example, that:

There are limits to assignment in that credits that are strictly personal in nature, credits whose transfer is prohibited by law or credits whose assignability is expressly excluded by the parties (for example, a specific procedure is provided for the assignment of credits with public administrations) cannot be transferred. It is therefore a good idea to check the nature of the assigned receivable to avoid incurring null and void or ineffective assignment contracts in the recourse assignment mode, the assignor must guarantee that the debtor will perform the due performance. In the event of default, the assignee may turn to the assignor, who in turn is required to pay the amount owed by the debtor.

Therefore, in the presence of this mode of assignment, to ensure full release of the assignor, it will have to be verified that the assigned debtor has paid its debt to the assignee in full.

The assignment of credit is consensual in nature and, therefore, is perfected by the agreement reached between the assignor and assignee, not by acceptance or notification to the assigned debtor.

Therefore, to exclude actions for breach of contract on the part of the assignee, it is appropriate for the assignor himself to give timely notice of the assignment to the assigned debtor.

There is no peremptory deadline for notifying the assigned debtor of the assignment, which can be done in any form suitable for the purpose, even a notice sent by registered mail is sufficient (and even a verbal notice).

The law also does not identify the party required to notify the assignment of the claim. In this regard, it should be remembered that prior to acceptance or notification there is a presumption of good faith on the part of the assigned debtor that it has fulfilled its obligations to the assignor, with the consequence that payment made in favor of the assignor itself is fully dischargeable. The assignee can overcome this presumption by proving, by any means (including witnesses), that the assigned debtor was in any case aware of the assignment.

Therefore, to prevent the assigned debtor from being forced to repeat (in favor of the assignee) the payment already made (in favor of the assignor) it will be necessary not only to evaluate the exchange of written information but also to screen, possibly through targeted interviews with apicals, the verbal information acquired from the assigned debtor. The difficulty of such a verification is well evident; therefore, it would always be advisable to provide written notification of the assignment of credit.

In the presence of credit assignment contracts, it is therefore a good idea to dedicate within the DD check list (aimed at the acquisition of company shares/shares or companies and business units), a specific section referring to credit assignments involving the client company as assignor, assignee, and transferee.

LEAP Produces Best Practice Technology Strategy Guide For Criminal Legal Aid Firms

LEAP, the largest independent provider of software to law firms worldwide, has written a white paper on implementing a technology strategy for building a sustainable crime legal aid practice. This follows the Ministry of Justice (MoJ) review, published in December 2021, considering the future and long-term sustainability of the criminal legal aid system.The white paper is written in anticipation of the government publishing its response by the end of March 2022.

The white paper recommends the key items that crime legal aid firms should be thinking about at the moment to help boost the fragile margins of profitability and sustainability such as:

  • Fully embedding a single system to run their firm. In order to account for the 24/7 nature of criminal legal aid. Solicitors are dependent, at any given time, on reliable and accurate information whether working from the office, attending the police station or out at court. By implementing a single system to run their practice mobile criminal legal aid lawyers have everything they need close at hand.
  • Implementing a technology solution to help with the heavy lifting. Technology can provide huge benefits to the way criminal lawyers work by automating the processes that they follow. By improving the accuracy and speed of document production, the recording of their attendance and time, and by overcoming the complexities of claiming for payment from the Legal Aid Authority (LAA) powerful technology can provide the perfect partner to streamline key tasks and improve productivity.
  • Efficiency and risk-reduction. Helping to minimise any risk of firms losing their legal aid contract, technology can deliver compliance, accuracy and consistency to the way criminal lawyers practice. With the right technology in place firms can avoid misreporting and mis-accounting, or losing cases as a result of poor communication, misplaced evidence or documentation.

Christina Grzasko, author of the white paper, expert on legal aid billing systems and long-time crusader for law firms that do legal aid work says:

“Legal aid practice isn’t for the faint hearted because you are facing the kind of problems that don’t beset any other type of business. Everything you do is political and subject to government schemes. This can make long term business planning very difficult. It takes a certain kind of determination and belief in the importance of legal aid to survive in this environment. It also takes some hard-headed business approaches to help reduce the risks the Ministry of Justice (MoJ) can present to your business. Sustainability is a huge issue, allied with staff retention, and much of it comes down to the 24-hour nature of the work and the low rates of pay.”

Legal Aid practice is a very specific discipline that can only be successfully managed by efficient, well trained staff supported by a single, embedded productivity solution. LEAP is a fully integrated legal software system that covers every aspect of legal aid practice from police station to crown court, defence statements to LAA audit reports, totally mobile and up to date at all times.

View the white paper.

LEAP Legal Software has been helping small to mid-sized law firms to become more efficient and profitable, globally, for more than 25 years. 

Kenta Ikebe joins Leaders in Law as the White-Collar Crime Law Member in Japan

Leaders in Law, the leading platform in its field, is delighted to welcome Kenta Ikebe as our exclusively recommended & endorsed White-Collar Crime Law expert in Japan. Kenta’s office is located in Fukuoka.

Kenta has been registered as a lawyer in December 2012 and worked at Meilin International Law Office, which mainly serves corporate clients and provides comprehensive legal services, including international legal affairs. Kenta has been a partner at Meilin International Law Office since 2019. In addition, he is currently an external director of a company and a board member of a school corporation.

He handles all aspects of corporate legal affairs, including the development of corporate structures, back-up of legal staff, training lecturers and crisis response, with a focus on White collar crime, labour law, personal data protection and other legal matters. He provides easy-to-understand explanations and services to company personnel and managers on specialised fields for a wide range of clients, including small and medium-sized enterprises and companies outside Japan.

Kate Wormald Joins Leaders in Law as the Prime Brokerage and Derivatives Member in the United Kingdom

Leaders in Law, the leading platform in its field, is delighted to welcome Kate Wormald as our exclusively recommended & endorsed Prime Brokerage and Derivatives expert in the United Kingdom. Kate’s office is located in London.

Kate has advised and represented a large cross section of the hedge fund community and alternative asset managers over the past 20 years, since founding Oesa in 2002. She has also been engaged by Ernst and Young, large pension funds, a well-known charitable trust, industrial corporates and proprietary trading houses, all of whom required specialist legal advice in relation to their trading and derivative documentation.

Kate qualified as a barrister but decided to pursue a career in the City in house, as a sales and trading legal adviser. Specialising in derivatives and complex structured products, she gained invaluable experience in-house at several large financial institutions including Daiwa Securities, Salomon Brothers (now Citi) and Goldman Sachs, where she was the head of the European capital markets legal team that encompassed not only all the derivative trading activity for EMEA but also its prime brokerage business.

Why Are Women More Likely To Study Overseas Than Men?

There are several reasons why women are more likely to study overseas than men. For one, women tend to have higher levels of educational attainment than men. Women outnumber men in post-secondary education institutions in many countries, allowing them to pursue studies abroad more frequently. Additionally, women are often more willing to take risks than men, including the risk of living and studying in a foreign country. Studies have shown that women are more likely to see the opportunity to learn overseas as a positive experience, whereas men are more likely to see it as a burden. Finally, women tend to be better able to finance their studies than men, as they often receive financial support from their families and government scholarships specifically for female students. These factors contribute to women being more likely to study overseas than men.

Educational performance:

Women are traditionally more likely than men to study overseas, and several factors contribute to this trend. For one thing, women generally display better educational performance than men. This is partly due to biological differences and societal expectations, which pressure women to achieve academic success. Additionally, women are often encouraged to study subjects such as foreign languages or cultures, making it easier for them to obtain study abroad scholarships and opportunities. Finally, many women view learning overseas as a valuable way to gain independence and experience new cultures, which may not be strongly associated with men. Overall, educational advantages, social expectations, and personal motivation make studying overseas more appealing for women than men.

Gender-specific Interest:

Although men and women are equally likely to study overseas, women are more likely to pursue study opportunities outside their home countries. This is because women are more interested in other cultures and languages. In addition, women view studying abroad as an opportunity to gain independence and learn new skills. As a result, they take advantage of study abroad programs and pursue opportunities to live and study in other countries. While there are many benefits to studying overseas, women reap better benefits from these programs due to their greater interest in different cultures.

Labor market orientation:

Women tend to be career-oriented and focused on building their professional skills, making studying abroad an attractive option. Additionally, the demand for workers with advanced degrees and specialized skills is growing in many areas of the economy. Women understand that studying overseas can help provide them with the preparation they need for these higher-level roles. Furthermore, women have greater access to financial resources to support study abroad opportunities, including scholarships and grants explicitly dedicated to female students. Thus, it is clear that the many benefits associated with studying abroad can help explain why women are more likely than men to seize this unique opportunity.

Encouragement:

Women are generally encouraged to pursue higher education than men, both by their families and society. Women are also more likely to receive scholarships and financial aid, making it easier to afford the cost of studying abroad. Additionally, studies have shown that women adapt better than men to new environments and cultures, which can be a significant advantage when looking in a foreign country. Finally, women tend to be more interested than men in travel and cultural exchange, making them more likely to seek opportunities to study overseas. These factors explain why women are typically more likely than men to study abroad.

Anticipated discrimination:

Several factors may contribute to this trend, including discrimination and a greater desire for independence. For many, attending college outside their home country offers an opportunity to live independently and study in an unfettered environment, free from the expectations and constraints of traditional gender roles. Additionally, women are often subjected to more significant discrimination than men in many parts of the world, making them more inclined to seek opportunities elsewhere where they can focus on their studies without facing additional barriers or prejudice. Ultimately, while many challenges come with studying overseas, for many women, these benefits far outweigh the costs.

Intersectionality of gender and social background:

At the most basic level, this difference is rooted in the social and cultural constructs of gender, which have historically viewed men as the primary decision-makers and influencers in society. As a result, women continue to face more significant barriers and resistance when pursuing opportunities to study abroad. However, this difference also has its roots in historical and social inequalities based on race, class, sexuality, and other forms of social difference. These intersecting systems of oppression often create a layered effect on women’s ability to study overseas, with each additional marginalizing factor compounding the challenges they face. We can help ensure that all students, regardless of their gender or other social backgrounds, have equal access to study opportunities outside their home countries.

Conclusion:

Many factors contribute to the decision of whether or not to study overseas. Women are more likely than men to choose to study abroad, and this is due to a variety of reasons, including educational performance, gender-specific interests, labor market orientation, and encouragement from family and friends. However, women also face discrimination and challenges that men do not experience, which is yet to be.

Author Bio

KC Raj is a career counselor and recruiter with many years of experience. He is interested in human development, education, immigration, inequality, and many other international issues. 

 

David Rechulski Joins Leaders in Law as the Criminal Law Member in Brasil

Leaders in Law, the leading platform in its field, is delighted to welcome David Rechulski as our exclusively recommended & endorsed Criminal Law expert in Brasil.

Founder and full partner of the firm, David Rechulski has more than 30 years of professional experience and is one of the most admired and respected lawyers in the country in the corporate criminal and criminal compliance areas.

Its rigorous ethics in the practice of law and its legal and strategic quality, in addition to its full availability in serving its clients, have given it important mentions in national and international legal publications, such as Best Lawyers, Global Law Experts, Leaders in Law, Corporate INTL and Leaders League.

Rechulski has been ranked for more than 15 consecutive years by the Brazilian publication Analysis Advocacia as one of the most admired lawyers in specialized Criminal Law and is one of the only 35 lawyers in the country to be mentioned in all its editions, in addition to appearing in first place since the creation of the Ranking of Lawyers.

The Ukraine Invasion Drives Reform To UK Property Law

The impact of the Russian invasion of Ukraine is likely to reverberate through Europe and across the rest of the world for years if not decades to come. While questions remain about the speed and effectiveness of the UK government’s response thus far, there are some changes being made closer to home that will not only impact the Russian economy, but will also alter the legislative landscape of the UK.

It has been announced that long-tabled reforms to the Economic Crime (Transparency and Enforcement) Bill have been brought forward and are set to be fast-tracked through the Houses of Parliament in response to the war in Ukraine. One of the main issues it will seek to address will be the lack of transparency which surrounds overseas ownership of UK property.

The reforms propose the creation of a ‘beneficial ownership register’. This will aim to establish a level playing field between UK companies that already report to Companies House on the matter of beneficial ownership, and those based overseas, by actively identifying all beneficial owners of overseas assets that also have interests in UK properties.

To be maintained by Companies House and made publicly available, it’s expected that the scheme will follow the same template used for the register of ‘persons with significant control’ of a UK company, which was introduced in 2016.

Robert Lee, Corporate partner from regional law firm Wright Hassall, explains:

“Under the new legislation, every overseas entity featured on the ‘beneficial ownership register’ must supply information including the details of its all its registrable beneficial owners and any ‘managing officers’ such as a director, manager or secretary.

“Those found to be submitting information which is false or misleading to the register could potentially find themselves facing a fine, a two-year prison sentence or a combination of both. Information will have to be updated annually and if it isn’t, then the entity and its officers will be liable for a fine. If the situation persists, this would become a daily default fine of not more than £500.

“It will not be legal for an overseas entity to own property in the UK without being entered on the register, and this will be applied retrospectively to any properties purchased by overseas entities in England and Wales after 1st January 1999.”

Details within the bill specify that those overseas entities who fail to retrospectively place themselves on the register will face major restrictions when looking to sell-on a property. However, a transition period of 18 months has been proposed, which will come into force from the day the Bill becomes law. This should offer ample time for any historic transactions to be placed on the register, before restrictions are enforced.

Lee adds:

“Restrictions will first take the form of a Government notice requiring the entity to register within 6 months, and if this doesn’t have the desired effect, a fine will be levied on the overseas entity and every officer of that entity will find themselves facing a two-year prison sentence, a fine, or a combination of the two punishments.”

Clarification on the term ‘beneficial owners’ is already set out in Schedule 1 of the Companies Act 2006, which defines what a ‘person with significant control’ of a UK company is. In order to be deemed a ‘beneficial owner’ of an overseas entity for the purposes of the register, a person or entity will have to meet at least one of the following conditions:

  • They hold, directly or indirectly, more than 25% in the overseas entity
  • They hold, directly or indirectly, more than 25% of the voting rights in the overseas entity
  • They hold the right, directly or indirectly, to appoint or remove a majority of the board of directors of the overseas entity
  • They have the right to exercise, or actually exercise, significant influence or control over the overseas entity
  • They are trustees of a trust, members of a partnership, unincorporated association, or other entity which is not a legal person under the law by which it is governed; and they have the right to exercise, or actually exercise, significant influence or control over the activities of that trust or entity

Lee concludes:

“Despite the seemingly good intentions of this new register, questions have been asked about how it will be enforced in reality. In its current form a register of this kind would impose significant extra work on Companies House and the Land Registry and would require extra funding to make enforcement a practical reality.

“Only in the months going forward will it become clear whether the new register, as well as the other measures contained in the Bill, will have the impact the government presumably intends.”

Robert Lee heads up the corporate law group at Wright Hassall. With over 20 years’ experience, he specialises in mergers and acquisitions, turnarounds, corporate restructuring and joint ventures. Robert also has extensive experience in advising on shareholder agreements, company law, corporate finance and refinancing and takeovers, both within the domestic and international environments. 

Wright Hassall is a top-ranked regional law firm, providing legal services including: corporate law; commercial law; litigation and dispute resolution; employment law and property law. The firm also advises on contentious probate, business immigration, information governance, professional negligence and private client matters.

Photo of Russian embassy (definitely Russian owned!) by Kbthompson via Wikipedia – cc by 3.0.