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News & Publications | News Archives - 2008 |
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12/11/08 - François Brouxel is now member of "Best Lawyers" advisory board
Best Lawyers is one of the oldest and most respected peer-review US publications in the legal profession. For a quarter century, they have helped lawyers and clients find legal counsel in unfamiliar jurisdictions or unfamiliar specialties.
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11/18/08 - Franck Greff, Litigation Partner, gave a talk on Luxembourg land settlement
Franck Greff, Litigation Partner, gave a talk on Luxembourg land settlement "Aménagement du territoire et développement urbain" for future real estate agents
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11/15/08 - Luxembourg Parliament has amended SICAR law dated back to 2004 in order to improve vehicle's attractiveness.
In recent years, Luxembourg has become one of the favoured locations for private equity funds. With the new law on the investment companies in venture capitel (SICAR), its status is now greatly enhanced.
On 15 October 2008, Luxembourg’s Parliament passed a new law containing a number of amendments to the original SICAR Law. Those should be considered below.
The SICAR, a Flexible and Tax Neutral Structure, designed as a vehicle for venture capital and private equity.
The recently implemented changes reflect experiences made since the introduction of the SICAR, the most important of which will be introduced below.
Overall it appears that the legislator aimed at streamlining the SICAR and the SIF (Specialised Investment Fund). Whilst they still address different types of investment strategy, the SICAR now resembles the SIF much closer than before as far as structural issues are concerned. SICARS may now be set up as umbrella funds, too. The utilisation of sub-funds enables SICAR managers to run different strategies within a single entity and to benefit from the advantage of the segregation of assets and liabilities between the various sub-funds.
Furthermore:
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Share premiums may from now on be taken into account, when calculating the SICAR’s minimum capital of € 1 million.
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The list containing a number of specified control duties for which the depositary was responsible has been removed.
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The definition of “well-informed investor” has been harmonised with the 2007-SIF-Law’s definition.
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It has been made clear that neither the SICAR’s managers nor managers involved with the SICAR’s management need to meet the well-informed investor criteria.
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The asset evaluation has been modified. Rather than being made by reference to the “foreseeable sales price estimated in good faith” asset evaluations are henceforth to be made by reference to the “fair value”.
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Investors no longer need to be compulsory informed about the net asset value on a half-yearly basis.
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Prospectuses and annual report only need to be “prepared” and available to investors rather than having to be published. Annual reports must be available within six months of the period to which they relate.
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From now on, a SICAR, irrespective of the legal form chosen, may decide that its capital shall at all times be equal to its net asset value.
While the new law abolishes constraints and makes the legal framework more flexible, the SICAR remains a regulated vehicle, subject to supervision by the Commission for the Supervision of the Financial Sector (Commission de Surveillance du Secteur Financier (CSSF)). This provides the SICAR with a certain state guarantee that often attracts investors particularly in these times of financial instability.
With this and other measures Luxembourg manages to achieve a good balance between a flexible legal framework and state supervision which makes it the perfect place to invest in private equity.
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10/29/08 - Wildgen, Partners in Law, Double Award
Wildgen is proud to announce that it was awarded “Best Capital Markets Team of the year - Luxembourg” and “Luxembourg Corporate Law Firm of the year”.
The first award was given by “European CEO”, international magazine dedicated to European leaders and managers, within the framework of its European Legal Awards and the second one by ACQ, a publication specialized in international deals, within the framework of the “ACQ Country Awards”, awarding advisers and bankers. Both awards recognise organisations representing the very highest standards of service, innovation and competence in their respective fields.
The panels have taken into consideration Wildgen’s recent transactions and in particular setup and management of important investment funds or conclusion of ambitious cross-border deals. They also based their judgment on other factors such as market leadership, geographic spread, proof of development and continued progression of the firm.
The departments awarded are co-headed by partners Georges Gudenburg, Samia Rabia, Pierre Metzler and François Brouxel and include specialists offering efficient and tailor-made legal support. The partners comment: “Given the competition in this area and the current economic climate, it is a real accolade being recognised for our achievements and expertise. This success story would not have been possible without our clients and we would like to thank all of them for their continuing trust. We also thank our associates for their involvement and commitment.”
When faced with complex and international demands, Wildgen is responsive and flexible. Such values are now more than ever Wildgen trademark.
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09/10/08 - New Law on free move of persons and immigration
The performance of work by non-European employees on the Luxembourg territory was mainly governed by the provisions of the Law dated March 28, 1972 on the right of foreigners to enter and reside on the Luxembourg territory, their medical examination and the employment of foreign labor force, as amended, and by Article L. 544-1 and followings of the Luxembourg Labor Code. These legal provisions are amended by a new law voted on July 9, 2008, the Law of 29 August 2008 1) concerning the free move of persons and immigration. This new law will be applicable one month after its entry into force.
Most differentiations
In accordance with both laws, the former and the new one, European citizen will be employed in Luxembourg without any work permit. The same applies in principle to European and non-European citizen, who are self-employed. However, in case of non-European employees, the former law stated that such will be employed in Luxembourg only with a work permit issued by the Ministry of Labor. [read full article]
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09/08 - A New Senior Associate for Wildgen’s Tax and Corporate Departments.
David Maria joins Wildgen, Partners in Law, a leading Law Firm in Luxembourg - as a Senior Associate – Avocat à la Cour, specialized in Corporate and Tax Law.
David Maria closely works with Jean-Luc Dascotte, Partner, who says: "Prior to joining us, David worked with renowned law firms and “Big 4” in Luxembourg and London where he gained sound experience working on tax planning, international taxation and corporate law. I am sure that his expertise and managerial skills will benefit the team."
Davia Maria holds several post-graduate degrees in Business Law, Multimedia and IT Law and European Law from French, English and German universities. He also collaborated with tax authorities on tax agreements.
He is member of the International Fiscal Association and of the Association Luxembourgeoise d’Etudes Fiscales.
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08/01/08 - Wildgen awarded the Best Capital Markets Team of the year for Luxembourg.
European CEO magazine in its annual Awards recognised organisations representing the very highest standards of service, innovation and competence in their respective fields. Some of the more important factors taken into consideration by the panel were innovation and originality; market leadership and geographic spread; proof of development and continued progression; high level of transparency and good governance.
Given the competition in this area, it is a real accolade being recognised for our achievements and expertise. This success story would not have been possible without our clients and we would like to thank all of them for their continuing trust.
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07/01/08 - Wildgen Announces New Senior Associate Joins Firm
Luxembourg, July 01, 2008 – Wildgen, Partners in Law announced that Daniel Boone has joined the firm as a Senior Associate.
With more than 15 years of legal experience, Daniel Boone joins the Corporate team headed by Partner François Brouxel and will mainly work with international M&A and private equity matters. He will advise important clients and will help to develop the department on a global level.
François Brouxel says: ” Daniel has a large and international experience and in particular in the Asia-Pacific region. He is adept at applying practices that help its team and clients identify their most significant challenges and needs”.
Prior to joining Wildgen, Daniel held senior associate roles at Oostvogels, Pfister and Feyten and at Kleyr Collarini Grasso focusing on international transactions.
He is the author of numerous publications and lectured Private Law and Contract Law at Strasbourg and Metz Universities.
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05/22/08 - Etat de la Nation : Incoming tax changes in Luxembourg
On 22 May 2008, Prime Minister Jean-Claude Juncker delivered a speech to the Parliament
Several incoming tax developments have been highlighted, aimed at maintaining and improving the tax-attractiveness of Luxembourg.
Abolition of capital duty
Prime Minister announced the abolition of capital duty (currently 0.5%) as from 1st January 2009. After its reduction from 1 to 0.5% since 1st January 2008, the suppression of capital duty was expected (having been announced as early as 2007) but such move as early as 1st January 2009 certainly comes as a good news.
Decrease of global CIT rate to 25.5%
According to Prime Minister the current global Corporate Income Tax rate of 29.63% should be progressively reduced to 25.5%. The current rate consists of (i) the actual corporate income tax at a rate of 22%, (ii) a 4% surcharge for the unemployment fund calculated on the corporate income tax, and (iii) the municipal business tax at a rate of 6.75% for the City of Luxembourg.Such very positive measure will be combined with a broadening of the corporate income tax base, but tax planning opportunities will most certainly arise.
No details have been issued as to the implementation timing.
Increase of the maximum deductible amount for gifts to charities
Such deductible amount will be doubled, from EUR 500,000 to EUR 1,000,000, or 10 to 20% of the net income.
Individual income tax
Various measures have also been announced in the field of individual income tax, such as an increase of the income brackets by 6% in 2009, an increase of tax deduction ceilings, tax credit for mortgage interest payment, tax credit for single parent, restoration of salary indexation, increase of the minimum social wage, incentive for the purchase of low-emission (<120g CO2/km) company cars…
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05/08 - New Wildgen's brochure on Luxembourg vehicles
You want to invest through Luxembourg? Check out how we can help! Our new brochure on Luxembourg vehicles - companies, investment funds and securitization - is now released and can be obtained on demand: 
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05/08 - Expansion of Wildgen's KM departement
We continue to ensure an efficient deployment and structuring of our staff and appointed Virgine Macchi, PhD in Law, as Knowledge Manager. She will develop and manage an ambitious and new KM strategy.
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04/07/08 - Wildgen's annual team-building seminar
Wildgen is organising its annual team-building seminar from March, 13th to March, 16th.
Our team-building seminar takes place on a yearly basis. The concept of this 4-days event is to gather collaborators, to reward efforts, to celebrate achievements and to connect with colleagues.
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02/12/08 - Wildgen launches its new website
Wildgen, Partners in Law, a Luxembourg law firm announces the launch of its new web site. It can be found at www.wildgen.lu.
Luxembourg, February 12, 2008 – Wildgen’s new website, featuring a new appearance and graphics, offers information about the firm’s practice areas and lawyers. Visitors can read about the company’s history and services as well as about careers and the latest news. The new website also permits greater accessibility and userfriendliness.
“This site is an effort to take the firm to the next level in terms of communications and technology. It will be a great source of information for our present and future clients” says Pierre Metzler, Senior Partner of Wildgen.
"The content of the website shall be continuously updated. We want our web presence to be dynamic and efficient as we are" continues Stephanie Leclercq, Wildgen Marketing Manager. "We shall provide more comprehensive information and further improvements are already planned, including a section for client testimonials and case examples.”
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01/08/08 - New recruits bring their expertise to Wildgen
Wildgen strengthens its operation with arrivals of Bernard Wirtz as Finance Director and Stephanie Leclercq as Marketing Manager.
Luxembourg, 08/01/2008 - Bernard WIRTZ (48) has joined Wildgen to enhance the firm’s financial reporting procedures and controls.
He says: ”As Finance Director, I will assist the strategic direction of the firm and will help Wildgen to achieve its growth objectives”.
Prior to joining Wildgen, he was financial manager in a valve manufacturer where he coordinated accounting functions, managed the treasury and provided general support to the companies business by management control.
Stephanie Leclercq (32) has joined Wildgen for a newly created position. As marketing manager, her role will be to plan and lead marketing activity and to increase the firm’s communications, image and visibility. She comments “I am looking forward to applying my marketing skills in this challenging environment”. Prior to joining Wildgen, she was marketing and communications manager for a well-established Luxembourg IT company.
Samia Rabia, partner at Wildgen, adds, “Our firm has enjoyed considerable expansion over the last few years. Both new recruits are bringing their own areas of expertise to our firm and we are sure that they will become valuable members of the Wildgen team.”
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01/01/08 - Wildgen recently elected Jean-Luc Dascotte as Partner
Wildgen has appointed Jean-Luc Dascotte as Junior Partner to handle Tax department, effective as from 1st January 2008.
Luxembourg, 01/01/2008 – Jean-Luc Dascotte joined Wildgen in 2006 to reinforce and further develop its tax practice and he is now a partner since the beginning of this year.
Jean-Luc Dascotte qualified as a Belgian lawyer in 1995 and gained a Masters in Tax Management from Solvay Business School, Brussels, in 2001. For several years he has been a member of a top Benelux Law Firm specializing in tax optimization, successively based Brussels, Paris and Luxembourg building local knowledge and professional network. He is a member of the Luxembourg, Paris and Brussels Bars.
He is a member of the International Fiscal Association, a regular contributor to Tax Notes International, has been a member of the working committee preparing the law on the newly created “Société de gestion de Patrimoine Familial” and is a frequent speaker at tax conferences both in Luxembourg and abroad.”
Pierre Metzler, senior partner at Wildgen, comments: “Jean-Luc will serve to strengthen our Tax team advising a worldwide clients database on both corporate and individual tax planning opportunities involving Luxembourg. He has always brought valuable expertise to the firm and we are confident that he will contribute significantly to the firm's growth strategy.”
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