{"id":25312,"date":"2025-04-15T08:30:00","date_gmt":"2025-04-15T07:30:00","guid":{"rendered":"https:\/\/wpcms.chambers.com\/?post_type=legal-trends&#038;p=25312"},"modified":"2025-05-09T00:43:04","modified_gmt":"2025-05-08T23:43:04","slug":"taxation-in-distressed-situations-european-perspectives","status":"publish","type":"legal-trends","link":"https:\/\/wpcms.chambers.com\/legal-trends\/taxation-in-distressed-situations-european-perspectives\/","title":{"rendered":"Taxation in Distressed Situations: European Perspectives"},"content":{"rendered":"\n<p>This edition of the Weil Tax Insight Series features Jenny Doak and Benjamin Pique of Weil, Gotshal &amp; Manges in discussion with Stuart Pibworth, moderated by Devon Bodoh, head of international tax at Weil. The focus is on distressed situations, with Jenny detailing the UK perspective while Benjamin describes the French point of view. Together, they explore the complexities of taxation in distressed situations in international restructurings.<\/p>\n\n\n\n\n\n<iframe src=\"https:\/\/share.zencast.fm\/embed\/episode\/6d17e82b-e2ae-4f1a-9fc3-cc4fcc1dc8d9\" width=\"100%\" height=\"190\" frameborder=\"0\" scrolling=\"no\" seamless=\"true\" style=\"width: 100vw; max-width:100%; height:190px;\"><\/iframe>\n\n\n\n\n\n\n\n<ul><li>Debt releases \u2013 groups that have too much debt have to manage with the tax consequences of amending or releasing that debt.<\/li><li>Instruments that are neither debt nor pure equity \u2013 warrants or convertibles.<\/li><li>Change in control \u2013 restructuring very often involves a change in control of the debtor companies.<\/li><\/ul>\n\n\n\n\n\n<p>As with the UK, debt release is key, but in France a broad range of exemptions are not relied upon. Often debt is swapped for equity.<\/p>\n\n\n\n<p>A recurring challenge in France is identification of the appropriate structure.<\/p>\n\n\n\n\n\n<p>In the UK, exemptions include:<\/p>\n\n\n\n<ul><li>debt for equity;<\/li><li>releases; and<\/li><li>the corporate rescue exemption.<\/li><\/ul>\n\n\n\n<p>In France, reliance is not placed on the exemptions noted above in insolvency cases. There are two mitigating factors:<\/p>\n\n\n\n<ol><li>French insolvency proceedings; and<\/li><li>rules which provide that the gain made by the debtor may be exempt.<\/li><\/ol>\n\n\n\n<p>Further detail on French exemptions and more, with respect to <a href=\"https:\/\/www.weil.com\/-\/media\/files\/pdfs\/2025\/february\/250068-5_lon_weil-loyens_debt_rx_fr_v5.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">tax in distressed situations, can be found in a publication by Weil<\/a>.<\/p>\n\n\n\n<p>In the UK, to fall within the debt for equity exemption, there needs to be a formal release by the creditor.<\/p>\n\n\n\n<p>Fees in France can be subject to withholding tax, as well as VAT.<\/p>\n\n\n\n<p>VAT is usually a concern in the UK, but there are no withholding tax concerns on fees in the UK.<\/p>\n\n\n\n\n\n<p>Warrants can be inefficient. There are two ways, broadly, in which warrants can be taxed for an issuer in the UK:<\/p>\n\n\n\n<ol><li>upfront charge by the issuer company; or<\/li><li>derivative contract rules.<\/li><\/ol>\n\n\n\n<p>By contrast, contingent value rights are much simpler \u2013 more like equity \u2013 provided that they are not qualified as options.<\/p>\n\n\n\n<p>There may be potential tax impacts for the issuer upon the forfeit or cancellation of warrants in France if the warrants are not linked to shares.<\/p>\n\n\n\n<p>In France, the stress point could be around withholding tax, whereas in the UK the concern is primarily around corporation tax.<\/p>\n\n\n\n\n\n<p>The implementation of Pillar Two, in the context of restructuring, basically looks at whether the effective tax rate is below 15%. Where there is a debt release that triggers an accounting credit, but an exemption from tax applies to that credit, then in theory the effective tax rate on the particular item is 0%. If it is significant enough, it could drive the effective tax rate of the group down. In practice, the existing rules do not cover all types of debt restructuring.<\/p>\n\n\n\n\n\n\n\n\n\n\n\n<p><\/p>\n","protected":false},"featured_media":0,"template":"","meta":[],"publication":[],"locations":[],"blocks":[{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n<p>This edition of the Weil Tax Insight Series features Jenny Doak and Benjamin Pique of Weil, Gotshal &amp; Manges in discussion with Stuart Pibworth, moderated by Devon Bodoh, head of international tax at Weil. The focus is on distressed situations, with Jenny detailing the UK perspective while Benjamin describes the French point of view. Together, they explore the complexities of taxation in distressed situations in international restructurings.<\/p>\n","innerContent":["\n<p>This edition of the Weil Tax Insight Series features Jenny Doak and Benjamin Pique of Weil, Gotshal &amp; Manges in discussion with Stuart Pibworth, moderated by Devon Bodoh, head of international tax at Weil. The focus is on distressed situations, with Jenny detailing the UK perspective while Benjamin describes the French point of view. Together, they explore the complexities of taxation in distressed situations in international restructurings.<\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"lazyblock\/chambers-media-list","attrs":{"media-list":"%5B%7B%22image%22:%7B%22alt%22:%22Jenny%20Doak,%20Weil,%20Chambers%20Expert%20Focus%20Contributor%22,%22title%22:%22Jenny%20Doak%22,%22caption%22:%22%22,%22description%22:%22%22,%22id%22:25314,%22link%22:%22https:\/\/wpcms.chambers.com\/?attachment_id=25314%22,%22url%22:%22https:\/\/assets.chambers.com\/wp-content\/uploads\/2025\/04\/10144425\/Doak_Jenny-circ.jpg%22,%22sizes%22:%7B%22thumbnail%22:%7B%22height%22:120,%22width%22:120,%22url%22:%22https:\/\/assets.chambers.com\/wp-content\/uploads\/2025\/04\/10144425\/Doak_Jenny-circ-120x120.jpg%22,%22orientation%22:%22landscape%22%7D,%22full%22:%7B%22url%22:%22https:\/\/assets.chambers.com\/wp-content\/uploads\/2025\/04\/10144425\/Doak_Jenny-circ.jpg%22,%22height%22:268,%22width%22:268,%22orientation%22:%22landscape%22%7D%7D%7D,%22title%22:%22Jenny%20Doak%22,%22buttonName%22:%22View%20profile%22,%22buttonUrl%22:%22https:\/\/chambers.com\/lawyer\/jenny-doak-global-2:764471%22,%22content%22:%22Ranked%20in%201%20practice%20area%20in%20Chambers%20Global%22%7D,%7B%22image%22:%7B%22alt%22:%22Benjamin%20Pique,%20Weil,%20Chambers%20Expert%20Focus%20Contributor%22,%22title%22:%22Benjamin%20Pique%22,%22caption%22:%22%22,%22description%22:%22%22,%22id%22:25315,%22link%22:%22https:\/\/wpcms.chambers.com\/?attachment_id=25315%22,%22url%22:%22https:\/\/assets.chambers.com\/wp-content\/uploads\/2025\/04\/10144612\/Pique_Benjamin-circ.jpg%22,%22sizes%22:%7B%22thumbnail%22:%7B%22height%22:120,%22width%22:120,%22url%22:%22https:\/\/assets.chambers.com\/wp-content\/uploads\/2025\/04\/10144612\/Pique_Benjamin-circ-120x120.jpg%22,%22orientation%22:%22landscape%22%7D,%22full%22:%7B%22url%22:%22https:\/\/assets.chambers.com\/wp-content\/uploads\/2025\/04\/10144612\/Pique_Benjamin-circ.jpg%22,%22height%22:187,%22width%22:187,%22orientation%22:%22landscape%22%7D%7D%7D,%22title%22:%22Benjamin%20Pique%22,%22buttonName%22:%22View%20profile%22,%22buttonUrl%22:%22https:\/\/chambers.com\/lawyer\/benjamin-pique-france-121:26341541%22,%22content%22:%22Ranked%20in%201%20practice%20area%20in%20Chambers%20France%22%7D%5D","blockId":"ZJ53m9","blockUniqueClass":"lazyblock-chambers-media-list-ZJ53m9"},"innerBlocks":[],"innerHTML":"","innerContent":[]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/html","attrs":[],"innerBlocks":[],"innerHTML":"\n<iframe src=\"https:\/\/share.zencast.fm\/embed\/episode\/6d17e82b-e2ae-4f1a-9fc3-cc4fcc1dc8d9\" width=\"100%\" height=\"190\" frameborder=\"0\" scrolling=\"no\" seamless=\"true\" style=\"width: 100vw; max-width:100%; height:190px;\"><\/iframe>\n","innerContent":["\n<iframe src=\"https:\/\/share.zencast.fm\/embed\/episode\/6d17e82b-e2ae-4f1a-9fc3-cc4fcc1dc8d9\" width=\"100%\" height=\"190\" frameborder=\"0\" scrolling=\"no\" seamless=\"true\" style=\"width: 100vw; max-width:100%; height:190px;\"><\/iframe>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"lazyblock\/chambers-header","attrs":{"header":"Recent key tax themes in the UK and France in distressed scenarios","headerLevel":"2","blockId":"Z21zJRG","blockUniqueClass":"lazyblock-chambers-header-Z21zJRG"},"innerBlocks":[],"innerHTML":"","innerContent":[]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"lazyblock\/chambers-header","attrs":{"header":"The UK","headerLevel":"3","blockId":"J7Pm2","blockUniqueClass":"lazyblock-chambers-header-J7Pm2"},"innerBlocks":[],"innerHTML":"","innerContent":[]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/list","attrs":[],"innerBlocks":[],"innerHTML":"\n<ul><li>Debt releases \u2013 groups that have too much debt have to manage with the tax consequences of amending or releasing that debt.<\/li><li>Instruments that are neither debt nor pure equity \u2013 warrants or convertibles.<\/li><li>Change in control \u2013 restructuring very often involves a change in control of the debtor companies.<\/li><\/ul>\n","innerContent":["\n<ul><li>Debt releases \u2013 groups that have too much debt have to manage with the tax consequences of amending or releasing that debt.<\/li><li>Instruments that are neither debt nor pure equity \u2013 warrants or convertibles.<\/li><li>Change in control \u2013 restructuring very often involves a change in control of the debtor companies.<\/li><\/ul>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"lazyblock\/chambers-header","attrs":{"header":"France","headerLevel":"3","blockId":"Z1lCBjj","blockUniqueClass":"lazyblock-chambers-header-Z1lCBjj"},"innerBlocks":[],"innerHTML":"","innerContent":[]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n<p>As with the UK, debt release is key, but in France a broad range of exemptions are not relied upon. Often debt is swapped for equity.<\/p>\n","innerContent":["\n<p>As with the UK, debt release is key, but in France a broad range of exemptions are not relied upon. Often debt is swapped for equity.<\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n<p>A recurring challenge in France is identification of the appropriate structure.<\/p>\n","innerContent":["\n<p>A recurring challenge in France is identification of the appropriate structure.<\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"lazyblock\/chambers-header","attrs":{"header":"Tax exemptions","headerLevel":"2","blockId":"Z1fWkk9","blockUniqueClass":"lazyblock-chambers-header-Z1fWkk9"},"innerBlocks":[],"innerHTML":"","innerContent":[]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n<p>In the UK, exemptions include:<\/p>\n","innerContent":["\n<p>In the UK, exemptions include:<\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/list","attrs":[],"innerBlocks":[],"innerHTML":"\n<ul><li>debt for equity;<\/li><li>releases; and<\/li><li>the corporate rescue exemption.<\/li><\/ul>\n","innerContent":["\n<ul><li>debt for equity;<\/li><li>releases; and<\/li><li>the corporate rescue exemption.<\/li><\/ul>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n<p>In France, reliance is not placed on the exemptions noted above in insolvency cases. There are two mitigating factors:<\/p>\n","innerContent":["\n<p>In France, reliance is not placed on the exemptions noted above in insolvency cases. There are two mitigating factors:<\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/list","attrs":{"ordered":true},"innerBlocks":[],"innerHTML":"\n<ol><li>French insolvency proceedings; and<\/li><li>rules which provide that the gain made by the debtor may be exempt.<\/li><\/ol>\n","innerContent":["\n<ol><li>French insolvency proceedings; and<\/li><li>rules which provide that the gain made by the debtor may be exempt.<\/li><\/ol>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n<p>Further detail on French exemptions and more, with respect to <a href=\"https:\/\/www.weil.com\/-\/media\/files\/pdfs\/2025\/february\/250068-5_lon_weil-loyens_debt_rx_fr_v5.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">tax in distressed situations, can be found in a publication by Weil<\/a>.<\/p>\n","innerContent":["\n<p>Further detail on French exemptions and more, with respect to <a href=\"https:\/\/www.weil.com\/-\/media\/files\/pdfs\/2025\/february\/250068-5_lon_weil-loyens_debt_rx_fr_v5.pdf\" target=\"_blank\" rel=\"noreferrer noopener\">tax in distressed situations, can be found in a publication by Weil<\/a>.<\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n<p>In the UK, to fall within the debt for equity exemption, there needs to be a formal release by the creditor.<\/p>\n","innerContent":["\n<p>In the UK, to fall within the debt for equity exemption, there needs to be a formal release by the creditor.<\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n<p>Fees in France can be subject to withholding tax, as well as VAT.<\/p>\n","innerContent":["\n<p>Fees in France can be subject to withholding tax, as well as VAT.<\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n<p>VAT is usually a concern in the UK, but there are no withholding tax concerns on fees in the UK.<\/p>\n","innerContent":["\n<p>VAT is usually a concern in the UK, but there are no withholding tax concerns on fees in the UK.<\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"lazyblock\/chambers-header","attrs":{"header":"Warrants and contingent value rights","headerLevel":"2","blockId":"Z2knGSV","blockUniqueClass":"lazyblock-chambers-header-Z2knGSV"},"innerBlocks":[],"innerHTML":"","innerContent":[]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n<p>Warrants can be inefficient. There are two ways, broadly, in which warrants can be taxed for an issuer in the UK:<\/p>\n","innerContent":["\n<p>Warrants can be inefficient. There are two ways, broadly, in which warrants can be taxed for an issuer in the UK:<\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/list","attrs":{"ordered":true},"innerBlocks":[],"innerHTML":"\n<ol><li>upfront charge by the issuer company; or<\/li><li>derivative contract rules.<\/li><\/ol>\n","innerContent":["\n<ol><li>upfront charge by the issuer company; or<\/li><li>derivative contract rules.<\/li><\/ol>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n<p>By contrast, contingent value rights are much simpler \u2013 more like equity \u2013 provided that they are not qualified as options.<\/p>\n","innerContent":["\n<p>By contrast, contingent value rights are much simpler \u2013 more like equity \u2013 provided that they are not qualified as options.<\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n<p>There may be potential tax impacts for the issuer upon the forfeit or cancellation of warrants in France if the warrants are not linked to shares.<\/p>\n","innerContent":["\n<p>There may be potential tax impacts for the issuer upon the forfeit or cancellation of warrants in France if the warrants are not linked to shares.<\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n<p>In France, the stress point could be around withholding tax, whereas in the UK the concern is primarily around corporation tax.<\/p>\n","innerContent":["\n<p>In France, the stress point could be around withholding tax, whereas in the UK the concern is primarily around corporation tax.<\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"lazyblock\/chambers-header","attrs":{"header":"New rules","headerLevel":"2","blockId":"Z1NVKaj","blockUniqueClass":"lazyblock-chambers-header-Z1NVKaj"},"innerBlocks":[],"innerHTML":"","innerContent":[]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n<p>The implementation of Pillar Two, in the context of restructuring, basically looks at whether the effective tax rate is below 15%. Where there is a debt release that triggers an accounting credit, but an exemption from tax applies to that credit, then in theory the effective tax rate on the particular item is 0%. If it is significant enough, it could drive the effective tax rate of the group down. In practice, the existing rules do not cover all types of debt restructuring.<\/p>\n","innerContent":["\n<p>The implementation of Pillar Two, in the context of restructuring, basically looks at whether the effective tax rate is below 15%. Where there is a debt release that triggers an accounting credit, but an exemption from tax applies to that credit, then in theory the effective tax rate on the particular item is 0%. If it is significant enough, it could drive the effective tax rate of the group down. In practice, the existing rules do not cover all types of debt restructuring.<\/p>\n"]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"lazyblock\/chambers-quote","attrs":{"quote":"<p>\u201cPillar Two: The bane of every tax professional\u2019s life.\u201d (21:54)<\/p>","blockId":"UWa4T","blockUniqueClass":"lazyblock-chambers-quote-UWa4T"},"innerBlocks":[],"innerHTML":"","innerContent":[]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"lazyblock\/chambers-header","attrs":{"header":"Weil, Gotshal & Manges LLP","headerLevel":"3","blockId":"FqF33","blockUniqueClass":"lazyblock-chambers-header-FqF33"},"innerBlocks":[],"innerHTML":"","innerContent":[]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"lazyblock\/chambers-media-list","attrs":{"media-list":"%5B%7B%22image%22:%7B%22alt%22:%22Weil,%20Gotshal%20&%20Manges%20LLP,%20Chambers%20Expert%20Focus%20Contributor%22,%22title%22:%22Weil,%20Gotshal%20&%20Manges%20LLP%22,%22caption%22:%22%22,%22description%22:%22%22,%22id%22:21745,%22link%22:%22https:\/\/wpcms.chambers.com\/legal-trends\/legal-insights-into-moore-loper-bright-cases\/weil-2c-3\/%22,%22url%22:%22https:\/\/assets.chambers.com\/wp-content\/uploads\/2024\/08\/12141635\/Weil-Logo-210x144-1.jpg%22,%22sizes%22:%7B%22thumbnail%22:%7B%22height%22:120,%22width%22:120,%22url%22:%22https:\/\/assets.chambers.com\/wp-content\/uploads\/2024\/08\/12141635\/Weil-Logo-210x144-1-120x120.jpg%22,%22orientation%22:%22landscape%22%7D,%22full%22:%7B%22url%22:%22https:\/\/assets.chambers.com\/wp-content\/uploads\/2024\/08\/12141635\/Weil-Logo-210x144-1.jpg%22,%22height%22:144,%22width%22:210,%22orientation%22:%22landscape%22%7D%7D%7D,%22title%22:%2244%20ranked%20departments%20and%2047%20ranked%20lawyers%22,%22content%22:%22Learn%20more%20about%20the%20firm's%20ranking%20in%20Chambers%20Global%22,%22buttonName%22:%22View%20firm%20profile%22,%22buttonUrl%22:%22https:\/\/chambers.com\/law-firm\/weil-gotshal-manges-llp-global-2:3667%22%7D%5D","blockId":"Z1OgEsb","blockUniqueClass":"lazyblock-chambers-media-list-Z1OgEsb"},"innerBlocks":[],"innerHTML":"","innerContent":[]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"lazyblock\/promo-block","attrs":{"title":"Chambers In Focus Newsletter","content":"Sign up for our newsletter and never miss out on thought leadership content from legal experts and the key stories driving the legal profession forward.","button-title":"Sign up here","button-url":"https:\/\/crm.chambers.com\/l\/854103\/2023-07-05\/h7hd2","blockId":"Z28zwNf","blockUniqueClass":"lazyblock-promo-block-Z28zwNf"},"innerBlocks":[],"innerHTML":"","innerContent":[]},{"blockName":null,"attrs":[],"innerBlocks":[],"innerHTML":"\n\n","innerContent":["\n\n"]},{"blockName":"core\/paragraph","attrs":[],"innerBlocks":[],"innerHTML":"\n<p><\/p>\n","innerContent":["\n<p><\/p>\n"]}],"new_scheduled_revision":null,"save_as_revision":null,"acf":{"media_type":"podcast","sponsored_page":false,"index_page":"","firm_page_url":"https:\/\/chambers.com\/law-firm\/weil-gotshal-manges-llp-global-2:3667","useful_links":false,"social_sharing_post_options":{"alignment":"left","sticky":false},"title":"","sponsors_list":{"sponsors":false,"showhide_borders":false},"template":{"name":"text-rich-media","sticky_sidebar":false},"hero_title":"","hero_description":"","hero_content_color":"light","hero_enable_responsive_images":false,"hero_image":false,"hero_retina_image":false},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v15.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<meta name=\"description\" content=\"Tax experts from Weil explore key issues in distressed scenarios, including exemptions, debt releases and the impact of Pillar Two.\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Tax in Distressed Scenarios: UK &amp; 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