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The Corporate Transparency Act, 31 U.S.C. § 5336 (CTA), went into effect on Jan. 1, 2024, with the goal of preventing financial crimes like money laundering and tax evasion. The CTA's application in corporate bankruptcies has already created uncertainty that will need to be addressed and clarified.
The CTA requires "reporting companies" to report their "beneficial owners" to the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN).
In this Reuters article written by Restructuring & Bankruptcy partners Schuyler Carroll and Bethany Simmons and associate Noah Weingarten, the authors discuss the Corporate Transparency Act's reporting requirement, noting that whether the act applies to businesses in Chapter 7 remains uncertain.
To read the full article, please visit Reuters' website.
The CTA requires "reporting companies" to report their "beneficial owners" to the U.S. Department of the Treasury's Financial Crimes Enforcement Network (FinCEN).
In this Reuters article written by Restructuring & Bankruptcy partners Schuyler Carroll and Bethany Simmons and associate Noah Weingarten, the authors discuss the Corporate Transparency Act's reporting requirement, noting that whether the act applies to businesses in Chapter 7 remains uncertain.
To read the full article, please visit Reuters' website.
