The U.K. Financial Services and Markets Act 2023

The U.K. government has published its much-anticipated proposals for regulating the cryptoasset industry. These proposals, currently in the form of a consultation, will see many (but not all) cryptoasset-related activities being brought within the regulatory perimeter for financial services in the U.K.

In today's global economy, cross-border structures, frequently including an offshore entity, have become familiar to office holders around the world. 

However, the territorial limits of a court’s powers can mean that such structures present obstacles with which office holders attempting to conduct an orderly and efficient winding up of a debtor's affairs need to familiarise themselves.

The principle of modified universalism mandates that, within the constraints of public policy, courts should co-operate across jurisdictions.