On 3 December 2020, the UK Government (HM Treasury) issued a consultation paper (the Consultation) setting out a proposal to implement a new “special administration regime” (the SAR) which it is proposed would apply to any insolvency of an authorised payment institution (a PI) or electronic money institution (an EMI).

On 3 December 2020, HM Treasury published the Government's proposal to implement a new special administration regime for PIs and EMIs (PI and EMI SAR), a copy of which can be seen here.

Gerade im Anbetracht der aus der Corona-Pandemie folgenden Krise stellt sich die Frage: Was passiert mit Token in der Insolvenz, insbesondere, wenn sie von einem Dienstleister für seine Kunden verwahrt werden?

Especially in view of the crisis resulting from the Coronavirus pandemic, the question arises: What happens to tokens in insolvency, especially if they are held in safekeeping by a service provider for his customers?

Als Teil des gesetzgeberischen Maßnahmenpakets zur Abmilderung der wirtschaftlichen Auswirkungen der COVID-19-Pandemie erleichtert das COVID-19-Insolvenzaussetzungsgesetz (COVInsAG) die rechtssichere Finanzierung kriselnder Unternehmen und setzt Anreize an deren Gesellschafterkreise: der Nachrang von Gesellschafterdarlehen und das Erfordernis eines Sanierungsgutachtens sind durch das COVInsAG suspendiert.

The High Court decision in Re All Star Leisure (Group) Limited (2019), which confirmed the validity of an administration appointment by a qualified floating charge holder (QFCH) out of court hours by CE-Filing, will be welcomed.

The decision accepted that the rules did not currently provide for such an out of hours appointment to take place but it confirmed it was a defect capable of being cured and, perhaps more importantly, the court also stressed the need for an urgent review of the rules so that there is no doubt such an appointment could be made.

In certain circumstances, if a claim is proven, the defendant will be able to offset monies that are due to it from the claimant - this is known as set off.

Here, we cover the basics of set off, including the different types of set off and key points you need to know.

What is set off?

Where the right of set off arises, it can act as a defence to part or the whole of a claim.

In our update this month we take a look at some recent decisions that will be of interest to those involved in insolvency litigation. These include:

Creditor not obliged to take steps in foreign proceedings to preserve security

No duty of care owed for negligent bank reference to undisclosed principal

The Supreme Court has held that a bank which negligently provided a favourable credit reference for one of its customers did not owe a duty of care to an undisclosed principal who acted on that reference.