Digital assets may be new, but existing English insolvency laws and principles can deal with them. So finds the UK Jurisdiction Taskforce (UKJT) in its ‘Legal Statement on Digital Assets and English Insolvency Law’, published this week.

Key takeaways include:

Finance companies in Slovakia have felt endangered since 2019 when the Regional Court in Košice, acting as a second instance court confirmed a lower-court ruling that a financial party could be qualified as a related party in the eventual insolvency of the borrower as debtor.

In response to the COVID-19 pandemic, the Slovak government and Parliament have approved another measure to help entrepreneurs overcome the negative impacts of this crisis on their businesses. The bankruptcy moratorium is an opt-in model and entrepreneurs are entitled to apply for such temporary bankruptcy protection subject to certain conditions. However, before applying various legal and business consequences should be assessed.

Who can apply?

Earlier today, the Court of Appeal handed down a significant judgment dealing with the adequacy of standard form after-the-event (“ATE”) insurance to defeat an application for security for costs.

In an unanimous ruling, the Court of Appeal overturned the High Court’s judgment on the defendants’ security for costs applications in Premier Motorauctions Limited (in liquidation), Premier Motorauctions Leeds Limited (in liquidation) v PricewaterhouseCoopers LLP and Lloyds Bank plc [2016] EWHC 2610 (Ch).

In an important judgment, the High Court has tackled the question of whether an impecunious claimant can defeat a defendant’s application for security for costs on the basis that it has ATE insurance in place.