BlockFi is a wealth management and trading firm for cryptocurrency holders that first commenced operations in 2017. In July 2021, we wrote about BlockFi’s bumpy road to going public, even though its valuation had just hit $5 billion.
In brief
In Avanti Communications Ltd [2023] EWHC 940 (Ch), the English court revisited the vexed issue of fixed and floating charges. Notably, it is the first significant case since the landmark decision in Re Spectrum Plus Ltd [2005] UKHL 41 to do so.
The distinction between fixed and floating charges is economically important and affects the recoveries a secured creditor may expect to receive in an insolvent liquidation of the security provider.
Lehman Bros. Int'l (Europe) (In Admin.) v. AG Fin. Prod., Inc., No. 653284/2011 (Sup. Ct. N.Y. County May 17, 2023) [click for opinion]
In brief
The Court of Final Appeal (CFA), in its recent judgment in Re Guy Kwok-Hung Lam [2023] HKCFA 9 (link to judgment), has ruled on the proper approach towards a bankruptcy petition where the underlying dispute of the petition debt is subject to an exclusive jurisdiction clause (EJC).
In brief
In brief
The New Criminal Code became the first piece of legislation passed into Law in 2023 and was promulgated on 2 January as Law No. 1 of 2023.
Not all residential tenancies will be in the name of an individual. Sometimes it will be a company looking to take out the tenancy in their own name. Generally, this will be for the use of the one of the directors and their family. Often these sorts of agreements are seen as beneficial to many landlords who are under the impression that the company will be prompt with payment and ultimately good for the money. Whilst this can certainly be the case, it does not always work out this way.
With its Draft Directive, the EU Commission is paving the way for a harmonization of material insolvency law within the European Union. This newsletter is intended to provide an initial overview of which areas are to be harmonized under the Draft Directive and especially what changes and impact the introduction of "pre-pack proceedings" would cause on the existing German insolvency law.
1. Key content of the EU Commission's proposal for a directive on the harmonisation of certain aspects of insolvency law
On 4th May 2021 the government introduced some new legislation, which seeks to help households cope with debt, entitled The Debt Respite Scheme (Breathing Space Moratorium and Mental Health Crisis Moratorium) (England & Wales) Regulations 2020.
The Regulations apply to debtors who reside or are domiciled in England and Wales, and largely to personal debts. Some business debts are eligible but not if they relate solely to the business and the debtor is VAT registered, or if the debtor is in partnership with someone else.
What we've been up to?
In the six months since our last full newsletter, the UK has witnessed some monumental events, the most significant of course being the death of HM Queen Elizabeth II – followed by no less than three different occupants at Nos. 10 & 11 Downing Street, a UK record summer temperature of 40.3C, inflation hitting a 41 year high, startling increases in energy & food prices (exacerbated by the ongoing war in Ukraine) and, as of this month, the UK economy officially falling into recession.