This Part of the 2023 edition of R+I In Brief provides key industry and sector insights relating to the restructuring space over the past year. These hot topics include:

Until recently, the nature of ownership of assets on deposit with a third party was not controversial. If a local bank branch goes bankrupt, the cash or other assets deposited with the bank belonged to individual depositors/customers, safely out of the reach of the bank’s creditors, reinforced by numerous federal and state regulations, and bankruptcy case law.

But what happens if the asset that’s been deposited is cryptocurrency, held by a third-party, non-bank custodian?

KEY POINTS

In a significant order passed on June 28, 2023, in the case of Ronak Industries vs.

はじめに

「金融かわら版～担保法制の見直しに関する中間試案①～」においては、法制審議会担保法制部会（以下、「担保法制部会」といいます。）の2022年12月6日の第29回会議において取りまとめられた「担保法制の見直しに関する中間試案」（以下、「中間試案」といいます。）の第1章「担保権の効力」及び第2章「担保権の対抗要件及び優劣関係」につき、中間試案とともに公表された担保法制の見直しに関する中間試案の補足説明（以下、「補足説明」といいます。）や、その後に公表された担保法制部会資料等も踏まえて、特に金融実務の観点から重要と思われる点を中心に紹介いたしました。本稿では、それに引き続き、中間試案の第３章「担保権の実行」、第4章「担保権の倒産手続における取扱い」及び第５章「その他」のうち、金融実務及び倒産実務の観点から重要と考えられる項目を紹介します。

個別動産を目的とする新たな規定に係る担保権の実行

On June 30, the Supreme Court ruled that the Biden administration did not have authority to forgive student loans under the Higher Education Relief Opportunities for Students Act of 2003 (HEROES Act). Despite this defeat, the Biden administration is still working to reduce the burden of student loans. Advocates for student loan relief argue that student loans can be a crushing form of debt in part because of their treatment in bankruptcy. It is the common belief that student loans, unlike other forms of unsecured debt, are not dischargeable in bankruptcy.

Following are this week’s summaries of the Court of Appeal for Ontario for the week of July 17, 2023.

Eine Herausforderung für Gläubiger im Insolvenzverfahren: Die Informationsbeschaffung zur Steuerung der Geschäftsbeziehung und Geltendmachung von Rechten.

Der Insolvenzverwalter oder in der Eigenverwaltung der eigenverwaltende Schuldner (in der Regel der Geschäftsführer) wird dem ihm bekannten Gläubiger nach Eröffnung des Insolvenzverfahrens schriftlich die Gelegenheit geben, Forderungen zur Insolvenztabelle anzumelden. Damit ist der Gläubiger zumindest über die Eröffnung informiert.

Whilst AI is leading the agenda when it comes to the future of technology, fintech still remains the ace in the pack for investors. In fact, fintech businesses contribute more than £10 billion to the UK economy every year – supporting 76,000 jobs.

Fintechs also tend to outperform firms in other sectors too, with an annualised growth rate of 16% over the past decade, against 1.3% for the average SME.

Yesterday, the Supreme Court (SC) handed down judgment in Philipp v Barclays Bank UK Plc [2023] UKSC 25. In summary, the SC found that banks do not owe a duty to refrain from executing customers’ direct payment instructions where there may be an attempt to defraud the customer.