Re Gatecoin Limited (Gatecoin) is a landmark decision concerning the winding-up of a cryptocurrency exchange.

Background

Liquidators secured over 50 types of cryptocurrencies with an aggregate value of over HK$140m. To aid the liquidator’s allocation of the seized cryptocurrencies, the Court of First Instance decided two key issues.

Decision

The court held that:

The Insolvency (Cross Border Insolvencies) Regulations 2014 (“the ICBIR”) provides an effective mechanism for dealing with cases of cross-border insolvency. It gives effect to the provisions of the UNICITRAL Model Law and also the EC Insolvency Regulations, which Gibraltar continues to apply in full even post Brexit.

Several relics of the 2008-2010 financial crisis have returned to the commercial real estate sector as distress in the market picks up and lenders and borrowers look for solutions to loans that are in or near default.

It is no secret anymore that the MiCA (Markets in Crypto-Assets Regulation) is coming. But why is this important for insolvency practitioners and clients? This update aims to give an answer to this question and to provide an outlook on how the German legislator plans to implement these principles.

はじめに

2023年6月30日、金融庁は、有価証券報告書および有価証券届出書ならびに臨時報告書において開示すべき「重要な契約」の類型やその開示内容を具体的に明らかにする「企業内容等の開示に関する内閣府令」等※1 の改正案（以下「本改正案」）を公表しました。

本改正案では、「企業・株主間のガバナンスに関する合意」と「企業・株主間の株主保有株式の処分・買増し等に関する合意」、そして「ローン契約と社債に付される財務上の特約（財務コベナンツ）」の３類型を対象に、有価証券報告書等の記載事項を改正するとともに、財務コベナンツの付されたローンと社債に関して、新たな臨時報告書の提出事由を加えることが提案されています。

The U.K. Financial Services and Markets Act 2023

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.