Two broad themes are currently emerging in relation to European private equity real estate financing.

First, market commentary has noted that €150 billion of this finance is due to mature by 2025 – the "wall of credit".

1. INTRODUCTION

Cryptocurrency is a hot topic in the legal industry and one with which the legal world is really just starting to grapple. This is ever more prevalent with a number of recent high-profile crypto insolvencies including Three Arrows Capital, Celsius Network and FTX.

In a unanimous decision, the Supreme Court held that § 523(a)(2)(A) of the Bankruptcy Code precludes a debtor from discharging a debt obtained by fraud, regardless of the debtor’s own culpability. In Bartenwerfer v. Buckley, issued February 22, the Court concluded that “§ 523(a)(2)(A) turns on how the money was obtained, not who committed fraud to obtain it.”

In the recent decision of IDBI Bank v. Indian Oil Corporation Limited, the National Company Law Appellate Tribunal (“NCLAT”) has held that an irrevocable and unconditional bank guarantee can be invoked even during moratorium period in view of the amended provision under Section 14 (3) (b) of the Insolvency and Bankruptcy Code, 2016 (“IBC”).

Brief Facts

With the cost-of-living crisis and a possible recession facing the UK economy, it is not surprising that government statistics show insolvencies are rising significantly, with a substantial increase on pre-pandemic levels, and up to 80% higher than the previous 12-month period.

An emerging trend within insolvencies is the recovery of crypto assets, whether the businesses are within the crypto sector, or whether it is any other entity holding value in cryptocurrencies.

This note aims to provide brief and practical answers to common questions on the law of assignment in English law finance transactions.

1. Are all notified assignments legal assignments?

Here’s a hard-knocks rule:

• When you can’t or won’t explain the true reason for taking a position in negotiations or litigation, distrust and suspicion of the worst-possible motives will follow.

An Exhibit A for this rule is an opinion issued February 9, 2023, in In re Heaven’s Landing, LLC, Case No. 20-21350, Northern Georgia Bankruptcy Court (Doc. 145).

Here are illustrative statements from that opinion:

Key Points:

On January 19, the United States Bankruptcy Court for the Western District of Virginia entered an order sanctioning a collections law firm for violating the bankruptcy discharge injunction. The court in Skaggs v. Gooch (In re Skaggs) awarded the debtor $25,000 in attorneys’ fees based on a letter he received concerning a discharged debt.