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    Spring into action: Top 10 litigation trends to watch
    2025-03-05

    If the overarching theme of 2024 was continued uncertainty (Ten litigation trends to watch for 2024), 2025 already looks set to be another unpredictable year. Various doom-laden economic forecasts indicate that 2025 will be a challenging year for the UK economy.

    Filed under:
    United Kingdom, Arbitration & ADR, Capital Markets, Company & Commercial, Copyrights, Environment & Climate Change, Insolvency & Restructuring, IT & Data Protection, Litigation, Penningtons Manches Cooper LLP, Climate change, Due diligence, Cryptocurrency, ESG, Cybersecurity, Shareholder activism, Google, Companies Act 2006 (UK), EU Artificial Intelligence Act, UK Supreme Court
    Authors:
    James Harrison , Manon Huckle
    Location:
    United Kingdom
    Firm:
    Penningtons Manches Cooper LLP
    Legal update on cryptocurrency liquidation case
    2025-02-06

    Following the High Court’s landmark case in 2023 where cryptocurrency was recognised by the Court as property and could form a subject matter of a trust, the High Court recently further clarified the trust relationship between exchanges and their customers. Non-Consenting Customers (NCCs) who did not accept the 2018 Terms and Conditions (T&C) were found to have a proprietary interest in their assets, giving them priority in the liquidation process. Conversely, customers who had agreed to the T&Cs were treated as unsecured creditors.

    Filed under:
    Hong Kong, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, CMS Cameron McKenna Nabarro Olswang LLP, Liquidation, Due diligence, Cryptocurrency
    Authors:
    Jonathan Chu , Mengyi Chen , Eugene Wong
    Location:
    Hong Kong
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    Insurance Quarterly Legal and Regulatory Update: 1 October 2024 - 31 December 2024
    2025-01-20

    1 SOLVENCY II 1.1 First batch of EIOPA consultations on technical standards under expected amendments to Solvency II Directive On 1 October 2024, EIOPA published its first batch of consultation papers on technical standards which relate to anticipated changes under the Solvency II Directive1.

    Filed under:
    Ireland, United Kingdom, Capital Markets, Insolvency & Restructuring, Insurance, Dillon Eustace LLP, Climate change, Cryptocurrency, European Commission, European Insurance and Occupational Pensions Authority, Solvency II Directive (2009/138/EU), EU Artificial Intelligence Act
    Location:
    Ireland, United Kingdom
    Firm:
    Dillon Eustace LLP
    FTX Bankruptcy Judge Approves $14 Billion Payback Plan for Creditors
    2024-10-09

    In a significant development for the crypto industry, a Delaware bankruptcy court has approved a plan for FTX to return more than $14 billion worth of assets to its creditors. The embattled cryptocurrency exchange, which filed for bankruptcy protection in November 2022, previously estimated that it owed creditors around $11.2 billion. The approved plan will see 98% of creditors receiving 119% of the value of their allowed claims as of the bankruptcy filing date, reflecting a remarkable recovery for affected parties.

    Recouping Billions for Distribution

    Filed under:
    USA, Insolvency & Restructuring, Litigation, Anderson P.C., Cryptocurrency, FTX
    Location:
    USA
    Firm:
    Anderson P.C.
    Asset Tracing and Asset Recovery in a Cryptocurrency Exchange Bankruptcy
    2024-09-24

    The bankruptcy of the Mt. Gox cryptocurrency exchange in 2014 was a pivotal moment in cryptocurrency history. It demonstrated the vulnerabilities of early cryptocurrencies and saw the worst fears of the industry become a reality. However, in the years since it has also provided an excellent example of the successful tracing and recovery of a variety of asset classes. Creditors have recently received the first distributions from the recovered assets of Mt Gox, in stark contrast to the initial claims that access to the assets had been lost forever.

    Background

    Filed under:
    Ireland, Japan, USA, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Beauchamps, Cryptocurrency
    Authors:
    Simon Murphy
    Location:
    Ireland, Japan, USA
    Firm:
    Beauchamps
    Tracing and recovering cryptoassets for Cayman and BVI insolvency practitioners
    2024-09-09

    In many of the recent insolvencies of digital asset companies, liquidators have been appointed over companies in which digital assets have been fraudulently transferred from wallets controlled by an insolvent company into other unidentified wallets in foreign jurisdictions.

    The anonymity of cryptoassets causes serious difficulties for insolvency practitioners in identifying the third parties who received funds and the location of the digital wallets.

    Filed under:
    British Virgin Islands, Cayman Islands, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Ogier, Know your customer, Blockchain, Bitcoin, Cryptocurrency, Anti-money laundering, Non-fungible tokens, Insolvency
    Authors:
    Gemma Bellfield (nee Lardner) , Nicholas Brookes , Corey Byrne , Romauld Johnson
    Location:
    British Virgin Islands, Cayman Islands
    Firm:
    Ogier
    Cryptoasset recovery and restructuring: lessons from the crypto winter in Singapore
    2024-08-15

    Manoj Pillay Sandrasegara, Smitha Menon, Lionel Leo and Stephanie Yeo, WongPartnership LLP

    This is an extract from the 2025 edition of GRR's The Asia-Pacific Restructuring Review. The whole publication is available here.

    Filed under:
    Asia-Pacific, Singapore, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Global Restructuring Review, Bitcoin, Fintech, Cryptocurrency, Non-fungible tokens, FTX
    Location:
    Asia-Pacific, Singapore
    Firm:
    Global Restructuring Review
    UK Jurisdiction Taskforce Concludes Digital Assets Compatible With English Insolvency Law
    2024-05-03

    The Legal Statement applies areas of insolvency law to digital assets, providing valuable guidance on the approach English courts will take.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, Latham & Watkins LLP, Cryptocurrency, Insolvency, Financial Conduct Authority (UK)
    Authors:
    Bruce Bell , Stuart Davis , Gabriel Lakeman , Jessica Walker , Tim Bennett
    Location:
    United Kingdom
    Firm:
    Latham & Watkins LLP
    Third Circuit: Bankruptcy Court Lacks Discretion to Deny Examiner Appointment Motion in Large Chapter 11 Cases
    2024-03-26

    The Bankruptcy Code provides that, in chapter 11 cases where the court does not find "cause" for the appointment of a trustee, the court "shall" appoint an examiner, upon a request from the Office of the U.S. Trustee (the "UST") or any party-in-interest prior to confirmation of a chapter 11 plan. The examiner's role is to investigate the debtor's affairs or allegations of management misconduct, if either: (i) the court determines that the appointment would be in the best interests of stakeholders and the estate; or (ii) the debtor has qualifying unsecured debt exceeding $5 million.

    Filed under:
    USA, Compliance Management, Insolvency & Restructuring, Litigation, Jones Day, Corporate governance, Cryptocurrency, Confidential information, European Securities and Markets Authority, Supreme Court of the United States
    Authors:
    Oliver S. Zeltner
    Location:
    USA
    Firm:
    Jones Day
    The Interplay of Cryptocurrency with Insolvency Law: Singapore High Court clarifies that cryptocurrency liabilities are a debt under the Insolvency, Restructuring, and Dissolution Act 2018
    2024-03-08

    Introduction

    Filed under:
    Singapore, Banking, Compliance Management, Insolvency & Restructuring, IT & Data Protection, Litigation, Oon & Bazul LLP, Blockchain, Cryptocurrency, Non-fungible tokens, Insolvency, Singapore High Court
    Authors:
    Bazul Ashhab , Lionel Chan
    Location:
    Singapore
    Firm:
    Oon & Bazul LLP

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