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    Digital assets in insolvency
    2024-04-17

    Insolvency Practitioners will welcome the UK Jurisdiction Taskforce’s (UKJT) Legal Statement on Digital Assets and English Insolvency Law, published on 17 April 2024.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, IT & Data Protection, TLT LLP, Blockchain, Financial Conduct Authority (UK)
    Authors:
    Megan Elms
    Location:
    United Kingdom
    Firm:
    TLT LLP
    Digital asset insolvency issues not insoluble for English law
    2024-04-19

    Digital assets may be new, but existing English insolvency laws and principles can deal with them. So finds the UK Jurisdiction Taskforce (UKJT) in its ‘Legal Statement on Digital Assets and English Insolvency Law’, published this week.

    Key takeaways include:

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, IT & Data Protection, Litigation, CMS Cameron McKenna Nabarro Olswang LLP, Blockchain, Cryptocurrency, Insolvency, Financial Conduct Authority (UK)
    Authors:
    Julian Turner , Vanessa Whitman , Kushal Gandhi , Rachel Harrison
    Location:
    United Kingdom
    Firm:
    CMS Cameron McKenna Nabarro Olswang LLP
    FG21/4 Guidance for insolvency practitioners on how to approach regulated firms to help insolvency practitioners (IPs)
    2024-04-25

    The FCA has now published proposed amendments to its (the IP guidance). Our previous article highlighted the significance of the Consumer Duty in the financial services industry and how firms will need to view customer outcomes and proactively address harm in the retail market.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Dentons, Insolvency, Financial Conduct Authority (UK)
    Authors:
    Lara Seabourne , Luci Mitchell-Fry , Angelica McCall
    Location:
    United Kingdom
    Firm:
    Dentons
    A Liquidator May Apply to Court for Judicial Advice during Winding Up
    2024-04-24

    Under sections 90-15 and 90–20 of Schedule 2 of the Insolvency Practice Schedule (Corporations) (Practice Schedule) of the Corporations Act 2001 (Cth) (the Act), a liquidator may apply to the court for directions and judicial advice in winding up.

    Purpose of Judicial Advice

    The purpose of judicial advice was to give the liquidator advice as to the proper course of action to take in the liquidation, as noted by Goldberg J in Re Ansett Australia Ltd and Korda [2002] FCA 90 (Ansett).

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Chamberlains Law Firm, Liquidation, Financial Conduct Authority (UK), Corporations Act 2001 (Australia)
    Authors:
    Stipe Vuleta
    Location:
    Australia
    Firm:
    Chamberlains Law Firm
    (UK) What practical changes can IPs expect from the proposed amendments to FCA guidance?
    2024-04-29

    The UK Financial Conduct Authority (FCA has issued a consultation about proposed changes to its Guidance for Insolvency Practitioners. The aim is to clarify existing guidance and provide more information to insolvency practitioners (IPs) on how to deal with regulated firms.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Squire Patton Boggs, Financial Conduct Authority (UK)
    Authors:
    Rachael Markham , John Alderton
    Location:
    United Kingdom
    Firm:
    Squire Patton Boggs
    UK Jurisdiction Taskforce Concludes Digital Assets Compatible With English Insolvency Law
    2024-04-29

    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
    A boost for UK financial services
    2023-07-31

    The U.K. Financial Services and Markets Act 2023

    Filed under:
    European Union, United Kingdom, Banking, Capital Markets, Compliance Management, Insolvency & Restructuring, Public, Trade & Customs, A&O Shearman, Corporate governance, Fintech, Due diligence, Carbon neutrality, Cryptocurrency, Anti-money laundering, Financial Conduct Authority (UK), European Commission, HM Treasury (UK), House of Lords, Bank of England, European Securities and Markets Authority, Prudential Regulation Authority (UK), MiFID, Solvency II Directive (2009/138/EU), Financial Services and Markets Act 2000 (UK), Banking Act 2009 (UK), UK Supreme Court
    Authors:
    Barnabas (Barney) Reynolds , Thomas Donegan , Wilf Odgers , Elias Allahyari , Nicholas Ormondroyd , Sandy Collins , Chloe Barrowman , Michael Scargill
    Location:
    European Union, United Kingdom
    Firm:
    A&O Shearman
    As you were: Supreme Court overturns Court of Appeal decision on broader application of Quincecare
    2023-07-13

    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.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Macfarlanes LLP, Financial Conduct Authority (UK), Barclays, UK Supreme Court
    Authors:
    Lorna Emson , Nikolas Ireland , James Reid
    Location:
    United Kingdom
    Firm:
    Macfarlanes LLP
    UKSC rules on the Banker's Quincecare duty: no duty to second-guess customer
    2023-07-13

    In recent years much ink has been spilled opining on the so called 'Quincecare' duty of care, and the limits of it (see links to our recent insolvency law updates covering the topic below). The judgment in Barclays Bank plc v Quincecare Ltd [1992] 4 All ER 363 was a first instance decision on Steyn J, in which he found that a bank has a duty not to execute a payment instruction given by an agent of its customer without making inquiries if the bank has reasonable grounds for believing that the agent is attempting to defraud the customer.

    Filed under:
    United Kingdom, Banking, Insolvency & Restructuring, Litigation, Buddle Findlay, Financial Conduct Authority (UK), Barclays, National Crime Agency (UK), UK Supreme Court
    Authors:
    Bridie McKinnon , Scott Barker , Luke Sizer
    Location:
    United Kingdom
    Firm:
    Buddle Findlay
    No more s 588FL vesting for security interests granted post appointment: Cubic Interiors NSW & Ors
    2023-06-27

    A decision which insolvency practitioners will welcome in, Cathro, in the matter of Cubic Interiors NSW Pty Ltd (In Liq) [2023] FCA 694, the Federal Court clarified that s588FL of the Corporations Act 2001 (Cth) (the Act) does not cover security interests granted by a security agreement made after the “critical time” as defined in s588FL(7) of the Act.

    Filed under:
    Australia, Insolvency & Restructuring, Litigation, Johnson Winter Slattery, Liquidation, Financial Conduct Authority (UK), National Australia Bank, Corporations Act 2001 (Australia)
    Authors:
    Joseph Scarcella , Emily Barrett
    Location:
    Australia
    Firm:
    Johnson Winter Slattery

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