Last year the Corporate Insolvency and Governance Act (the Act) made both temporary and permanent changes to the UK insolvency laws.

As part of these measures, a provision was inserted into existing legislation which curtails the ability of suppliers to terminate supply contracts when a customer becomes insolvent (the so called `ipso facto regime').

Introduction

Cryptocurrency has become a major talking point and an accessible investment option for retail investors. As it has become mainstream, and the ownership of cryptocurrency has become easier and more user friendly, the value associated with most cryptocurrencies including Bitcoin, Ethereum and Nano has seen huge gains.

In Re Freeman FinTech Corporation Ltd [2021] HKCFI 310, the Hong Kong court sanctioned a scheme of arrangement in respect of a debt restructuring in which the governing law of part of the debt was not Hong Kong law and the creditor to whom this debt was owed did not submit to the jurisdiction of the Hong Kong court. In this article, we discuss the background and rationale for the decision and provide some observations on what the decision may mean for future debt restructurings.

Across the world, government support has kept insolvency rates down but as jurisdictions look to loosen restrictions and ease back into some kind of normality, governments can't foot the bill forever.

As financial support is withdrawn, restructuring, insolvency and corporate recovery practitioners will likely see a spike in activity, and offshore firms are braced for an increase in demand from clients. After that, there'll likely be lender enforcement resulting in formal insolvencies by the end of the year and into next year.

With data privacy issues constantly in the news, what do businesses need to know about handling personal information when they’re considering bankruptcy, especially if some personal information – like customer records – may be a valuable asset?

It's probably becoming a cliché to say that the future is already here, but it's hard to resist. New technology increasingly pervades every professional sector, including that of insolvency.

In a recent report by the Law Society on developing technology, the Chancellor of the High Court, Sir Geoffrey Vos, commented that: "Lawyers face a steep learning curve. They will need to become familiar with […] cryptoassets – conceptually and functionally."

On June 10, the Federal Trade Commission (FTC) filed an amended complaint for civil money penalties and other relief under Section 5 of the FTC Act prohibiting “unfair or deceptive acts or practices” and Section 521 of the Gramm-Leach-Bliley Act (GLBA) prohibiting the use of fraudulent statements to obtain consumer information.

Demand for virtual currency services, including custody services, has soared in the past several years. Like their counterparts in traditional finance, these custodians are stewards of retail and institutional customer funds and serve an important and valuable function. However, as evidenced by a number of headline-grabbing failures during the lingering crypto winter, inadequate disclosures and poor custodial practices can seriously harm retail and institutional customers alike.

Almost everyone knows the tale of Kodak. After over 100 years of market dominance in film and camera production, it was forced into bankruptcy in 2012 after Kodak’s management failed to understand the threat of digital photography on their business.

A similar story befell Blockbuster. A market leader in the late 1990s, by 2010 its business was in tatters as Netflix and online streaming soared in popularity.

EXECUTIVE SUMMARY