From 18 November 2025, the UK’s new Companies House identity verification (IDV) framework took effect, representing one of the most substantial reforms to corporate administration in recent years. The reforms, introduced under the Economic Crime and Corporate Transparency Act 2023, aim to enhance corporate transparency and prevent misuse of UK entities.
The Property (Digital Assets etc) Act 2025 (the “Act”) came into force on 2 December 2025, providing helpful statutory confirmation that digital assets may be considered “property” as a matter of law in England, Wales and Northern Ireland.
The Act, working together with current insolvency law, is a significant step in providing further certainty to investors, lenders, and custodians in the digital asset market.
key takeaways
On 6 November 2025, winding-up orders were made against Assent Building Control Compliance Limited (“Assent”) and its subsidiaries LB Building Control Limited (“LB”) and
What is insolvency?
Insolvency is defined in section 95A of the Corporations Act 2001 (Cth)(Act) as the inability of a company to pay its debts when they fall due. Australian law applies a cash-flow test rather than a balance-sheet test, meaning the inquiry does not turn on the numerical gap between assets and liabilities.
Before the US Supreme Court’s landmark decision in Purdue Pharma,1 it had become common practice for Chapter 11 debtors to include a consensual or nonconsensual non-debtor third-party release in their plans of reorganization.
On insolvency, the pari passu principle applies, meaning unsecured creditors rank equally in the distribution of available assets. That principle helps explain why a creditor who has obtained a judgment debt but has not completed enforcement (for instance by obtaining a final charging order) will usually be barred from doing so once insolvency intervenes.