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New York's guidance on crypto custodial accounts and its impact on a bankruptcy estate
2023-03-17

The crypto winter has brought a flurry of bankruptcy filings into the digital asset space. As pioneering cryptocurrency platforms collide with the Bankruptcy Code, unprecedented questions of law have left customers asking a fundamental question: who owns my crypto?

This question is especially prevalent in cases where the debtor company’s platform offered custodial accounts to customers. Digital asset custodial accounts have unusual attributes that have revealed cracks in customer protection when custodians have filed for bankruptcy.

Filed under:
USA, New York, Insolvency & Restructuring, Hogan Lovells, Blockchain, Cryptocurrency, Insolvency
Authors:
David P Simonds , Edward McNeilly
Location:
USA
Firm:
Hogan Lovells
View Original Article
The US-Israel legal review 2022
2023-03-20

A GLOBAL LEGAL MEDIA & NISHLIS LEGAL MARKETING PUBLICATION THE US-ISRAEL LEGAL REVIEW 2022 IN ASSOCIATION WITH: Israel’s Unicorn Success Story SNNOVATION The US-Israel Legal Review 2022 1 Contents THE US-ISRAEL LEGAL REVIEW 2022 2 WELCOME FROM THE PUBLISHERS Global Legal Media and Nishlis Legal Marketing 4 ECONOMIC HEADWINDS, A HOT WAR AND A TRADE WAR: THE IMPACT ON ISRAEL’S COMPANIES With rising interest rates, rising inflation and reduced growth forecasts, how has that reality been faced by corporate clients and start-ups? Arnon, Tadmor-Levy provide some answers.

Filed under:
Global, Israel, USA, New York, Arbitration & ADR, Banking, Capital Markets, Company & Commercial, Corporate Finance/M&A, Insolvency & Restructuring, IT & Data Protection, Litigation, Patents, Tax, Trade & Customs, Foreign direct investment, Corporate governance, Blockchain, Private equity, Patent infringement, Big data, Venture capital, Mediation, Fintech, Due diligence, Artificial intelligence, Cryptocurrency, SIPP, ESG, Personal data, Gaming, Cybersecurity, SPAC, Health Insurance Portability and Accountability Act 1996 (USA), GDPR, Federal Arbitration Act 1926 (USA), California Consumer Privacy Act 2018 (USA), US Securities and Exchange Commission, NASDAQ, International Centre for Settlement of Investment Disputes, Committee on Foreign Investment in the United States, ChatGPT, Silicon Valley Bank
Location:
Global, Israel, USA
View Original Article
New Yorks guidance on crypto custodial accounts and its impact on a bankruptcy estate
2023-03-17

The crypto winter has brought a flurry of bankruptcy filings into the digital asset space. As pioneering cryptocurrency platforms collide with the Bankruptcy Code, unprecedented questions of law have left customers asking a fundamental question: who owns my crypto?

This question is especially prevalent in cases where the debtor company’s platform offered custodial accounts to customers. Digital asset custodial accounts have unusual attributes that have revealed cracks in customer protection when custodians have filed for bankruptcy.

Filed under:
USA, New York, Insolvency & Restructuring, Hogan Lovells, Blockchain, Cryptocurrency, Insolvency
Authors:
David P Simonds , Edward McNeilly
Location:
USA
Firm:
Hogan Lovells
View Original Article
New York's guidance on crypto custodial accounts and its impact on a bankruptcy estate
2023-03-17

The crypto winter has brought a flurry of bankruptcy filings into the digital asset space. As pioneering cryptocurrency platforms collide with the Bankruptcy Code, unprecedented questions of law have left customers asking a fundamental question: who owns my crypto?

This question is especially prevalent in cases where the debtor company’s platform offered custodial accounts to customers. Digital asset custodial accounts have unusual attributes that have revealed cracks in customer protection when custodians have filed for bankruptcy.

Filed under:
USA, New York, Insolvency & Restructuring, Hogan Lovells, Blockchain, Cryptocurrency, Insolvency
Authors:
David P Simonds
Location:
USA
Firm:
Hogan Lovells
View Original Article
New York Department of Financial Services Issues Guidance on Cryptoasset Custody in Wake of Recent High-Profile Bankruptcies
2023-02-07

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.

Filed under:
USA, New York, Banking, Insolvency & Restructuring, IT & Data Protection, Proskauer Rose LLP, Blockchain, Cryptocurrency, Virtual currency, Insolvency, US Securities and Exchange Commission, FTX
Location:
USA
Firm:
Proskauer Rose LLP
View Original Article
NY DFS Releases Custodial Guidance on Crypto Insolvency
2023-02-02

On January 23, the NY DFS released updated guidance with regard to better protecting consumers in the event of virtual currency insolvency. This updated guidance applies to entities that DFS has licensed or chartered to hold or maintain virtual currency assets on behalf of their customers.

Filed under:
USA, New York, Banking, Insolvency & Restructuring, IT & Data Protection, Virtual currency
Location:
USA
View Original Article
NY Court of Appeals’ Ruling Results in Account Debtor Owing Its Counterparty’s Debts Under UCC Article 9
2023-02-02

In Worthy Lending LLC v. New Style Contractors. Inc., the New York Court of Appeals held that a security interest includes a lender’s right to force the borrower’s account debtors to remit payments directly to the lender, regardless of whether an event of default exists. Further, the court clarified that the Uniform Commercial Code (UCC) does not provide a distinction between a security interest and an assignment.

Filed under:
USA, New York, Banking, Insolvency & Restructuring, Litigation, Troutman Pepper, Uniform Commercial Code (USA)
Authors:
Deborah J. Enea
Location:
USA
Firm:
Troutman Pepper
View Original Article
2nd Circ. Ruling Confirms Equitable Ownership Viability
2023-02-01

What does it mean to own something? When should the law acknowledge that somebody really owns something, even if they don't formally own it?

And when will courts recognize the economic reality that one person — say, a judgment debtor — in truth owns something, notwithstanding that person's painstaking efforts to keep formal legal title in the hands of others?

The law has long recognized doctrines to disregard the existence, or pierc the veil, of corporate entities to which a debtor has transferred assets.

Filed under:
USA, New York, Insolvency & Restructuring, Litigation, Omni Bridgeway, Second Circuit, United States bankruptcy court, US District Court for SDNY, U.S. Court of Appeals
Location:
USA
Firm:
Omni Bridgeway
View Original Article
Cross-border restructurings - Ocean Rig schemes sanctioned
2017-09-20

In a ground-breaking decision for the Cayman Islands as a restructuring centre, the Cayman Islands court has handed down judgment sanctioning four highly complex inter-linked schemes of arrangement.

The schemes result in the compromise of US$3.69 billion of New York law governed debt for the Cayman Islands registered parent of the Ocean Rig group and three of its Marshall Islands incorporated subsidiaries.

Filed under:
Cayman Islands, USA, New York, Energy & Natural Resources, Insolvency & Restructuring, Litigation, Maples Group
Location:
Cayman Islands, USA
Firm:
Maples Group
View Original Article
Second Circuit Determines Agent’s Mistaken Payment of Principal to Lenders Does Not Invoke “Discharge-For-Value” Exception to Restitution
2022-12-21

On September 8, 2022, a three-judge panel in the United States Court of Appeals for the Second Circuit (the “Second Circuit”) reversed the United States District Court for the Southern District of New York (the “District Court”) when it determined that lenders of a syndicated loan facility to Revlon, Inc.

Filed under:
USA, New York, Banking, Insolvency & Restructuring, Litigation, Vinson & Elkins LLP, Second Circuit, United States bankruptcy court, US District Court for SDNY
Authors:
William L. Wallander , David S. Meyer , Steven M. Abramowitz
Location:
USA
Firm:
Vinson & Elkins LLP
View Original Article

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