Articles by author
Cryptocurrency and the claim in debt
This article considers, briefly, whether a claim for payment in cryptocurrency can (arguably) be brought as a claim in debt. It also considers the implications of such a characterisation in two specific areas of insolvency law – petitions for bankruptcy, and whether a proof of debt based on a cryptocurrency payment obligation can benefit from the Insolvency (England and Wales) Rules 2016 (IR 2016) r 14.21, which values the claim in sterling by reference to the exchange rate at the commencement of insolvency. These issues are likely to interest lenders under crypto-loans (which we shall call “crypto-lenders”), insolvency practitioners, and others in the crypto space.
1 JAN 2023Third party rights and the LMA suite of Debt Documents
The author considers a number of third party rights and protections conferred by Loan Documents with importance in the market, including “Increased Costs” rights and indemnities granted to Receivers, Delegates and others. While “Increased Costs” rights simply give parties to the Debt Documents a right to claim losses suffered by others and are not actionable by third parties, indemnities are. Indemnities are unaffected by the “overriding” clause in Loan Market Association (LMA)-style Intercreditor Agreements. This is commercially important for lenders, security agents and receivers alike.
1 JAN 2024
