Feature
550
Go to page
of
55
Service, lies and NFTs: litigation and the blockchain
Since the advent of the blockchain, the courts have grappled with difficult concepts such as how to classify cryptocurrency or non-fungible tokens (NFTs) in claims involving fraud or the enforcement of property rights. In this article we will look at some of the recent developments in caselaw in England and Wales with a practical focus on the tools currently available to litigators when dealing with these concepts and in particular: (i) the use of the blockchain in serving proceedings; (ii) important considerations for instructing experts in claims involving cryptoassets; and (iii) the particular importance of Bankers Trust and Norwich Pharmacal orders.
19 March 2024ESG investing: a growing gulf between the US and Europe?
In this article Camilla Macpherson provides an overview of the key initiatives and developments in Sustainable Finance Regulation in the EU, UK and US. She then highlights how ESG has become a political battleground in the US and considers the implications for firms, particularly those operating internationally.
19 March 2024Time to hit the road: considerations when replacing trustees on secured debt transactions
This article explores common issues which may arise when the trustee on a secured financing is replaced, including the transfer of the trust property.
19 March 2024Loan documentation and risk-free reference rates: current overview
In this article, we give a brief overview of RFR referencing loan documentation in the English law syndicated loan markets together with the current and future issues of use of a term SOFR on USD syndicated loan transactions and risk-free reference rates in the context of euro and EURIBOR.
19 March 2024Reforming the UK’s e-money and payment services safeguarded funds regimes: better safe than sorry
This article examines the safeguarding requirements for e-money institutions and payment services firms and their treatment under the UK’s depositor protection regime, which was recently updated to address the legal uncertainty resulting from the Court of Appeal’s decision in the Re Ipagoo case and highlights the likelihood of further regulatory reform in this area.
19 March 2024The Mezzanine Lenders successfully take control of The LYCRA Company
The financial restructuring of The LYCRA Company is a rare example in the market in recent years of junior lenders effectively “driving the bus” and, in so doing, taking the fight to the sponsor. The Mezzanine Lenders seized operational control of the group across several jurisdictions, through the appointment of receivers and the cascading of board changes on an expedited basis ahead of acquiring the equity in the Dutch parent by way of one of the largest credit bid processes undertaken in the Netherlands to date. It is a critical illustration of the fact that even structurally (and contractually) junior creditors can work with senior creditors to deliver a carefully planned and negotiated outcome that preserves value in the interests of all creditors.
19 March 2024Oceanfill v Nuffield: a clear outlook for commercial landlords?
This article looks at Oceanfill Limited v (1) Nuffield Health Wellbeing Limited and (2) Cannons Group Limited [2022] EWHC 2178 (Ch) (Oceanfill), which was the first case in which the court (in a judgment of Deputy Master Arkush) determined the effect upon third-party guarantors of restructuring plans arising for sanction under Pt 26A of the Companies Act 2006. It considers the similarities in the court’s approach to schemes of arrangement and restructuring plans respectively, as well as the application of standard contractual principles in this area.
19 March 2024Cryptocurrency 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.
19 March 2024Principal and main purpose tests in tax treaties: a UK tribunal approach
The recent decision in Burlington Loan Management DAC v HMRC shows the difficulty in determining when parties have a main purpose of obtaining the benefit of a double tax treaty and indeed, which parties’ purposes are relevant. Despite the fact that this case was determined on the basis of UK tax case law, it is likely that an international fiscal meaning of “principal purpose” will develop over time. The UK tribunal decision shows the complexity of assessing whose purposes are relevant and what, on the basis of the evidence, those purposes actually were. This raises important considerations for taxpayers determining whether treaty benefits are available.
19 March 2024Valuing swaps: what exactly are “hidden costs” and “mark-to-market”?
Calculating the value of an interest rate swap, or any financial security, has always been extremely important not just for market participants, but also in litigation. Several aspects of the analysis – such as mark-to-market (MTM) and hidden costs – have been highlighted in cases. This article explains the valuation method and its importance to litigation.
19 March 2024
Go to page
of
55
