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At first instance, the court found that the director was not entitled to witness immunity in relation to statements made in the section 236 examination, as it did not constitute a “judicial proceeding”. The Court of Appeal overturned this judgment to find in favour of the director, holding that the section 236 proceeding had to be viewed in the wider context of the compulsory winding up procedure, which was a “judicial proceeding”, and therefore immunity would attach. The Report says that customers did not have individual wallets, and it would be impossible to determine individual ownership using just the cryptographic keys registered within the Cryptopia wallets. Cryptopia operated as a centralized exchange and customer trades occurred on the exchange’s internal ledger, without any confirmation on blockchains like Bitcoin or Ethereum.

FOR THE IMMINENT INSOLVENCY TIDAL WAVE

It is safe to assume that factors including gas costs, particularly given the number of ERC-20 token that Cryptopia listed, may complicate this process further. Any users hoping for a cryptopia loss marker Cryptopia refund should urgent engage in the process via the Cryptopia claims portal if they haven’t yet done so. More than four years on from the beginning of the Cryptopia exchange liquidation process, liquidators Grant Thornton have yet to return any account funds to Cryptopia’s customers. The liquidation process which began in May 2019, following the all-encompassing exchange hack of January 2019, remains ongoing.

Ogier has appeared on behalf of both petitioners and defendant companies in numerous applications in respect of the appointment of PLs including, but not limited to, CW Group Holdings, Grand State Investments, G3 Exploration Limited and Sun Cheong Creative Development Holdings Ltd. A At the start of the first lockdown, and witnessing the impact Covid had on global trade, we had a really interesting insolvency matter involving a significant Middle East based commodity trading company. The indirect claims issue – Is R1 to be regarded as a common wrongdoer vis-à-vis Primeo and Herald and is R2 to be regarded as a common wrongdoer visà-vis Primeo and Alpha so as to preclude Primeo from suing in respect of its indirect investments in BLMIS via Herald and Alpha. Primeo was a Cayman company which carried on business, since 1994, as an open-ended investment fund. R1 and R2 acted as Primeo administrator and custodian under agreements entered into in the mid-1990s.

1. I find analysing and applying the technical aspects of insolvency law as an insolvency practitioner very rewarding both to formulate asset recovery strategies and during the insolvencies generally.
2. Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.
3. The decision turned on the interplay between the Court’s common law jurisdiction to recognise foreign insolvency appointments, and its statutory jurisdiction to grant assistance to insolvency officeholders from designated countries under Part XIX of the Insolvency Act, 2003 (the ‘Act’).
4. Cryptopia was an exchange based in New Zealand founded in 2014 and located in Christchurch.
5. After poor ASIC prototype performance, Taras Kulyk stepped down as CEO and director of the Canadian-based Squire Mining Ltd.

Internationally known as true specialists in investigating and advising on fraud, asset recovery, insolvency and commercial disputes. Given the BVI’s prominent role in the international economy and the flow of global capital, and in the light of the likely fallout from the Covid-19 pandemic, the BVI’s insolvency regime needs to be fully available to international stakeholders. 5.6.3 This decision, therefore, may have the effect of depriving s236 of some of its utility against fraudulent or delinquent directors; the very class of people against whom it can so often be useful. It remains to be seen how the effect of this decision will play out in liquidations going forward. 5.3 This may give practitioners some comfort because the circumstances where the statements made in a s236 examination – in and of themselves – found a cause of action may be rare (for example, where an examinee provides false answers and the answers somehow cause the liquidators or the estate loss). 4.3 Asplin LJ also considered the risk that granting immunity in respect of the Examination would incentivise examinees to refuse to cooperate until a s236 order was made.

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Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology. At the time, user balances reflected what they were before the hack and users were told to reset their passwords and enable two-factor authentication. Also, users were told to cancel all their standing orders while the site’s API was still disabled and were warned not to deposit any funds into the exchange for the time being. After months of silence, compromised exchange Cryptopia has emailed its customer base with information about its January 14th breach, its current operational status, and its plan to compensate users who lost funds. The blockchain-based trade finance consortium claimed to have completed more than 700 funding requests.

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BLMIS has subsequently been found to be a well-known Ponzi scheme operated by the late Mr Madoff. In addition to Primeo’s direct investments into BLMIS it also made indirect investments in BLMIS via feeder funds Herald Fund SPC (“Herald”) and Alpha Prime Fund Limited (“Alpha”) by obtaining shares in Herald and Alpha in return for funds that they invested into BLMIS. Even in advance of such relaxation, corporate insolvency statistics for the second quarter of 2021 show a significant increase of 31% on the first three months of the year. With restrictions on statutory demands and winding-up petitions finally due to be lifted at the end of September, those in the insolvency profession are anticipating a busy end to the year. We adopt innovative strategies incorporating the powers we have as insolvency practitioners and receivers.

The amount of the subsidy was gradually reduced between 28 September 2020 and 28 March 2021 (when it ceased). This Regulation put in place temporary measures to share the economic impacts of the pandemic between commercial landlords and tenants. The Regulation initially applied for a period of six months but was extended until 28 March 2021 when it lapsed. With the end of the temporary measures approaching, what does the future hold for financially distressed businesses in the UK? In Australia, similar measures ended between December 2020 and March 2021 but, despite a predicted “tsunami” of insolvencies once those measures ended, Australian insolvencies are still approximately 40% down on pre-COVID levels. Also, the quorum requirements for the acceptance of the reorganisation plan have been lowered.

There was no breach of the comity principle because a judgment debtor is already subject to the jurisdiction of the court of England and Wales. Summary judgment on the personal guarantee was obtained in the sum of $47million and the judgment creditor sought an order under CPR 71. Mr Lakhani, resident in Dubai and unable to travel due to restrictions imposed by the UAE as a result of the Covid-19 pandemic, contended that the order requiring him to attend court via video link should be set aside.

Campbells acted for the share receivers and independent director in successfully opposing the application to appoint provisional liquidators in ICG I and acted for the successful applicants in Re HQP. On the other side, by looking at the EU laws which the Regulations were intended to implement, it was clear that even funds which had not been safeguarded were intended to be treated as if they had been, and that to achieve this aim required the imposition of a trust under English law. Funds held by EMIs for their electronic money holders were therefore held in much the same way as money held by a solicitor in a general client account. Both the proceeds of the insurance policy and the policy itself would also be subject to a trust. At present, the golden thread appears to have unravelled almost completely, save in respect of those nine countries that have been designated under Part XIX of the Act, and the residual jurisdiction to grant common law recognition (in circumstances which remain unclear). Thus, as Israel is not a designated country under Part XIX of the Act, the Israeli trustee in bankruptcy was not entitled to an order for rectification by way of common law assistance.

1. We know the global legal landscape intimately and know our clients just as well – so that any cross-border dispute can be resolved efficiently and effectively or avoided altogether.
2. 5.2 However, s433 IA86 provides – as expressly referred to by Asplin LJ in her judgment – that statements made in a s236 examination may still be used in evidence against the examinee.
3. Taking a wider perspective by investigating the debtor may help open up valuable new leads in terms of asset identification, as well as extending the recovery proceedings to other jurisdictions.
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They have also continually worked with NZ police over the last four and a half years. Another notable aspect of the liquidator’s report is the costs involved with the process. Grant Thornton has spent over NZ$20.5 million on the liquidation process as per this latest report. A detailed breakdown of costs and a description of the work processes can be found in the report. Above we’ve outlined some of the largest CEX crypto exchange security breaches in history. It is also evident that setting up robust security walls is not enough in terms of offering protection against experienced cybercriminals.

This means the risk that malicious code still resides in the historic wallet environment still exists.” The liquidators explain they are engaging with international cybersecurity experts to secure wallets on behalf of users and transfer assets to a secure environment. CoinBene is a Singapore-based crypto exchange that is operated by Chinese employees. It is considered to be among the top 10 crypto exchanges in the world by trading volume. Astonishingly, all the missing bitcoins were linked to a single cryptocurrency wallet.

We even saw an explosive bull run for a second, reminiscent of the one towards the end of 2017. Fraud has been a major problem for the blockchain-enabled cryptocurrency industry, with too many occurrences of exchange hacks, Ponzi schemes, phishing scams, and mining malware. This malicious activity is crippling the crypto market, keeping it stagnant as bulls engage in an endless tug of war with the bears. Investment; and (2) to persuade existing shareholders to consent to that new investment and to subordinate their rights to those of the new shareholders. This subjectivity is likely to be all the greater in the aftermath of the pandemic, when empathy from the experience of having survived a shared crisis will be high.

For each withdraw you will also see a subsequent deposit of Cryptopia Loss Marker(CLM), the TXID for this will also not exist on a network but will detail the coin it represents a loss for. CLM is not a coin, it can’t be traded as yet, it is just a number in the database that represents the loss for each coin for each user in $NZD at the time of the event. There are still steps to take to ensure we are taking a legal path toward reimbursement.