header-logo header-logo

07 March 2025 / Jessica Boxford , Joseph Evans , Cassidy Fan
Issue: 8107 / Categories: Features , Insolvency , Technology , Crypto , Property
printer mail-detail

The future of insolvency: a digital asset revolution

210368
The definition of ‘property’ is about to expand: Jessica Boxford, Joseph Evans & Cassidy Fan explore the impact on insolvency practitioners
  • The Property (Digital Assets etc) Bill will widen the definition of ‘property’ in general law. This means officeholders can, with increased certainty, exercise their statutory powers over digital and unconventional assets.
  • The Bill also introduces additional costs and complexities due to the highly diverse and evolving nature of digital assets.

The new Property (Digital Assets etc) Bill introduced into Parliament on 11 September 2024 will widen the definition of ‘property’ in general law. This article considers the impact of the Bill on the law relating to insolvency.

The Bill will expand what property constitutes the insolvent estate. This means officeholders can, with increased certainty, exercise their statutory powers under the Insolvency Act 1986 (IA 1986) over digital and unconventional assets. This could potentially mean those assets could be realised, and creditors could receive a larger dividend from the distribution

If you are not a subscriber, subscribe now to read this content
If you are already a subscriber sign in
...or Register for two weeks' free access to subscriber content

MOVERS & SHAKERS

Thackray Williams—Lucy Zhu

Thackray Williams—Lucy Zhu

Dual-qualified partner joins as head of commercial property department

Morgan Lewis—David A. McManus

Morgan Lewis—David A. McManus

Firm announces appointment of next chair

Burges Salmon—Rebecca Wilsker

Burges Salmon—Rebecca Wilsker

Director joins corporate team from the US

NEWS
What safeguards apply when trust corporations are appointed as deputy by the Court of Protection? 
Disputing parties are expected to take part in alternative dispute resolution (ADR), where this is suitable for their case. At what point, however, does refusing to participate cross the threshold of ‘unreasonable’ and attract adverse costs consequences?
When it comes to free legal advice, demand massively outweighs supply. 'Millions of people are excluded from access to justice as they don’t have anywhere to turn for free advice—or don’t know that they can ask for help,' Bhavini Bhatt, development director at the Access to Justice Foundation, writes in this week's NLJ
When an ex-couple is deciding who gets what in the divorce or civil partnership dissolution, when is it appropriate for a third party to intervene? David Burrows, NLJ columnist and solicitor advocate, considers this thorny issue in this week’s NLJ
NLJ's latest Charities Appeals Supplement has been published in this week’s issue
back-to-top-scroll