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
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