Daniel Guyder, Jonathan Cho, Rishi Hindocha, Michael Pek, Nick Lister, and Lara Panahy from Allen & Overy LLP will discuss the current distress in the crypto space, including an overview of the major restructuring cases, any notable developments on key legal issues like the treatment of customer crypto assets and claims, and other significant recent or pending caselaw, legislative, and regulatory developments in the United States, Singapore, and England. Specific areas of discussion will include:
- United States: An overview of major US crypto bankruptcies to date; the current state of US bankruptcy litigation on whether and when customer crypto assets constitute property of the custodian versus property of the customers; and an overview of the Uniform Law Commission’s proposed crypto-driven revisions to the Uniform Commercial Code.
- Singapore: An overview of how Singapore has become a regional hub for crypto restructurings and the tools within the jurisdiction; a summary of the major Singapore-based crypto restructurings and bankruptcies to date; technical issues and questions which have arisen from 3AC, Terra and other cases in Singapore; and Singapore’s regulatory response to crypto.
- London: Overview of any recent caselaw of note in the crypto space and upcoming legislative/regulatory proposals.
Speakers
Daniel Guyder
Partner, New York
Allen & Overy
With over twenty years of experience, Daniel has represented debtors, secured and unsecured creditors, creditors' committees, and ad hoc bondholder committees in numerous out-of-court restructurings, bankruptcy cases, and cross-border insolvency proceedings throughout the United States.
He also has advised hedge funds and other entities on buying and selling distressed debt securities and has experience representing parties in a wide range of financing and capital markets transactions, including loan originations. Daniel served as a member of the “EU Cross-Border Insolvency Court-to-Court Cooperation Principles and Guidelines” project, sponsored by the European Commission and International Insolvency Institute (III) and a member of the LSTA Bankruptcy Reform Working Group.
Jonathan Cho
Senior Counsel, New York
Allen & Overy
Jonathan’s practice focuses on cross-border financial restructurings, as well as a broad range of structuring, enforcement, and regulatory compliance issues in connection with derivatives, securitization, and lending transactions.
He regularly advises financial institutions on corporate bankruptcies, broker-dealer and futures commission merchant liquidations, and bank insolvencies for purposes of assessing credit risk and capital considerations; clearing, central securities depository, payment system, and other market infrastructure matters; and custodial and secured lending issues in relation to cryptocurrencies.
Rishi Hindocha
Counsel, Singapore
Allen & Overy
Rishi is a core member of our Asia-Pacific Restructuring & Recovery Group and focusses exclusively on restructuring and insolvency. His work includes advising on informal (consensual) restructuring, formal (court based) statutory rehabilitation and reorganisation (such as via scheme of arrangement), operational restructuring and turnaround, and on insolvency, recovery and enforcement (such as through judicial management, liquidation and receivership).
Rishi advises stakeholders across the capital structure on restructuring and enforcement options, distressed debt trading, distressed M&A acquisition finance and syndicated loan amendments and restatements and refinancings.
Before joining our Singapore office, Rishi was based in London with Allen & Overy’s award winning London restructuring practice group and has advised on some of the largest and most complex cross-border restructurings, including on Metinvest Group’s award winning scheme of arrangement and the COMI-shift scheme of arrangement for Celsa Huta, the first time an English scheme had been used to restructure a Polish corporate.
Michael Pek
Consultant, Singapore
Allen & Overy
Michael is a Consultant and a core member of our Restructuring and Recovery Group. He advises on a wide range of insolvency and restructuring matters. His clients include banks, distressed debt funds, large corporates, facility and security agents, insolvency practitioners and international financial institutions.
Michael has experience advising on restructuring and insolvency matters relating to cryptocurrency. His experience includes advising a cryptocurrency liquidity provider in respect of its exposure to Babel Finance and the ongoing restructuring process. He has also been instructed by creditors on their exposures via crypto-denominated loans and through equity investments in sub-funds to Three Arrows Capital (3AC), a leading cryptocurrency fund which collapsed in June 2022 amidst market turmoil.
Nick Lister
Partner, London
Allen & Overy
Nick is a partner in Allen & Overy's Global Restructuring Group based in London. Nick joined Allen & Overy in 2008 and is qualified as a solicitor in England & Wales. He has worked on a range of financial restructuring transactions acting for creditors, borrowers, insolvency officeholders and security trustees.
Legal qualifications
- Admitted as solicitor, England and Wales, 2010
Experience highlights include advising:
- the co-ordinating committee of creditors representing creditors with over USD1bn of debt claims in relation to the 2022 restructuring of the financial indebtedness of the ED&F Man Group
- the ad hoc group of noteholders in relation to the HK49bn restructuring and recapitalisation of Hong Kong Airlines
- a coordinating group of bank creditors on the USD2.7 bn 2020 restructuring and reverse takeover of the Premier Oil group.
- the RCF lenders of Thomas Cook Group plc (Thomas Cook) in relation to the GBP1.65bn restructuring of the Thomas Cook group, and subsequently advising an ad hoc group of creditors on the liquidation of the Thomas Cook group.
- a trade finance bank in connection with the restructuring of its exposure to the New Look Group
- bank creditors on the financial restructuring and debt/equity swap in relation to Altus Intervention.
- Lino Management BV as landlord in connection with the restructuring of leases with ATU and c.EUR800m financial indebtedness
- creditors on the financial restructuring and pre-pack administration of Interserve PLC.
- the co-ordinating committee of creditors on the EUR8bn restructuring of Steinhoff Europe.
- creditors on the financial restructuring, CVA and pre-pack administration of Debenhams PLC.
- creditors on the administration of Mothercare PLC.
Lara Panahy
Associate, London
Allen & Overy
Lara is an associate in the Global Restructuring Group and based in our London office. She advises on a wide range of insolvency and restructuring matters, including the drafting of opinions required by regulators concerning the potential impact of the insolvency or resolution of financial institution counterparties. Her clients include banks, distressed debt funds, large corporates, facility & security agents, insolvency practitioners, international financial institutions, and trade organisations. During her time at A&O, Lara has spent time on secondment in the firm's Tokyo office.
Legal qualifications
- Admitted as solicitor, England and Wales, 2018
Experience highlights include advising:
- certain banks in relation to the USD2.7bn restructuring of the Premier Oil group.
- the co-ordinating committee of creditors (banks and funds), the ad hoc creditors committee (funds), three existing facility agents and the new facility and security agent of Steinhoff Europe AG (SEAG) in relation to the EUR9.6bn restructuring of the Steinhoff group.
- the RCF lenders of Thomas Cook Group plc (Thomas Cook) in relation to the GBP1.65bn restructuring of the Thomas Cook group.
- advised the company in relation to the USD2.3bn restructuring of the Metinvest Group.
