Cryptocurrency: a Guide for the Rest of Us
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Cryptocurrency: A guide for the rest of us Robert Amey looks to the BTI 2014 LLC v Dispute Resolution: Sequana SA [2019] A new beginning? future: cryptocurrency, EWCA Civ 112: the The Hon Paul Heath Twilight Zone cryptoassets and QC on INSOL, cross- ‘ownership’ disputes Richard Fisher reviews border mediation and the Court of Appeal’s opportunities for the decision future A regular review of news, cases and www.southsquare.com articles from South Square barristers Contents 3 In this issue 14 18 64 Cryptocurrency: BTI 2014 LLC v Sequana SA [2019] Dispute Resolution: A new beginning? a guide for the rest of us EWCA Civ 112: the Twilight Zone The Hon Paul Heath QC on INSOL, Robert Amey looks to the future: Richard Fisher reviews the Court of cross-border mediation and cryptocurrency, cryptoassets and Appeal’s decision opportunities for the future ‘ownership’ disputes ARTICLES REGULARS Obituary: Gabriel Moss QC 06 Bermuda: Back to the Future 69 From the Editor 04 Chambers honours the life and Alex Potts QC of Kennedys, News in Brief 86 work of Gabriel Moss QC, our Bermuda, looks back 5 years South Square Challenge 92 friend and colleague later at his August 2014 Diary Dates 94 predictions Reflections on Gabriel Moss QC 10 CASE DIGESTS Felicity Toube QC and Daniel Legal Eye: Helena Normanton: 72 Bayfield QC offer their personal A woman of many firsts Editorial 32 memories of Gabriel Rose Lagram-Taylor reviews the Banking & Finance 34 legacy of one of the trailblazing Civil Procedure 36 Corporate Insolvency in the Channel 22 women in law Commercial Litigation 41 Islands: what you need to know Company Law 45 Mourant’s Stephen Alexander and South Square Story: 74 Corporate Insolvency 48 Abel Lyall compare and contrast Cyril Salmon’s Chambers ‘The set is highly Personal Insolvency 55 the insolvency regimes of Jersey in the second world war Property & Trusts 56 and Guernsey Simon Mortimore QC continues Sport 57 his history of Chambers with Case Summary Special 28 regarded internationally, the arrival of Claude Duveen Toby Brown reviews the Cayman Islands Court of Appeal decision to uphold the dismissal of claims in South Square Digest Disclaimer with barristers regularly Primeo v HSBC Company/Insolvency set The content of the Digest is provided to you for of the year, winner 2017 Remedies for Unfair Prejudice 58 information purposes only, and not for the purpose David Alexander QC and Adam of providing legal advice. If you have a legal issue, you should consult a suitably-qualified lawyer. The appearing in courts CHAMBERS BAR AWARDS Goodison look at the remedies Digest content of the represents the views of the available to the Court when it is authors, and may not represent the views of other Members of Chambers. Members of Chambers satisfied that an unfair prejudice Insolvency set of the year, practice as individuals and are not in partnership petition is well founded with one another. around the world.’ shortlisted 2017 CHAMBERS UK LEGAL 500 BAR AWARDS +44 (0)20 7696 9900 | [email protected] | www.southsquare.com Designed and produced by Creative Interpartners, London SOUTH SQUARE DIGEST July 2019 www.southsquare.com From the Editor 5 From the editor as a barrister in England (going on Outside Chambers, as the Digest was negotiate the comparative added to the circulation list, please to become the first female King’s going to press, England had just won insolvency regimes in the Channel send an email to williamwillson@ Counsel, along with Rose Heilbron, the cricket World Cup final, a double- Islands; Kennedy’s Alex Potts QC looks southsquare.com or kirstendent@ in 1949). Progress was initially slow. tie decided on the basis of England’s back into his 2014 crystal ball to see if southsquare.com and we will do our In 1954, women made up 3.5% of the 26 boundaries scored to the Kiwis’ he is Bermuda’s answer to Mystic Meg; best to make sure that you will get practising Bar (fewer than in 1939). meagre 17 (surely a law the draftsmen David Alexander QC and Adam Goodison the next and all future editions. By 1970, of 24,407 solicitors holding never thought would be tested). Boris look at unfair prejudice remedies; and It goes without saying that if you practising certificates, only 803 were Johnson was set to become Prime Simon Mortimore QC (now captain of have any feedback to give us in women. It was not until 1988 that Dame Minister, having won the popular vote Royal St George’s Golf Club, Sandwich relation to the Digest – positive or Elizabeth Butler-Sloss became the amongst the Conservative Party’s – see page 91) continues his history of negative – we would be delighted to first woman appointed to the Court of 160,000 membership. Another Boris Chambers, with the onset of WWII and hear from you. Many thanks to all for Appeal; Lady Arden the first female (Becker) was about to auction off his the arrival of Claude Duveen. Finally, we their contributions. As always, views Chancery Division in 1993; and Patricia trophy collection (see page 86), having have the South Square Challenge, set by expressed by individual authors and Scotland the first woman Attorney just watched his former ward, Novak Charlotte Cooke. Please enter: there is contributors are theirs alone. General in 2007. However, in October Djokovic, beat Roger Federer in the a magnum of champagne (and a South 2018, the Supreme Court sat, for the longest Wimbledon final in history. Square umbrella!) waiting for the first time ever, with a female majority, lucky winner. WILLIAM WILLSON Elsewhere in this edition, we have William Willson Lady Hale, Lady Arden and Lady Black a thought-provoking leading article I hope you enjoy this edition of the outnumbering Lords Carnwath and by Robert Amey, on cryptocurrency, Digest (and preferably that you are Lloyd-Jones. In 2018 50.1% of solicitors Bitcoin and their possible effect on enjoying it somewhere nice on holiday). Welcome to the summer 2019 holding practising certificates were the future legal landscape. Mourant’s And if you find yourself reading women. To mark 100 years of women Stephen Alexander and Abel Lyall someone else’s copy and wish to be edition of the South Square Digest in the law, Rose Lagram-Taylor recounts the life and ground-breaking achievements of Helena Normanton in This edition is dedicated to our friend What stood out was the universal our regular “Legal Eye” feature and colleague, Gabriel Moss QC, who acknowledgment of Gabriel’s kindness. (page 72). we lost on 15 March. Gabriel had been Two were from solicitors who had first As we draw to the end of the summer my next or opposite door neighbour met him at very early stages in their term, Chambers continues to be my entire career in Chambers. We had careers. Both had ‘difficult’ partner involved in diverse and high-profile spoken that morning for a good 20 supervisors, both had come to South litigation. A raft of challenges to retail minutes on all manner of topics: in no Square to hear learned Leading Counsel. CVAs (Arcadia and Debenhams, to particular order, tardy contributors to Both praised Gabriel for making them name but two) promise to keep many Rowlatt on Principal and Surety; recent feel at ease (even when one poured him of us busy over the vacation period. But appointees to the Supreme Court; the wrong drink, not once, but twice). will the Landlords Strike Back? There Gabriel’s certainty that he had won his To commemorate Gabriel, this edition is a heavy commercial arbitration in (what turned out to be last) case before includes an obituary, as well as two Hong Kong (a reminder that South the Privy Council (he was right: see shorter reflections from Felicity Toube Square is not just all about insolvency/ Case Digests at page 53); and his recent QC and Daniel Bayfield QC, both of restructuring law), several large classical music tastes (which I shared whose careers owe a huge amount trials next Michaelmas already under by default, through the thinness of our to him. preparation (such as Lehman Waterfall party wall). As ever, he was generous- This edition also marks the 100th V and Cyrus Capital) and a raft of other spirited, effortlessly intellectual and anniversary of Women in the Law. contentious and advisory matters at subversively funny. When I received In 1919 the Sex Disqualification all levels in Chambers. Toby Brown the email from our Heads of Chambers (Removal) Act was passed, allowing (page 28) reviews the recent Cayman to announce the terrible news, it was women to enter the legal profession Islands Court of Appeal decision in hard to believe. Within 48 hours the for the first time. One week later, Ada Primeo v HSBC (in which five members emails started arriving in my Inbox Summers became Britain’s first female of Chambers appeared), and which will from solicitors, barristers, judges, magistrate. In 1922 Helena Normanton now be appealed to the Privy Council accountants and other lay clients. became the first woman to practice on reflective loss. SOUTH SQUARE DIGEST July 2019 www.southsquare.com Obituary: Gabriel Moss QC 7 hambers was shocked and saddened to hear of the sudden Cdeath of our friend and colleague Gabriel Moss QC on Friday 15 March 2019. Gabriel was a leading light of the Bar and a titan of the insolvency and restructuring world. He was born Gabriel Mosonyi in Hungary in 1949. His parents IPs/lawyers) played a part in shaping. This did not abate met during the Nazi occupation of Budapest in the ghetto the short-term fury of the BCCI depositors, many of whom hospital, where his father was a doctor.