The following Private Client practice note Produced in partnership with James Brockhurst of Forsters LLP provides comprehensive and up to date legal information covering:
This Practice Note explains the phenomenon of ‘cryptoassets’, namely assets which are issued using distributed ledger technology, alternatively known as blockchain technology.
It includes a discussion of how these assets are dealt with in practice and the issues that practitioners face in this evolving area.
A blockchain, in its purest form, is a digital ledger which records transactions chronologically and which is ‘distributed’ across a network of computers around the world. The novel feature of blockchain, as compared to existing ledgers, is that it is decentralised (distributed) and hence there is no centralised institution which maintains the ledger.
Private Client practitioners might better understand blockchain technology if they consider the functions of a blockchain. The core function of a blockchain is a mechanism for storing and transferring data on a decentralised platform. This means that blockchain technology can facilitate the transfer of any asset without the need for an intermediary.
It is a mechanism by which X can transfer an asset to Y, and that transfer is recorded on one single public (ie distributed) ledger.
However, a blockchain will not record the identities of X and Y. Instead, X and Y will each have what is known as a public key. A public key is their identity on the blockchain—it is comparable to a bank account, so that anyone who wishes to send you cryptoassets will
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This Practice Note considers the question of when court proceedings can be stayed. It identifies scenarios in which a party may apply for a stay of proceedings, including to allow for: a jurisdictional challenge; arbitration; an attempt to settle; related criminal proceedings; an opportunity to
Brexit: The UK's departure from the EU on exit day ie Friday 31 January 2020 has implications for practitioners dealing with provisions in the CPR relevant to cross border matters, including CPR 5.4C (discussed below). For guidance on the impact of Brexit on the CPR, see Cross border
Defending a tort claim—general considerationsIn reality, many claims are ‘defended’ on the basis that the defendant either did not owe the claimant a duty, or there was no breach of duty or there was a break in the chain of causation.In each of those cases, the claimant has failed to establish that
The offence of aggravated vehicle-takingA person is guilty of aggravated vehicle taking if:•they take a conveyance without the owner's or other lawful authority's consent for their own or another's use, or•knowing that any conveyance has been taken without such authority, drive it or allow
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