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FinTech enforcement

Solutions

When should you consider enforcement proceedings?

Future creditors should consider enforcement or securing the assets of a future debtor even prior to bringing an action. To this end, it is important to monitor your opponent’s assets. In the era of technological progress and economy 4.0, aside from standard assets such as financial instruments, derivative financial instruments, investment certificates, warrants, REITs, depositary receipts, MLP (Master Limited Partnership) and Royal Trusts, there is an increasing number of opportunities for investing capital in cryptocurrencies: bitcoins and FinTechs.

As a rule, assets invested in cryptocurrencies are subject to enforcement by court enforcement officers, however effective enforcement against assets invested in FinTechs is not always so obvious.

Objective

From the creditor’s perspective: accelerated recovery of assets.

From the debtor’s perspective: guaranteed legal protection against uncontrolled debt recovery.

From the perspective of FinTechs and payment institutions, banks, brokerage houses: finding a middle ground between the interests of the creditor and debtor based on compliance, AML and other industry regulations set by UOKiK (Office of Competition and Consumer Protection) and KNF (Financial Supervision Authority)  (and their foreign counterparts).

 

When can enforcement proceedings be used?

Any enforcement is based on a final judgment with a writ of enforcement. In order for the enforcement to be effective, it is also necessary to file a motion for securing assets deposited in foreign bank accounts or entrusted via payment services such as Revolut either before or at the time of bringing an action.

Is your business partner seeking to purchase his own shares to redeem them via capital reduction?

Have you found that your business partner is investing his capital in cryptocurrencies and FinTechs?

Have your business partner’s assets suddenly dwindled as a result of a series of transactions made with directly or indirectly related third parties, followed by a filing for bankruptcy?

 

How can we assist you?

Our specialized team, in cooperation with foreign partners, provides the following services:

  1. FinTech enforcement. Together with our global partner (Pinsent Masons), we identify bank accounts with accumulated assets. Once these assets are identified, we represent the creditor in the asset securing procedure, obtaining a European Enforcement Order, and ultimately in enforcement proceedings appropriate for the state where the debtor’s account is located, e.g. the competent jurisdiction for Revolut accounts is the UK;
  2. Representation of debtors or creditors in enforcement proceedings, injunction proceedings and in actions against enforcement, including in bankruptcy and restructuring proceedings;
  3. Participation in enforcement actions throughout their course;
  4. Representation of creditors or debtors in criminal proceedings concerning the concealment of assets from enforcement;
  5. Representation of management board members or shareholders in civil and criminal disputes concerning acting to the detriment of the company or creditors by liquidation of assets.
  6. Preparing legal opinions on the potential liability of enforcement authorities or the State Treasury for damages caused by enforcement actions carried out in an unlawful manner.

Selected experience

Transfer agent

Defending a debtor providing transfer agent services to investment funds, banks and insurance and pension companies, against unlawful enforcement involving calling financial instruments.

Creditor

Defending a creditor against an attempt to buy back shares to redeem them in order to render enforcement ineffective.

Creditor 2

Defending a creditor against a series of transactions on securities, financial instruments and FinTechs, carried out by the debtor with directly and indirectly related persons, which were intended to dispose of assets from which enforcement could have been effectively carried out.

 


More information

 

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Contact us:

Mateusz Ostrowski

Mateusz Ostrowski

Advocate, Partner, Head of Litigation Practice

+48 606 385 813

m.ostrowski@kochanski.pl