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From garage to unicorn – Employment law lessons for scaling tech teams
Catherine Bourne
We have previously written two articles (available here, and here) on the decision of Mr Justice Jacobs in Magomedov and others v TPG Group Holdings (SBS) LP and others, which as handed down in October last year.
The increase in the value of cryptoassets has undoubtedly contributed to the continued interest and adoption of this still relatively new asset class across organisations and individuals. The ease of purchasing, selling or transferring a cryptoasset has improved significantly over the last few years (and which has in part stemmed from the development of the regulatory environment). However, there is still a technical barrier to entry. This presents a practical problem; if your assets pass to your loved ones on your death, how do you ensure that they are able to actually access and benefit from any cryptoassets that you hold?
The High Court has provided welcome clarity in Re KRF Services (UK) Ltd [2024] EWHC 2978 (Ch), confirming that a sole director can validly make decisions on behalf of a company that has adopted the Model Articles without modification, even if the company previously had multiple directors.
On 14 January 2025, the High Court struck out a claim for professional negligence and misconduct brought by a property developer against KPMG LLP and one of its partners on the grounds of abuse of process and lack of merit. The claim, valued at over £1.2 billion, was dismissed in its entirety, with the court concluding that it was an attempt to relitigate previously decided issues showing the court’s reluctance to entertain abusive litigation. In this article, we explore this decision, and set out the requirements of a professional negligence claim and how accountancy firms can successfully defend these claims.
According to research carried out by YouGov in August 2024 on behalf of the Financial Conduct Authority, 93% of UK adults have heard of cryptoassets and 12% of UK adults own cryptoassets. We expect that this will continue to increase over the coming years, particularly with the introduction of additional regulation across Europe and the supportive position taken in the USA. Therefore, the chances of cryptoassets being included within an estate or subject to an express or implied trust are increasing.
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