CERIL

Introduction

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Chairs

Prof. Paula Moffatt
Prof. Dominik Skauradszun

Current projects

• Crypto-Assets in Insolvency II
  The CERIL Working Party on Crypto-assets in Insolvency II, further to the WP 16 Report from 2023, examines the implications of the Markets in Crypto-assets Regulation (MiCAR) for insolvency law. The project analyses asset segregation, creditors’ rights, insolvency estate treatment, and shortfall mechanisms, focusing on crypto-asset service providers and token issuers. By assessing MiCAR’s intersection with national laws, the Working Party aims to improve legal certainty and harmonised client protection in insolvency contexts. Through comparative research and normative analysis, it will develop proposals to address key insolvency risks and support the advancement of effective frameworks for the treatment of crypto-assets in insolvency.
  
  Reporters: Prof. Paula Moffatt and Prof. Dominik Skauradszun
  Research Associate: Ms. Marjolein Bakker

Completed projects

• Crypto-Assets in Insolvency I
  The Working Party investigated whether the European Insolvency Regulation needs a definition of crypto assets, similar to the definition in the Markets in Crypto-assets Regulation, and whether Article 2(9) EIR Recast should define where crypto assets should be allocated. CERIL highlights that, as a result of the complexity of the crypto-market and its rapid evolution, there is a lack of clarity as to whether insolvent crypto-asset service providers, in particular crypto custodians, should be governed by the European Insolvency Regulation Recast (EIR) or the EU banking recovery and resolution mechanism.
  
  Reporters: Prof. Paula Moffatt and Prof. Dominik Skauradszun
  Research Associate: Ms. Ivi Karra
  
  CERIL Statement 2023-3 on Crypto-assets in Restructuring and Insolvency
  CERIL Report 2023-3 on Crypto-assets in Restructuring and Insolvency
  

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