The Singapore High Court has acknowledged a liquidation order against Three Arrows Capital originally filed in the British Virgin Islands, allowing the liquidator to investigate the fund’s financial position in the country.
Key Points
- the ruling allowing the appointment to liquidate Three Arrows’ consultation The firm Teneo investigated the fund’s assets held in Singapore.
- So far, the liquidators have managed to secure approximately $40 million of the Three Arrows assets, only accounting for the fund’s A fraction of the $2.8 billion in assets. Creditors claim debts owed to them.
- The High Court of Singapore has admitted against Three Arrows Capital
The ruling means that liquidators will be able to inspect the assets held by Three Arrows Capital in Singapore.
Singapore recognizes Three Arrows liquidation order
Three Arrows Capital liquidators have been granted permission to begin an investigation into the fund’s assets in Singapore.
According to Wednesday Bloomberg reported that the Singapore High Court has acknowledged a liquidation order originally filed in the British Virgin Islands against bankrupt crypto fund Three Arrows Capital. The move means Teneo, the financial advisory firm appointed to liquidate the fund’s assets, will be able to examine Three Arrows’ bank accounts, real estate and crypto assets held in Singapore. Liquidators lacked the legal basis to demand information from banks, exchanges and other entities until the local court formally recognized the liquidation order.
Teneo’s mission is to collect, preserve and ultimately liquidate the remaining assets of the company to repay creditors. According to the report, liquidators have so far successfully seized about $40 million in Three Arrows assets, a fraction of the $2.8 billion in unsecured claims claimed by creditors including Digital Currency Group and Voyager Digital. .
Reports that Three Arrows Capital, run by once-beloved crypto community figures Kyle Davis and Su Zhu, may face bankruptcy, in the market After falling to its lowest point, it began circulating in June over 18-month levels. The fund, which had taken out multiple nine- to 10-figure loans to bet on rising cryptocurrency prices, was caught off-guard by the market crash in the aftermath of the Terra crash in May. On June 27, Voyager Digital reported that Three Arrows defaulted on a $665 million loan, sending the cryptocurrency company into its own bankruptcy. Two days later, a court in the British Virgin Islands ordered Three Arrows to liquidate its holdings and appointed Teneo to run the process.
After filing for Chapter 15 bankruptcy in New York, Davis and Zhu kept quiet on Twitter, contrary to what they previously shared with loyal audiences about controversial crypto markets Habits of opinion. According to a 1,157-page affidavit written by Teneo in July, Zhu and David Sri Lanka’s “refusal to engage meaningfully (or at all) with creditors and liquidators” has raised concerns that they may be trying to move their assets “beyond the control of the company’s creditors.”
Davis and Zhu are finally at an extended Bloomberg broke their silence in July, they revealed Terra
‘
and the subsequent market crash is that the company ‘ is disintegrating. “We’re positioning ourselves in a market that didn’t happen in the end,” Zhu said, reflecting on the failed “supercycle” argument that made the pair stars in a 2021 bull run. “The whole situation is regrettable,” Davis added.
Disclosure: At the time of writing, the author of this article owns ETH and several other cryptocurrencies.
The information on or accessed through this website has been independently obtained from what we believe to be accurate and reliable source, but Decentral Media, Inc. makes no representations or warranties as to the timeliness, completeness or accuracy of any information on or accessed through this website. Decentral Media, Inc. is not an investment advisor. We do not provide personalized investment advice or other financial advice. The information on this website is subject to change without notice. Some or all of the information on this website may be out of date, or may be incomplete or inaccurate. We may, but are not obligated to update any outdated, incomplete or inaccurate information.
You should not invest in ICOs, IEOs or other investments based on the information on this website decision, nor should any information on this website be interpreted or otherwise relied upon as investment advice. If you are seeking investment advice regarding an ICO, IEO or other investment, we strongly recommend that you consult a licensed investment advisor or other qualified financial professional. We do not accept compensation of any kind for analysis or reporting on any ICO, IEO, cryptocurrency, currency, tokenized sale, security or commodity.
View full terms and conditions.
Three Arrows Capital Default on Voyager Digital
Three Arrows Capital fails to repay Voyager Digital of $665 million Loans, the company today issued the company’s first notice of default. Voyager clients will not be affected…
Liquidators claim “radio silence” from three arrow heads…
information
Liquidators criticized Three Arrows for a lack of communication and feared that the directors of the hedge fund may be planning to liquidate their assets to make them “unreachable”…
information
Liquidators criticized Three Arrows for a lack of communication and feared that the directors of the hedge fund may be planning to liquidate their assets to make them “unreachable”…
Three Arrows Assets Freeze at Emergency Hearing
news July 12, 2022 
According to various reports, Three Arrows Capital (3AC ) has frozen its assets in recent court proceedings. Bankruptcy Judge Represses 3AC Holds Emergency Hearing…
)
