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HomeUncategorizedSingapore allows 3AC liquidators to probe defunct funds: report

Singapore allows 3AC liquidators to probe defunct funds: report

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 High Court of Singapore has admitted against Three Arrows Capital

    • 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 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.

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