Regional news: Bahamas

Another crypto firm bites the dust: BlockFi enters Chapter 11 in New Jersey

The crypto winter has upped its body count with another platform, BlockFi, being placed on Chapter 11 life support in New Jersey, as it sues FTX’s founder Sam Bankman-Fried to seize shares he allegedly pledged to it as collateral.

29 November 2022

FTX Ch15 moves to Delaware as court hears “substantial amount of assets” are missing

The Bahamian joint provisional liquidators of collapsed crypto exchange FTX have agreed to move their Chapter 15 application from New York to Delaware, where the rest of the group sought Chapter 11 protection earlier this month.

22 November 2022

FTX CEO lambasts “distressing” recognition petition filed by Bahamas JPLs

FTX’s Delaware Chapter 11 docket, which has sat largely empty for six days, has finally seen some action, with the group’s new CEO taking aim at concerning financial reporting and human resources practices at the group, and lambasting FTX’s Bahamian provisional liquidators for filing an un-announced Chapter 15 in New York as part of allegedly government-backed efforts to relocate the debtors’ assets to the Bahamas.

17 November 2022

UK lender Amicus secures plan meetings after class composition overruled

The administrators of UK lender Amicus Finance have secured restructuring plan meetings in London, but the High Court overruled their suggested class composition following creditor opposition.

09 July 2021

Privy Council allows Bahamian liquidator to serve clawback claim in Bermuda

The UK’s Privy Council has sided with a Bahamian appeals court and allowed a liquidator to serve a fraudulent preference claim outside the jurisdiction.

30 July 2019

Bahamas court: local liquidators can remit bank funds to Cayman Islands under common law

The Supreme Court of the Bahamas has found that common law principles allow the local liquidators of a bankrupt bank to remit funds to its Cayman liquidators, despite the court’s refusal to grant full recognition of the bank’s Cayman proceedings last year.

03 March 2017

Bahamas court overturns ruling on overseas asset recovery, calls for fresh clarity

A Bahamas appeals court has allowed a liquidator to serve a summons out-of-jurisdiction for the recovery of alleged fraudulent preferences in a 14-year-old winding-up proceeding, overturning an earlier Supreme Court ruling.

01 March 2017

Bahamas publishes list of countries whose insolvency proceedings it can recognise

The Bahamian Liquidation Rules Committee has published a list of foreign jurisdictions whose insolvency proceedings the Bahamian courts will now be able to recognise, closing a lacuna in the local law that left foreign creditors unable to access Bahamian assets at least twice in the past year.

20 May 2016

Bahamian court dismisses foreign liquidators’ petition in repeat of Baha Mar

The Bahamian Supreme Court has declined to recognise the Cayman Islands-based liquidation proceedings of a local bank as foreign main proceedings under common law, in a decision that takes a similar approach to last year’s Baha Mar.

19 February 2016

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