Regional news: Bahamas

Delaware judge urges mediation in FTX's Bahamas-US dispute

Collapsed crypto exchange FTX’s Bahamian liquidators and Chapter 11 lawyers have been ordered to enter mediation to try and resolve a dispute over how to determine whether certain customer accounts belong to group entities in The Bahamas or the US.

12 June 2023

FTX’s Bahamian JPLs seek lift on Chapter 11 stay to settle non-US law issues

The joint provisional liquidators of FTX’s Bahamian entity are seeking to lift the crypto exchange’s Chapter 11 stay so they may apply for directions from the Supreme Court of The Bahamas on which of the two estates certain customer accounts belong to, in a hearing variously described as a “jurisdictional tug of war” and a “diplomatic event” between the two countries.

09 June 2023

FTX sues Bahamian liquidators over property ownership

Collapsed crypto exchange FTX is suing the liquidators of its Bahamian affiliate FTX Digital Markets in response to what it says are “serial threats” to try and relocate the group’s Chapter 11 bankruptcy to The Bahamas.

22 March 2023

Foreign banks and investors accused of “aiding” FTX fraud in Miami suit

An FTX customer has launched a class-action in Florida against several prominent US and foreign entities – including Singapore’s state-owned wealth fund Temasek Holdings and Japan’s Softbank – who he accuses of “aiding and abetting” the collapsed crypto group’s alleged US$8 billion Ponzi scheme.

23 February 2023

Bahamian and US courts agree FTX recognition orders, examiner bid rejected

Courts in The Bahamas and the US have agreed to recognise FTX’s insolvency processes in each other’s jurisdictions, while the US Trustee has failed in a bid to appoint an independent examiner to investigate allegations of fraud by the crypto group.

15 February 2023

FTX authorised to retain S&C in face of “incendiary” last-minute allegations

Sullivan & Cromwell has won court approval to represent FTX, despite facing what partner Jim Bromley described as “assault by twitter” and accusations of misconduct by the exchange’s former chief compliance officer.

20 January 2023

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

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