Regional news: Latin America & Caribbean
JPLs denied Ch15 recognition as blood storage group’s provisional liquidation not a collective proceeding
The joint provisional liquidators of a Cayman-registered, mainland China-based umbilical cord blood storage group have been denied US recognition, after a New York bankruptcy court found that they had been appointed to investigate the company and protect its assets – not for the purpose of reorganisation or liquidation.
08 December 2022
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
3AC’s liquidators seek Cayman recognition, secure protocol in Singapore
The British Virgin Islands joint liquidators of cryptocurrency hedge fund Three Arrows Capital have sought recognition of their appointments in the Cayman Islands, as a Singapore court ratified a protocol that lays out guidelines for cooperation between the BVI, Singapore and US courts overseeing the fund’s insolvency proceedings.
24 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
E-House’s Cayman scheme receives US recognition
Chinese real estate services provider E-House has obtained Chapter 15 recognition of its Cayman scheme of arrangement, six days after the scheme was sanctioned in the Grand Court.
17 November 2022