Liquidators of Three Arrows Capital Seek to 'Preserve' Singapore Assets (Report) - Daily Bitcoin news

Liquidators of Three Arrows Capital Seek to ‘Preserve’ Singapore Assets (Report)



The Three Arrows Capital (3AC) liquidators are reportedly looking to investigate and preserve the Singapore assets of the crypto hedge fund.

  • According to a recent report by Straits Times, the Singapore lawyers for Teneo have asked the High Court to recognize the British Virgin Islands (BVI) liquidation order in chambers hearing on July 15th.
  • It all boils down to the Teneo lawyers. If successful, the firm will be able to secure 3AC’s assets in Singapore for the creditors.
  • The lawyers said if they are able to prove the mismanagement or misconduct by the co-founders that led to the collapse of the hedge fund, there might be a dramatic route to seize their assets for the creditors’ benefit.
  • A British Virgin Islands court earlier tasked business management company Teneo with overseeing 3AC’s liquidation.
  • The lawyers for the advisory firm have also sought an order for Russell Crumpler and Christopher Farmer to serve as joint liquidators here.
  • The two senior directors at Teneo claimed recently that the founders of the bankrupt hedge fund, Zhu and Davies, had failed to co-operate with the Foreign Representatives “in any meaningful manner” and that their whereabouts were unknown.
  • The duo alleged the founders had joined a Zoom call, however, with their video turned off and audio muted at all times, the lawyers couldn’t verify their identities.
  • The Teneo lawyers asked also the court to subpoena the co-founders and have them provide details with regards to their wallets, bank accounts, derivatives contracts, securities, and other company records.
  • All the details have been sent by Advocatus Legal LLP, the Singapore-based law firm acting on behalf of the fund’s founders, according to a snapshot of the email shared by Zhu.
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