Five-member credit committee established to liquidate Three Arrows Capital

A collectors committee to liquidate the bankrupt, Singapore-based mostly cryptocurrency hedge fund A few Arrows Capital (3AC) was recognized at a conference on Monday and comprised Electronic Forex Team, Voyager, CoinList, Blockchain.com, and Matrixport, according to a document posted the exact working day on the Three Arrows bankruptcy web site. 

See relevant posting: 3AC crypto contagion spreads to Blockchain.com: report

Rapidly points

• The creditors’ committee will work with joint liquidators to “support the interests of all creditors” by means of insolvency, the doc claimed, and affirmed that no a single on the creditors’ committee has any relationship or link to the founders or principles of 3AC.

• Russell Crumpler and Christopher Farmer of Teneo (BVI) have been appointed joint liquidators by the community court of the British Virgin Islands. Crumpler and Farmer will have full management of 3AC affairs to aid the insolvency method.

• Courts in the United States and Singapore granted the joint liquidators the power to liquidate 3AC on July 12 and July 15, respectively. Teneo stated it is “in the early stages of liquidation.”

• Liquidators have nevertheless to implement for a freeze on personal belongings of the 3AC founders, but the enterprise was reportedly transferring NFT property.

• 3AC co-founder Zhu Su is on the list of collectors and is trying to find US$5 million. Kelly Chen, the wife of fellow co-founder Kyle Davis, is also a creditor and is trying to find US$65 million.

• Both founders of 3AC went missing, according to a motion submitted with the U.S. Bankruptcy Courtroom in New York.

See connected article: 3 Arrows Capital information for Chapter 15 individual bankruptcy