Bahamas supreme court appoints liquidators for FTX assets News โธ US โธ FTX โธ Bankruptcy
Bahamas supreme court appoints liquidators for FTX assets
FTX stated that it could potentially have more than one million creditors.
1 min read
Updated: Nov. 15, 2022 at 1:54 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Bahamas Securities Commission revealed that the country’s supreme court has approved the appointment of Kevin Cambridge and Peter Greaves of PricewaterhouseCoopers as the provisional liquidators of the assets of bankrupt crypto exchange FTX, according to a Nov. 14 press statement.
The press statement revealed thatย Brian Simms was appointed the court-supervised provisional liquidator on Nov. 10.
According to the financial regulator, it recognizes the “magnitude, urgency, and international implications” of FTX’s capitulation; as such, it had to “swiftly” use its regulatory powers to “further protect the interests of clients, creditors, and other stakeholders globally of FTX Digital Markets Ltd.”
The Commission also expressed willingness to work with other regulatory agencies as the case was “multijurisdictional in nature.”
FTX has its headquarters in the Bahamas and is currently under investigation by local authorities. The local securities regulator denied allowing FTX to resume withdrawals in the country and said it has frozen the bankrupt exchange’s assets.
FTX says its creditors are above 1 million
In a separate Nov. 14 court filing, FTX said it could potentially have more than 1 million creditors instead of the 100,000 it had previously stated, and requested the court allow it to file a consolidated list of its top 50 creditors before Nov. 28.
Meanwhile, the court filing revealed that new independent directors had been appointed for each of the main parent companies in the FTX group. The new directors are:
- Joseph J. Farnan, Jr. at FTX Trading Ltd., who will serve as lead independent director
- ย Matthew A. Doheny at FTX Trading Ltd.
- Mitchell I. Sonkin at West Realm Shires Inc.
- Matthew R. Rosenberg at Alameda Research LLC; and
- Rishi Jain at Clifton Bay Investrnents LLC
Meanwhile, the Financial Times reported that FTX’s bankruptcy proceedings had stalled as it had not formally filed its first-day motions to commence proceedings.
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FTX
FTX is a defunct cryptocurrency exchange, currently in bankruptcy proceedings, that was founded by Sam Bankman-Fried and Zixiao “Gary” Wang in May 2019.
Sam Bankman-Fried is the former CEO, and co-founder of defunct crypto exchange FTX and Alameda Research.