According to a report from Bloomberg News dated August 24, the High Court of Singapore has given the liquidators of Three Arrows Capital, Teneo, the authority to secure and liquidate the company’s assets in the country.
According to this report, Teneo is now authorized in Singapore to make requests to access assets and financial documents that are locally controlled by 3AC.
It indicates that the liquidator will be able to concentrate on assets related to 3AC, such as bank accounts, cryptocurrencies, non-fungible tokens, holdings in companies, and properties in Singapore.
According to reports, the liquidator has authority over assets worth approximately $40 million that belongs to the cryptocurrency fund. This represents a small portion of the over $2 billion in unsecured claims lodged against the company.
Documents submitted with the court indicate that the unsecured claims are anticipated to increase even higher due to the fact that not all creditors have presented their claims.
Previous statements made by the liquidators characterized the cofounders as being recalcitrant. The two are currently in Dubai, and in addition to being creditors, they have claims that were made against the company that went bankrupt.
Teneo had been appointed as the administrator of the insolvent hedge fund’s assets by a court in the British Virgin Islands; however, the court had difficulty carrying out its mandate in Singapore.
Prior to April, when the cofounder Zhu Su revealed plans to shift the crypto-focused hedge fund’s headquarters to Dubai, the fund’s administrative offices were located in Singapore.
However, it is registered with the financial regulation in Singapore known as BVI, and the majority of its operations stayed in the country until the company ultimately failed.
One of the most prominent cryptocurrency firms, Three Arrows Capital, was among several that failed as a direct result of the Terra/LUNA crisis. Three months after the event, crypto companies such as Voyager and Celsius announced that they will be closing their doors.
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