The liquidators for the bankrupt Three Arrows Capital (3AC) have received approval from the Singapore High Court to access any local financial records about the company. Teneo, the advisory company behind the liquidation, filed the petition to access these records, marking a new win for the firm.
3AC liquidators get approval to investigate Singapore financial records
Teneo was appointed by a court in the British Virgin Islands to be in charge of the crypto hedge fund that has already filed for bankruptcy. The approval granted by the court allows Teneo to access the Singapore financial records of the company. The approval will give the liquidators insight into the remaining assets of the crypto hedge fund in one of the largest jurisdictions where it operates.
A report by Bloomberg has also said that Teneo was investigating the liquidation process followed by 3AC. It also secured its financial assets and connections to bank accounts, crypto assets, non-fungible tokens (NFTs), company stakes, and other properties.
3AC is among the companies affected by the dips across the cryptocurrency market. The company’s founders, Zhu Su and Kyle Davies, have tried to explain some of the reasons behind the company’s collapse.
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The reasons provided include a combination of one-way bets and accommodating the lending arrangements that collapsed. The sharp bear market further accelerated the collapse of 3AC. 3AC is among the companies that were affected by the collapse of the Terra LUNA ecosystem in May.
Three Arrows Capital’s bankruptcy filing
The latest ruling by the British Virgin Islands court has come more than a month since Three Arrows Capital filed for Chapter 15 bankruptcy in the United States. The lawyers looking for provisional emergency relief alleged that the founders of the crypto hedge fund were not cooperating on the matter.
After the bankruptcy filing, Zhu said that the court filing was “disappointing” He also said that the creditors had bailed out on their clients. In compliance with the creditors’ demands, Zhu’s lawyers submitted a spreadsheet containing the details of the assets owned by the company.
A representative of the Singapore High Court said they would not comment on the ongoing private court proceedings of 3AC. The spokesperson said they would not comment on the matter because it was still; before the courts.