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(Bloomberg) – The liquidators of Three Arrows Capital Ltd. have obtained a key court ruling in Singapore that could give them a better understanding of the remaining assets of the collapsed cryptocurrency hedge fund in a major jurisdiction, other people familiar with the matter said.
Singapore’s High Court on Monday granted a petition through consultancy Teneo, which it appointed in June through a British Virgin Islands court to liquidate Three Arrows, to recognise the settlement order in the country, said other people, who asked not to be named as the private procedure. . Teneo tries to gather and hold the assets of the hedge fund.
The popularity in Singapore gives liquidators the strength to request all the financial records the fund has locally, the sources said. They didn’t have the legal basis to do so until a local court granted them official popularity, other people said.
Liquidators plan to build assets held in Singapore, such as bank accounts, property, cryptocurrencies, non-expendable tokens and holdings in corporations, that can be connected to Three Arrows, they said.
Three Arrows, which operated from Singapore at least until early May, collapsed after the implosion of the Terra stablecoin allocation that month, prompting cryptocurrencies to plummet. Co-founder Zhu Su, whose family circle owns two luxury homes in the city-state, had announced plans to move its headquarters to Dubai in April. The fund was registered in the British Virgin Islands.
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Liquidators took at least $40 million of Three Arrows’ assets, a fraction of the amount creditors, plus Voyager Digital LLC and Digital Currency Group Inc. , say they owe, according to documents filed in July. Creditors have filed documents indicating they owe more than $2. 8 billion in unsecured claims, a figure that is expected to rise significantly, according to court documents.
WongPartnership LLP represents Teneo in Singapore, while Solitaire LLP works with the local Three Arrows entity in the city-state. Representatives for Teneo, WongPartnership and Solitaire declined to comment. Zhu and co-founder Kyle Davies did not respond to requests for comment.
“We are in a position to comment on the cases before the courts,” a spokesman for the High Court of Singapore said in an emailed response to questions.
The Singapore court’s ruling follows the filing of Three Arrows’ Chapter 15 bankruptcy petition in the United States in July. Shortly after this filing, Teneo’s lawyers said in court documents that Zhu and Davies cooperated in the process. Around the same time, Zhu posted on his Twitter account that the founders had provided a spreadsheet of the fund’s assets to the liquidators.
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