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Three Arrows Liquidators Ask Singapore Court to Recognize Company's BVI Bankruptcy: Straits Times

Sam Reynolds - CoinDesk
2022-07-15 08:19

The liquidation process of Three Arrows Capital is going to move to Singapore next, if lawyers representing the British Virgin Islands (BVI)-based liquidators are successful, the Straits Times reported Friday.

  • The Times reported that BVI-based Teneo has hired Singapore-based WongPartnership LLP to petition the High Court for provisional relief that would allow Teneo to administer Three Arrows’ assets in the city-state and subpoena co-founders Su Zhu and Kyle Davies.
  • If Teneo’s lawyers are successful, Teneo would be able to secure Three Arrows’ assets in Singapore for the hedge fund’s creditors, lawyers who spoke to The Times said.
  • One route that lawyers could take is to examine what fault the founders had in the fall of Three Arrows.
  • Should the liquidators be able to prove that the collapse of Three Arrows was due to the mismanagement or misconduct of its co-founders, there might be a pathway to pursue seizing their assets for the benefit of creditors, lawyers said.
  • Zhu is in the process of selling a house worth close to S$50 million ($35 million), CoinDesk reported, and has a number of properties under both his and his wife’s name.
  • Three Arrows’ OTC trading desk, TPS Capital, is said to be cash-rich and will likely be included in the lawyers’ application.
  • It is not known when the court will make its decision.
  • The case is far from a sure thing, lawyers that spoke to CoinDesk have said, and Three Arrows will have a number of defenses available to them.
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