- Liquidators are trying to establish exactly what assets Three Arrows holds in Singapore.
- Liquidators will be able to request access to local records.
- Three Arrows Capital still owes over $2.8 billion in unsecured claims.
On Monday, August 22, it was announced that the Singapore High Court granted liquidators permission to request access to 3AC’s local records.
Three Arrows Capital (3AC) operated in Singapore until early May of 2022, but collapsed due to the implosion of the Terra stablecoin project.
The Singapore High Court granted the advisory firm, Teneo, a petition to recognize the liquidation order in the country and to round up and preserve Three Arrows’ assets. Previously, in June of this year, Teneo was appointed by the British Virgin Islands court to liquidate Three Arrows.
WongPartnership LLP is representing Teneo in Singapore, and Solitaire LLP is joining hands with Three Arrows’ local entity.
The recognition that Teneo received gives them the necessary authority to request access to any financial records that the hedge fund kept locally. This means that liquidators will be able to request access to local records. This was initially not possible as Teneo did not have the required legal basis to do so.
Although liquidators have already claimed control of about $40 million of Three Arrows’ assets, creditors like Voyager Digital LLC and Digital Currency Group state that this is still only a fraction of what is still owed to them.
Some creditors filed paperwork that indicated that Three Arrows Capital still owes over $2.8 billion in unsecured claims. In addition to this, the figure is expected to rise even higher.
Co-founders Zhi Su and Kyle Davies have not responded to these new developments. The Singapore High Court also added: “We are unable to comment on cases that are before the Courts.”