FTX Liquidators Say US Bankruptcy Court Needs to Work Alongside Bahamas in Weighing Assets
Liquidators said ssues with identifying FTX assets are governed by the laws of the Bahamas, England, and Antigua and Barbuda, and need to be addressed before the company is wound down.
June 08, 2023 at 04:48 PM
3 minute read
Cryptocurrency
Liquidators of FTX assets in the Bahamas are once again seeking relief from a stay imposed by the Delaware bankruptcy court, claiming the two courts should reexamine jurisdiction over non-U.S. law claims.
At a hearing Thursday before Bankruptcy Judge John T. Dorsey, attorneys advocating for the stay to remain in place said lifting it could derail finalizing a Chapter 11 plan in the District of Delaware, while those asking for the stay to be lifted said it's been weaponized by the FTX debtors.
The liquidators moved in late March to either have the stay lifted or have the court declare the stay doesn't apply to legal activity in the Bahamas, reasoning that issues with identifying FTX assets are governed by the laws of the Bahamas, England, and Antigua and Barbuda, and those issues need to be addressed to move forward with liquidation. They're now aiming to file an application in the Bahamas court, giving it jurisdiction over the questions of non-U.S. law.
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