Here’s what Three Arrows Capital liquidators are seeking from Singapore Court

Sahana Kiran
Three Arrows Capital
Source – Unsplash

Sadly the crypto-verse witnessed the downfall of several prominent platforms. Crypto lenders like Three Arrows Capital [3AC], Voyager, Celsius, and others were under the spotlight following their bankruptcy filing. While the industry was already dealing with losses due to the bear market, the community grew wary of insolvency. A recent update about 3AC revealed that the liquidators were seeking the help of a Singapore court.

In June, a court in the British Virgin Islands ordered the liquidation of Three Arrows Capital. Teneo Restructuring, a New York-based firm, oversees the firm’s insolvency. Things could take a different turn as the liquidation process could be moving to Singapore.

Teneo has reportedly joined hands with Wong Partnership LLP, a Singapore-based platform. Through this partnership, Teneo intends to take matters to the Singapore High Court and manage the 3AC’s assets in the region instead of BVI.

If the lawyers of Teneo emerge as successful, they would be able to garner the assets of 3AC in Singapore for the firm’s creditors.

The whereabouts of the founders of the Three Arrows Capital, Zhu Su, and Kyle Davies, have been under the wraps. However, there have been rumors about them taking shelter in Singapore. Therefore, Teneo also hopes to subpoena the co-founders through the High Court.

While the Court is yet to decide the matter, the liquidators were finding means to bag seized funds.

Is this a clap back at Three Arrows Capital co-founders?

Last week, Zhu Su broke his silence after weeks and took a dig at 3AC’s liquidators. In a tweet, he called out the firms as he said,

“Sadly, our good faith to cooperate with the Liquidators was met with baiting. Hope that they did exercise good faith wrt the StarkWare token warrants.”

Following this, liquidators seemed to be getting back at the co-founders. The liquidators will have to prove the 3AC downfall was due to poor management and conduct of the founders in the latest plea to the Singapore court. It could pave the way to acquiring seized assets.