No Match Found
"...substantially the same return at the same time as the US process, which closed on 29 September 2022...Claim Bar Date in the Bahamas process remains open until 15 May 2024..."
"...obligated under Bahamian law to distribute to the dollar on every eligible claim irrespective of size.."
"...enable customers to view their holding balances, lodge an electronic proof of claim form and transfer claims between original claimants and investors or claim purchasers, all in one place..."
FTX Digital, which principally operates in The Bahamas, is registered to provide an exchange between digital assets and traditional “fiat” currency, alongside an exchange between one or more different forms of digital assets.
On 10 November 2022 the Securities Commission of the Bahamas (https://www.scb.gov.bs/) presented a winding up petition against FTX Digital Markets Ltd. (“FTX Digital” or “the Company”) and suspended its licence to operate as a digital asset business. FTX Digital is a subsidiary of FTX Trading Ltd, a company incorporated in Antigua and Barbuda.
Following the presentation of the petition, the Commercial Division of The Supreme Court of the Bahamas (“the “Court”) appointed Mr Brian Simms KC of Lennox Paton as Provisional Liquidator and commenced a liquidation proceeding for FTX Digital on 10 November 2022. On 14 November 2022, Kevin Cambridge of PwC Bahamas and Peter Greaves of PwC Hong Kong were also appointed by the Court as Provisional Liquidators.
On 10 November 2023, upon hearing of evidence from the representatives of the Securities Commission of the Bahamas, the Joint Provisional Liquidators and counsel for the Foreign Representative of FTX Trading Ltd, the court appointed the Joint Provisional Liquidators as Joint Official Liquidators (“JOLs”) and ordered that the Company be wound up in accordance with the provisions of the Companies Act, 1992 (as amended) and as applicable to the winding up of International Business Companies under the Companies (Winding Up Amendment) Act, 2011.
The Court conferred upon the JOLs any of the general powers set out in the attached Winding up Order.
Until further order of the Court, the JOLs are directed to take all and any necessary steps that they consider fit to and collect and get in all of the property and/or assets of the Company.
In addition to the above, a Chapter 15 petition was also filed by the JPLs in the United States Bankruptcy Court for the District of Delaware (the “US Court”). An order, recognising the provisional liquidation as a foreign main proceeding, was granted by the US Court on 15 February 2023 and is available to view below.
Certain other FTX entities filed voluntary petitions for chapter 11 in the United States Bankruptcy Court for the District of Delaware (the “Chapter 11 Bankruptcy Proceedings”). FTX Digital is not included in this group and therefore is not subject to the Chapter 11 Bankruptcy Proceedings.
This website is for the exclusive benefit of FTX Digital stakeholders, such as the customers and employees and will be populated with relevant information and updates from the JPLs from time to time relating to FTX Digital and the Bahamian Liquidation Proceedings. No party should look to this website for information relating to the Chapter 11 Bankruptcy Proceedings.
There are separate pages on this website containing specific information for employees and customers and creditors. However, should you still need to contact us, please use the most appropriate email address below;