Creditor and Claimant FAQs

What is a Provisional Liquidation?

A Provisional Liquidation is the appointment of an insolvency practitioner, following submission of a winding up petition to a court, who assumes control of the Company to identify, secure and safeguard the assets of the Company and in doing so protect the interests of investors and creditors.

The appointment is made to protect the assets of the Company in the event that an order for its winding-up is made and to determine whether the Company can maintain a functional operation during the course of the provisional liquidation, or alternatively to determine whether the JPLs can facilitate a restructuring of the Company. 

The appointment of a provisional liquidator is necessary in certain circumstances;

  • to prevent the dissipation or misuse of the company’s assets;

  • to prevent the oppression of minority shareholders;

  • to prevent mismanagement or misconduct on the part of the company’s directors; or 

  • if it is in the public interest.

What are the implications of a Provisional Liquidation?

Entering into a Provisional liquidation means the Company is being taken under the management of a Provisional Liquidator, in this case the JPLs (a licensed insolvency practitioner). The JPLs assume control of the Company from the current Directors and will preserve and maintain the assets of the Company. This involves managing the business from the date that JPLs were appointed pursuant to Orders of the Supreme Court of The Commonwealth of The Bahamas. 

Since their appointment by the Supreme Court, the JPLs have been reviewing the financial position of FTX Digital, investigating the causes of the collapse of FTX globally and its impact on FTX Digital, seeking to identify and secure assets, and investigating all paths available to the company with a view to realising the maximum possible value for FTX Digital stakeholders. This work is ongoing.

It is important to note that the effect of our appointment means that you are unable to start or continue any legal action against the Company, unless agreed by the Provisional Liquidator or the Court allows it.

I am owed money; what notification will I receive?

The Joint Provisional Liquidators (‘JPLs’) will write to all known creditors of the Company (per the creditor list obtained from the Company’s books and records) to formally notify them of the provisional liquidation appointment. This will be accompanied by a general website notice informing creditors that most future documents for creditors will be posted to a website rather than being delivered by post.

Joint Provisional Liquidation

The Commission’s winding up Petition was adjourned to the 10th February 2023. The JPL’s request for recognition of the Bahamian Liquidation Proceeding in the US Court has not yet been set for a hearing.

Opting Out

Creditors have the right to elect to opt out of receiving certain documents about the Bahamian Liquidation Proceeding and the Chapter 15. Any election to opt out will not affect a creditor’s entitlement to receive dividends, should any be paid to creditors. Further details on opting out will be provided to creditors in due course.

How do I know what kind of creditor I am?

In an Official Liquidation in The Bahamas there are three main types of creditors:

  • Secured creditors;
  • Preferential creditors; and
  • Unsecured creditors

Under Bahamian law, secured creditors are creditors with claims that are secured by collateral or assets of FTX Digital. Secured creditors have a right to enforce their security without the leave of the court and without reference to the liquidator. Although a secured creditor can also request that a liquidator sells their assets on behalf of the secured creditor.

Under Bahamian law, preferential creditors primarily consist of company liabilities regarding rates, taxes, assessments or impositions made under the provisions of any Act, alongside claims by landlords, workmen, labourers, employees for arrears of wages and accrued holiday pay. Preferential creditors rank ahead of all other creditors when realisations are achieved from assets where there is no fixed charge registered.

Under Bahamian law, unsecured creditors are all other unsecured and non-preferential creditors (with the exception of shareholders/members). They rank below preferential and secured creditors.

Shareholders / members will be the last class to receive a distribution and they will only receive a distribution after everyone else has been paid in full.

Trust asset claimants

There remains the possibility that FDM holds certain assets which are subject to trust or proprietary claims, whether comprising cash or other assets. If it is ultimately determined that FDM was holding a customer's asset in trust for that customer, then such customer may be entitled to recover that asset and/or, in the event of any shortfall, submit an unsecured claim.

Interaction of the Provisional Liquidation of FTX Digital Markets Ltd with proceedings under Chapter 11 of the United States Bankruptcy Code

The Provisional Liquidation of FTX Digital Markets Limited (“FTX Digital”) is overseen by The Supreme Court of The Commonwealth of The Bahamas (the “Supreme Court”) and is being executed by the Joint Provisional Liquidators (“JPLs”).

In the days following the appointment of the JPLs, proceedings were commenced in the United States to place the remainder of the FTX Group and associated entities into bankruptcy proceedings under Chapter 11 of the U.S. Bankruptcy Code.

FTX Digital was the principal entity in the group licensed to act as a digital assets exchange and from January 2022 onwards was the entity to which the majority of customers of were directed to deposit USD fiat currency with, with other currencies added later. Furthermore, from 13 May 2023, when updated its customer Terms of Service, FTX Digital became the primary counterparty to customers of the, or “FTX International” (non-US) platform.

Customers who created accounts on are unlikely to be aware of whether or not they are creditors of FTX Digital, FTX Trading Limited or another entity of the group. Establishing which customers are the relevant creditors of FTX Digital is a question fundamental to the Provisional Liquidation process and as such the JPLs are in the process of seeking directions from the Supreme Court for guidance on how to proceed.

If you are a customer of, or “FTX International”, you may be a creditor of FTX Digital. The JPLs invite you to register your contact information using the claims portal so that we can stay in touch with you:

Registering your contact details with the above website and at the appropriate time submitting a claim in the Provisional Liquidation of FTX Digital, will not prevent you from submitting a claim in the separate Chapter 11 process. Similarly, submission of a claim in the Chapter 11 proceedings will not prevent you from proving in the Provisional Liquidation of FTX Digital.

If you believe you may be a customer or creditor of FTX.US or any of the FTX Group entities subject to Chapter 11 proceedings, you should refer to the Chapter 11 Debtors’ portal managed by Kroll. For further information on the Chapter 11 process, you can refer to their website at:

Queries regarding phishing and junk email enquiries

We have received a large number of queries from users/customers seeking confirmation that correspondence received in the name of the JPLs is genuine. We can confirm that the JPLs have sent emails to potential customers of FTX Digital from the following email address:

Emails from this address are legitimate communications from the JPLs and we intend to use this address going forward. These emails are available to view and download in the Document library under the “Communications and notices to creditors” section of the FTX Digital page on the PwC website:

Contact information

Creditors of FTX Digital should submit their contact details via a creditor portal which can be accessed at

If creditors and claimants have additional questions which they believe are not addressed by this FAQ section please contact the JPL’s team;



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