According to a post from Bloomberg News today, Singapore’s High Court has given Three Arrows Capital liquidators Teneo permission to safeguard and sell the company’s assets in Singapore.
The article claims that Teneo is now authorized to request access to 3AC’s local assets and financial data in Singapore.
This opens up the opportunity for the liquidator to concentrate on 3AC assets such as bank accounts, digital currencies, non-fungible tokens, and interests in businesses and real estate in Singapore.
According to reports, the liquidator is in charge of crypto fund assets worth roughly $40 million, representing a small portion of the more than $2 billion in unsecured claims against the company.
Some Respite for Creditors
Not all creditors have submitted claims, so the number of unsecured claims will increase.
The co-founders were previously described as being recalcitrant by the liquidators. The two, now in Dubai, are among the creditors who have claimed against the insolvent company.
Teneo had been named the administrator of the assets of the insolvent hedge fund by a British Virgin Islands court. Still, it had struggled to carry out the appointment in Singapore.
Before April, when co-founder Zhu Su revealed plans to relocate it to Dubai, the crypto-focused hedge fund had its offices.
However, the majority of its operations remained there until its eventual collapse, and it is registered with Singapore’s BVI financial authority.
Three Arrows Capital was one of the well-known cryptocurrency companies that failed due to the Terra/LUNA crisis. Crypto companies like Voyager and Celsius have filed for bankruptcy three months after the incident.