Bahamas supreme court appoints liquidators for FTX assets

Bahamas Securities Commission revealed that the country’s supreme court has approved the appointment of Kevin Cambridge and Peter Greaves of PricewaterhouseCoopers as the provisional liquidators of the assets of bankrupt crypto exchange FTX, according to a Nov. 14 press statement.

The press statement revealed that  Brian Simms was appointed the court-supervised provisional liquidator on Nov. 10.

According to the financial regulator, it recognizes the “magnitude, urgency, and international implications” of FTX’s capitulation; as such, it had to “swiftly” use its regulatory powers to “further protect the interests of clients, creditors, and other stakeholders globally of FTX Digital Markets Ltd.”

The Commission also expressed willingness to work with other regulatory agencies as the case was “multijurisdictional in nature.”

FTX has its headquarters in the Bahamas and is currently under investigation by local authorities. The local securities regulator denied allowing FTX to resume withdrawals in the country and said it has frozen the bankrupt exchange’s assets.

FTX says its creditors are above 1 million

In a separate Nov. 14 court filing, FTX said it could potentially have more than 1 million creditors instead of the 100,000 it had previously stated, and requested the court allow it to file a consolidated list of its top 50 creditors before Nov. 28.

Meanwhile, the court filing revealed that new independent directors had been appointed for each of the main parent companies in the FTX group. The new directors are:

• Joseph J. Farnan, Jr. at FTX Trading Ltd., who will serve as lead independent director
•  Matthew A. Doheny at FTX Trading Ltd.
• Mitchell I. Sonkin at West Realm Shires Inc.
• Matthew R. Rosenberg at Alameda Research LLC; and
• Rishi Jain at Clifton Bay Investrnents LLC

Meanwhile, the Financial Times reported that FTX’s bankruptcy proceedings had stalled as it had not formally filed its first-day motions to commence proceedings.