On 11 November 2022, FTX, FTX US, and approximately 135 entities in the FTX Group (including Alameda Research Ltd) entered into the Chapter 11 protective restructuring process in the United States Bankruptcy Court for the District of Delaware. John Jay Ray III has been appointed as CEO and Chief Restructuring Officer. It is reported that restructuring professionals have been appointed, and that steps are taken to secure all FTX assets.
FTX Australia and FTX Express has similarly been placed in administration in Australia.
The restructuring process is in a nascent stage, with FTX stakeholders around the globe paying close attention to how matters unfold.
We have received enquiries relating to these developments. Creditors, investors, clients, and counterparties will understandably be concerned, and will wish to take steps to protect their rights and interests.
We are monitoring the case docket and have reviewed the petition filed on 11 November 2022 in the US proceedings. We have reviewed the terms of service of the two main FTX exchanges, and it appears that issues such as custodial holdings (as opposed to contractual holdings) may be relevant to investors in light of restructuring proceedings.
PDLegal LLC has an active cryptocurrency and blockchain practice – straddling advisory, transactions, and disputes. The firm has acted both for and against crypto-exchanges in various matters, including but not limited to investigations, commercial disputes, and insolvency matters (see article pertaining to Hodlnaut).
Further, the firm’s practice is able to advise on Singapore, Indian, Australian, and English law.
Please reach out to the firm, and we will be happy to discuss how we are able to assist.
Our Partner Gerard Quek acts for crypto-exchanges, written on crypto enforcement, and has acted in enforcement proceedings against crypto assets. He has expertise in acting for claimants in class action suits.
Our Partner Kyle Gabriel Peters represents crypto-exchanges and is experienced in cross-border insolvency matters. He has acted for creditors and insolvency professionals in cross-jurisdiction applications under Chapters 11 and 7 of the Bankruptcy Code and the UNCITRAL Model Law.
PDLegal LLC has been recognised as a recommended firm in The Straits Times’ survey on Singapore’s Best Law Firms for 2021 under the Maritime & Shipping practice category.
The Straits Times, together with international market researcher Statista, conducted the first-ever survey to identify Singapore’s best law firms in 15 different areas of legal practice.View All Awards
We know what’s at stake, and our lawyers ready for you – if you would like to speak to us for more information, please contact our client services team who will be happy to assist.
PDLegal LLC Advocates & Solicitors 1 Coleman Street #08-02 The Adelphi Singapore 179803
(65) 6220 0392
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