TechFlow news — Three Arrows Capital has filed for Chapter 15 bankruptcy protection in a New York court under the U.S. Bankruptcy Code to safeguard its U.S. assets during liquidation proceedings in the British Virgin Islands.
Court documents show that representatives of Three Arrows submitted the bankruptcy petition in New York on Friday. Under Chapter 15 of the U.S. Bankruptcy Code, creditors are barred from seizing a company’s assets in the United States. Law firm Latham & Watkins is representing Three Arrows in its U.S. bankruptcy case.
Earlier, a court in the British Virgin Islands ordered the liquidation of Singapore-based Three Arrows Capital. Blockchain.com, a creditor of Three Arrows, said it is cooperating with the court-ordered investigation into the distressed crypto hedge fund. According to court filings and statements from representatives of both companies, Blockchain.com and the crypto derivatives exchange Deribit confirmed they are among the creditors seeking liquidation of Three Arrows in a British Virgin Islands court.
