3AC liquidators seek time and access to Singapore headquarters

3AC liquidators seek time and access to Singapore headquarters

Three Arrows Capital's (3AC) liquidators have applied to the High Court of Singapore for a stay of proceedings against the business and access to its Singapore offices. According to the liquidators, a  court ruling is necessary in view of the numerous legal procedures that might be brought in the near future and the almost silent management and directors of the Company. 

According to the application from July 9, the liquidators seek access to any cold wallets or information on how to access 3AC trading accounts that may be located at the Singapore office before it is removed or destroyed. The application outlines prior unsuccessful attempts to contact firm directors Kyle Davies and Su Zhu and their representatives for information.

The extent of 3AC's financial difficulties is still becoming revealed. The sources claim that Digital Currency Group subsidiary trader Genesis Asia Pacific, 3AC's largest creditor, loaned 3AC $2.36 billion.

That amount is far higher than what was previously stated. The loan's 80% margin was already known, so as soon as 3AC missed a margin call, Genesis started selling off security.

Zhu and Davies' whereabouts are still unknown.

Zhu wrote on Twitter on July 12 about how our willingness to work with the Liquidators in good faith was treated with taunting. However, given that he is submitting a $5 million claim against the business, he could show up at the 3AC creditors' meeting set for July 18th, stated liquidators.

Liquidators continue the discussion by saying that ThreeAC Limited, the investment manager for 3AC, is also asserting a $25 million claim in addition to Zhu's. On June 27, a British Virgin Islands court ruled that 3AC must be liquidated.