3AC To Hold First Meeting For Creditors On July 18: Report
- Three Arrows Capital (3AC) creditors’ meeting will happen for the first time on Monday
- It will be held by a court-appointed liquidator for 3AC, Teneo
The first meeting for creditors of insolvent crypto hedge fund, Three Arrows Capital (3AC), will take place on July 18 according to a report and it will be held by a court-appointed liquidator for the firm, Teneo, a global CEO consulting and advisory firm.
According to three sources linked to the matter, another law firm Ogier will also be present whose task will be to guide and advise Teneo during the course of the meeting. Interestingly, Ogier is the main joint liquidator along with Russell Crumpler and Christopher Farmer of Teneo (BVI) Limited. They also revealed the date for the meeting last week.
Additionally, on June 27, the firm was ordered to be liquidated by the Eastern Caribbean Supreme Court in the British Virgin Islands’ High Court of Justice. 3AC filed for bankruptcy on July 1 and since then, the founders of the firm have been missing and have failed to comply with the court proceedings.
Moreover, Teneo has also created an official website where each creditor will be updated with the proceedings of the case while every detail will also be available to the public. The website consists of all the documents related to the liquidation of 3AC and are downloadable.
Additional documents, for approved creditors, will be available in the password protected ‘Approved Creditor Access’ section of this site. Passwords for these documents will be provided to all parties whom the JL’s believe are entitles to have access. Please contact the JL’s at the email address above to arrange access.
reads the website.
However, it remains unclear if the meeting with the liquidators will be livestreamed or if it will be held behind closed doors.
The liquidation of 3AC has affected crypto hedge fund DeFiance Capital which claims to have suffered “material loss.” The CEO of the firm, Arthur Cheong, claims to be completely unaware of the financial state of 3AC and says that he discovered it when reports were circulated in the crypto community. As a result, DeFiance Capital faces losses due to the liquidation process.
Cheong has committed himself to ensuring that DeFiance recovers all its assets with 3AC and plans to take measures to protect and preserve these assets.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
