3AC Liquidation Order Approved by Singaporean High Court
- Liquidators from Three Arrows Capital (3AC) managed to secure a major decision from the Singapore court
- This will allow them the ability to probe into the local assets of the hedge fund.
- The court now has the power to legally recognize the order for liquidation
In Singapore, the liquidators of Three Arrows Capital (3AC) have managed to secure a major court decision approving liquidation proceedings.
The High Court approved the request of Teneo, 3ACs appointed liquidator. This enables the court to now legally recognize the liquidation order.
The Aftermath of 3ACs liquidation
As reports suggest, this allows Teneo to request financial records of every kind, held locally. These records include
- bank accounts
- stakes in companies
The hedge fund’s decline occurred as a result of a broader crypto contagion that affected the entire industry. The algorithmic stablecoin TerraUSD ($UST) collapsed in May, and the $LUNA ecosystem followed right after.
Currently, Teneo controls at least $40M of Three Arrow Capital's assets. this represents a small fraction. According to a 1,157-page court filing, the creditor claims are estimated to be a minimum of $2.8B,
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