A Chapter 11 bankruptcy filing by subsidiary FTX Trading and other affiliates in a Delaware court has been declared invalid by Bahamian liquidators.
In the Nov. 15 document, Simmsfor Chapter 15 Bankruptcy in the United States Bankruptcy Court in the Southern District of New York, which is used when a foreign representative of the debtor seeks recognition in the U.S. for a pending foreign insolvency proceeding.
"The Provisional Liquidation Order divests FTX Digital's directors' of the ability to act, or exercise any functions, for or on behalf of FTX Digital unless expressly instructed to so by me in writing." He further notes,"The entire FTX Brand was ultimately operated from a single location: The Bahamas. All core management personnel likewise were located in The Bahamas."China's crypto banSimms has not asked the court to dismiss the U.S. bankruptcy proceedings, stating"no provisional relief seeking the injunction or dismissal of the Chapter 11 is presently sought" but requests the U.S courts recognize the legal actions taking place in The Bahamas.
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