Despite favoritism allegations, is collaboration between Bahamian authorities and FTX liquidators' the best way forward?
A lawyer representing provisional liquidators overseeing FTX’s assets has pushed back against allegations officials in the Bahamas were using the collapse of the crypto exchange to benefit its residents first.
In a Dec. 16 hearing for FTX Trading’s bankruptcy proceedings, White & Case partner Jason Zakia said allegations made by debtors concerning FTX assets and Bahamian authorities were “wholly without merit”. The legal team represented provisional liquidators whose appointments werein November and had “no involvement” in the downfall of FTX prior to its bankruptcy, according to Zakia.
“In any international case like this, there are a multitude of jurisdictions that have legitimate and important interests and that certainly includes the Bahamas,” said Zakia. “The Bahamian legal system is an independent legal system that should be respected. There have been a lot of allegations and aspersions thrown around directed at the Bahamas — the Bahamian government, the Bahamian legal system.”“One of the allegations [...
FTX filed for bankruptcy under Chapter 11 in the United States District of Delaware on Nov. 11. The bankruptcy court has held a few hearings as part of the proceedings dealing with how the firm’s assets may be handled amid interests from FTX debtors and creditors. The next hearing available to the public is expected on Jan. 11, which will likely
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