Court issues winding-up order for BlockFi International
A winding-up order was made in the Supreme Court of Bermuda on Friday in the matter of Bermudian-based BlockFi International Ltd.
Narinder Hargun, the Chief Justice, made the order in relation to the crypto lender, having been satisfied that the company is insolvent.
The winding-up petition was brought by the company in November last year.
No appearance has been made by a creditor of BlockFi International to oppose the winding-up.
Parallel Chapter 11 proceedings were initiated by BlockFi Inc, the American company, and eight of its affiliates in the United States Bankruptcy Court for the District of New Jersey.
The Bermuda court last month recognised the confirmed plan of the US court.
Lawyer Steven White, of Walkers (Bermuda) Ltd, representing the company and the joint provisional liquidators, EY, appeared before Mr Justice Hargun.
He said BlockFi International had 220,000 international account holders.
Their claims have been scheduled in the US proceedings.
Mr White said neither the joint provisional liquidators nor the company are aware of any significant creditors that have not yet filed a claim.
The order includes a provision that the company advertise in The Royal Gazette, the national edition of The New York Times and on the CoinDesk website, giving any additional creditors 28 days to file a proof of claim.
Mr White said the US proceedings are advanced, and the plan is to begin distributions to creditors in January.
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