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FTX Bankruptcy Aims for Creditor Repayments by End of 2024

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The FTX bankruptcy estate has outlined a plan to commence repaying customers by the conclusion of 2024, as revealed in minutes from a gathering of FTX Digital’s Joint Official Liquidators held in the Bahamas.

FTX’s bankruptcy comprises two distinct processes operating concurrently: the Chapter 11 bankruptcy proceeding in a Delaware court in the United States and the official liquidation procedure of FTX Digital, FTX’s subsidiary based in the Bahamas. This dual approach arises due to the “hopelessly commingled” state of FTX’s accounting. However, both branches of the estate have committed to collaboration, allowing creditors to submit their claims to either entity with the assurance that no creditor will receive less than their entitled value.

In pursuit of this objective, both the Chapter 11 Debtors and the Joint Official Liquidators “share the goal of initiating the first interim distribution to creditors with admitted claims and satisfactory KYC documentation by the end of 2024,” as stated in the minutes from the March 15 meeting.

Creditors have been able to lodge claims via FTX’s claims portal since March 1, when the portal went live. The current deadline for creditors to select one of the two bankruptcy processes and submit a claim is May 15. However, as per the meeting, this deadline “is now anticipated to be extended to at least June 2024 based on recent developments.”

Similar to the Chapter 11 claims, the Bahamian claims will be appraised as of November 11, 2022, the original date of the bankruptcy claim.

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