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JPLs to report, as troubled Blockfi faces winding up

Narinder Hargun, the Chief Justice (File photograph)

A winding up petition in respect of Bermudian-based fintech company BlockFi International Limited has been adjourned to February 24.

Steven White and Tim Molton, of law firm Walkers Bermuda, appeared on behalf of the company and its joint provisional liquidators on Friday on the first return date of the matter.

Mr White said the order sought by the company and supported by the JPLs was for the matter to be adjourned so that the court in Bermuda would have the benefit of the first report of the JPLs, which was due at the end of this month, as well as an update on the parallel Chapter 11 proceedings taking place in respect of the US-based parent, BlockFi Inc, and related companies in the US Bankruptcy Court for the District of New Jersey.

He said key hearings in the New Jersey matter were scheduled for January 24 and 30.

The order was granted by Narinder Hargun, the Chief Justice.

The petition before the Bermuda court was filed on November 28.

Joel Edwards of EY Bermuda Ltd and Eleanor Fisher of EY Cayman Ltd were appointed as JPLs of BlockFi International a day later.

The Chapter 11 proceedings in New Jersey involve BlockFi Inc and eight others, including its Bermudian-based subsidiary.

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Published January 16, 2023 at 7:21 am (Updated January 16, 2023 at 11:07 am)

JPLs to report, as troubled Blockfi faces winding up

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