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FTX US Bankruptcy Proceedings | Taiwan FinTech Association Debt Claim Declaration Information Sharing

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FTX US Bankruptcy Proceedings | Taiwan FinTech Association Debt Claim Declaration Information Sharing

The Taiwan FinTech Association recently posted on Facebook several key points regarding the FTX "Creditor List." In fact, if there are no objections to the creditor list and its contents provided by FTX, there is no need to submit a "Proof of Claim" for the debt.

Table of Contents

Reminder 1

FTX (debtor) is required to submit a "Creditor List" in accordance with the U.S. bankruptcy procedures. Creditors can confirm their information online, and if correct, there is no need to submit a "Proof of Claim":

  1. According to U.S. bankruptcy laws, the debtor FTX must submit a "Creditor List," which includes creditor names, account numbers, amounts owed, etc.

  2. FTX has not yet submitted the "Creditor List," but has requested an extension from the court to submit by January 23, 2023. The association will provide further updates after the court's decision.

  3. Each claim listed on the "Creditor List" submitted by FTX in the future will be considered "proved" by law and does not require a "Proof of Claim" (unless the claim is noted as disputed or uncertain).

  4. If there are no objections to the details of one's claim on the "Creditor List" submitted by FTX, there is no need to file a "Proof of Claim," only if there are objections.

  5. The court will provide online access to view the details of creditors' claims, and FTX is also required to notify creditors.

Reminder 2

If filing is necessary, the forms are simple and can be filled out online:

  1. "Creditor Name," "Amount Owed": Each creditor should carefully check their information online.

  2. "Reason for the Claim, Security, Offsetting Ability": Contents of similar smart contracts and user contracts should be the same, and creditors can fill this out themselves. The association will collaborate with other associations in the future to provide a standard template for reference.