Re Genesis Asia Pacific Pte Ltd (in its capacity as a foreign representative for Genesis Asia Pte Ltd) and another and other matters

Following turmoil in the cryptocurrency market, the Applicant Companies commenced proceedings under Chapter 11 of the US Bankruptcy Code 11 USC (US) (1978) (“Chapter 11 Proceedings”). An order was made by the Bankruptcy Court for the Southern District of New York (“US Bankruptcy Court”) authorising Genesis Asia Pacific Pte Ltd (“GAP”) to act as the foreign representative of the Applicant Companies to: (i) seek recognition of the Chapter 11 Proceedings; (ii) request the General Division of the High Court (“GDHC”) to lend assistance to the US Bankruptcy Court in protecting the Applicant Companies’ property; and (iii) seek any other appropriate relief that the GDHC deemed just and proper.

The GDHC held that a corporate entity can be recognised as a “foreign representative” for the purposes of Art 2(i) of the UNCITRAL Model Law on Cross-Border Insolvency (30 May 1997) (“the Model Law”). Further, the Model Law does not prevent a debtor from being its own foreign representative despite the potential for some conflict of interest.

Read the full judgment here