FTX wants to exclude its Turkish leg from the scope of bankruptcy case because it thinks that Turkey will not comply with the instructions from the USA.
FTX, which declared bankruptcy after experiencing a major collapse, spends intense time on the restructuring process. FTX, which manages bankruptcy cases and legal processes, is looking for ways to get the company back to the old days. The company, which has been restructured in this context, plans to solve many problems. Finally, FTX claimed that Turkey would not keep up with the instructions from its headquarters in the USA. Citing this, the stock market wants to remove FTX Turkey from the bankruptcy case.
FTX Wants to Remove Turkey Unit from Bankruptcy Case
The restructured crypto exchange FTX has suggested that the Turkish government is unlikely to follow instructions from the United States. Citing this, the stock market demanded that FTX Turkey be removed from the ongoing bankruptcy proceedings.
After FTX filed for bankruptcy, legal proceedings were initiated in Turkey. During investigations into FTX’s activities, many assets associated with the company were also seized.
In the file submitted by FTX to the US court, the following statements about FTX Turkey were included;
“Decisions made by this court have no legal or practical effect in Turkey, and debtors have no reason to believe that the Turkish government will comply with this court’s decisions.”
It was also stated in the file that the parent company could continue the litigation processes under Turkish law and that the creditors in Turkey started to file private lawsuits in local courts.
