### On November 11, 2022, FTX Group Companies announced through a press release that they filed for ‘Chapter 11’ bankruptcy protection in District of Delaware. On November 16, 2022, it was [reported](https://www.reuters.com/technology/ftxs-bahamas-unit-seeks-chapter-15-bankruptcy-protection-filing-2022-11-16/) that FTX’s Bahamas unit filed for bankruptcy protection under ‘Chapter 15’ in New York. 

On November 12, 2022, we covered the bankruptcy filing of FTX Group Companies in this [article](https://www.cryptoflash.report/articles/ftx-bankruptcy-confirmed-the-contagion-begins). Only about five days later, there are reports of a second filing under a different law - Chapter 15. WFFT.com explained that: “The company filed Tuesday in New York court under Chapter 15, which is a way for foreign companies to use US bankruptcy law to restructure debt — commonly done because US law offers greater protections than those in other countries.” 

FTX’s Bahamas unit is currently under liquidation proceedings after the assets were frozen by the Securities Commission of the Bahamas (SCB) and announced on Nov. 10, 2022. To make the bankrupcty even more complicated, FTX Bahamas unit is arguing that FTX Group Companies did not have the authority to file Chapter 11 Bankruptcy in Delaware. Coindesk explained in an [article](https://www.coindesk.com/policy/2022/11/16/bahamian-liquidators-say-ftx-wasntauthorized-to-file-for-bankruptcy-in-the-us/): “Bahamas-based lawyer Brian Simms, one of the provisional liquidators appointed by the Bahamas Supreme Court, said in a court filing that FTX was not authorized to file for bankruptcy in the U.S., adding that he “reject[s] the validity of any purported attempt to place FTX affiliates in bankruptcy.”

Simms’ declaration came after he and other liquidators filed for Chapter 15 bankruptcy protection on behalf of the Bahamas arm of the insolvent crypto exchange – FTX Digital Markets – in the Southern District of New York (SDNY) on Tuesday. 

Chapter 15 bankruptcy is typically used in cross-border operations.” The Bahamian FTX entity is called FTX Digital Markets. Based on the filing of FTX Digital Markets in New York, it is asserting that FTX Digital Markets is the parent and controlling company of the entire FTX group. 

On November 11, 2022, FTX Group Companies announced through a press release that they filed for ‘Chapter 11’ bankruptcy protection in District of Delaware. On November 16, 2022, it was reported that FTX’s Bahamas unit filed for bankruptcy protection under ‘Chapter 15’ in New York. 

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Thu Nov 17 2022 FTX Has Two Bankruptcy Filings

FTX’s Bankruptcy Estate Sold $1 Billion of Grayscale’s Bitcoin ETF

Co-Founder Testifies Sam Bankman-Fried Knew About FTX Troubles

From Founder To Defendant: FTX Files Lawsuit Against Sam Bankman-Fried – Details

Sam Bankman-Fried Pleads Not Guilty On All Counts, Pushes For 10 Charges To Be Dismissed

SBF's Alameda Issues Were Not New

Co-Founder Testifies Sam Bankman-Fried Knew About FTX Troubles

Thu Nov 17 2022

FTX Has Two Bankruptcy Filings