FTX Digital Markets, the Bahamas-based unit of the recently collapsed cryptocurrency trading platform, has filed for bankruptcy protection in the U.S., CNN reported. The company filed Tuesday in New York court under chapter 15. The move comes after the crypto exchange’s U.S.-based arm, FTX Group, abruptly filed for bankruptcy Friday after facing a “severe liquidity crisis.” FTX founder Sam Bankman-Fried resigned as CEO the same day. FTX’s rapid collapse marked a stunning downfall for one of the biggest and most powerful players in the crypto industry.

Liquidators for FTX's Bahamas unit, FTX Digital Markets, have asked a New York City court to recognize its bankruptcy in the Bahamas, saying they "reject the validity" of the cryptocurrency exchange's U.S. bankruptcy proceedings, Saltwire reported. The Bahamas liquidators, who were appointed on Nov. 10 by the Securities Commission of the Bahamas, filed a chapter 15 petition late Tuesday in U.S. bankruptcy court in New York, asking the court to help them obtain records from FTX and block asset transfers to protect creditors of the Bahamas-based company.

Troubled Mexican nonbank lender Credito Real is in talks with foreign bondholders, prompting creditors to delay their request for an involuntary U.S. bankruptcy hearing, according to two sources close to the matter, Reuters reported. Credito Real collapsed after it defaulted on a 170 million Swiss franc ($176 million) bond in February, prompting bonds to shed 99% of their value. The talks are centered on establishing what assets the company still had left and are viable for recovery, offering a rare chance for transparency, one source directly involved told Reuters Wednesday.

Groupe Sélection, which operates several retirement residences in Montréal and on the West Island (Sélection Retraite West Island in Pointe-Claire and Sélection Retraite Le Cambridge, also in Pointe-Claire), has filed for bankruptcy protection, The Suburban reported. The banking group that handles Groupe Sélection’s finances, which includes Banque Nationale, has appointed the accounting firm of PriceWaterhouseCoopers to handle the company’s turnaround.

The Securities Commission of the Bahamas said that it froze the assets of FTX Digital Markets Ltd. and related parties on Thursday and appointed a provisional liquidator, WSJ Pro reported. FTX Digital Markets, based in the Bahamas, is a subsidiary of FTX Trading Ltd. owned by billionaire Sam Bankman-Fried. The powers of the directors of FDM have been suspended and no assets held by the firm can be transferred without the provisional liquidator’s approval, the commission said.

A six-figure hit for Nova Scotia's largest registered pension plan is at the heart of an alleged securities fraud case playing out in Texas that aims to recoup some of the $1 billion investors claim they lost, saltwire.com reported. The Nova Scotia Health Employee Pension Plan is the lead plaintiff in a proposed class-action case against engineering firm McDermott International, Inc.

The Companies (Amendment) Act 2021 (the "Amendment") introduces, with effect from 31 August 2022, a welcome update to the Cayman Islands restructuring regime as is contained in Part V of the Cayman Islands Companies Act (2022 Revision) (the "Act"), Mondaq reported. The amendment introduces the concept of a Company Restructuring Officer (CRO), whose mandate is to oversee and implement a restructuring of the company's debts under the supervision of the Grand Court of the Cayman Islands.

On Friday, Oct. 7, 2022, the Russian government moved forward by presidential decree to disenfranchise the owners of the Sakhalin-1 energy project, including the foreign nationals of several countries that the Russian government designated as "unfriendly countries," Mondaq reported. Russia has applied the "unfriendly country" designation to any country, including the U.S., that has joined in international sanctions against Russia.

Statistics Canada says consumer insolvencies rose 22.5 percent in the third quarter compared with a year earlier, marking the largest percentage increase in 13 years, The Canadian Press reported. Statistics Canada says consumer insolvencies rose 22.5 percent in the third quarter compared with a year earlier, marking the largest percentage increase in 13 years. Bankruptcy filings by both businesses and consumers were down throughout the pandemic because of government subsidy programs.