The FTX bankruptcy estate has outlined its objective to initiate repayments to customers by the conclusion of 2024, as per records from a gathering of FTX Digital’s Joint Official Liquidators in the Bahamas.

FTX’s bankruptcy entails two distinct processes operating concurrently: the Chapter 11 bankruptcy proceeding underway in a Delaware court in the United States and the official liquidation process of FTX Digital, FTX’s subsidiary based in the Bahamas.

This dual process arises due to the “hopelessly commingled” state of FTX’s accounting.

However, both branches of the estate have agreed to collaborate to ensure creditors may file their claims with either entity, ensuring that no creditor receives less than their rightful entitlement.

Creditors have had the opportunity to lodge claims on FTX’s claims portal since Mar. 1, when the portal became operational.

While the current deadline for creditors to select one of the two bankruptcy processes and submit a claim is May 15, recent developments suggest an extension of the deadline to at least June 2024, according to the meeting.

The valuation of Bahamian claims, akin to Chapter 11 claims, will be assessed as of November 11, 2022, the original date of the bankruptcy claim.