Su v. Atom Holdings
Weiyi Su also known as Victor Su
Law Firm / Organization
Borden Ladner Gervais LLP (BLG)
Atom Holdings (In Official Liquidation Under the Cayman Islands Companies Act, 2023 Revision)
Law Firm / Organization
Clark Wilson LLP
George Kimberley Leck, in his capacity as joint liquidator of Atom Holdings
Law Firm / Organization
Unrepresented

Background:
The case arose from the collapse of the Atom Asset Exchange (AAX), a cryptocurrency exchange operated by Atom Holdings. Atom Holdings, now under official liquidation in the Cayman Islands, accused Weiyi Su (aka Victor Su), a former director of AAX Group companies, of diverting millions of dollars in cryptocurrency for personal use. Liquidators appointed in the Cayman proceeding sought to recover assets through British Columbia's courts under the Bankruptcy and Insolvency Act (BIA).

Legal Issues:

  1. Ex Parte Orders: Su appealed orders refusing to set aside:

    • A Section 272 Order (similar to an Anton Piller order) permitting search, seizure, and preservation of evidence.
    • A Mareva injunction freezing Su’s assets.
    • The appellant alleged non-disclosure of critical facts, including coercive investigative methods used by the liquidators.
  2. Jurisdiction and Timing: Disputes included whether appeals of orders under the BIA were subject to a 10-day deadline, which Su missed, requiring an extension of time.

  3. Interim Relief: Su requested a sealing order to protect personal safety and an injunction limiting evidence use in other proceedings.

Rulings and Costs:
The Court of Appeal extended the time and granted leave for Su to appeal the Section 272 Order. Liquidators were restrained from using evidence beyond bankruptcy proceedings. A partial sealing order was issued. The appeals were expedited.

Court of Appeals for British Columbia
CA50108; CA50109
Bankruptcy & insolvency
Appellant