BlockFi UCC filing confusion - debtor name changes after bankruptcy
Having major issues with BlockFi UCC filings after their bankruptcy mess. We had several UCC-1s filed against BlockFi as debtor back in 2021-2022, but now with all the corporate restructuring and name changes, I'm not sure how to handle continuations. The original filings show 'BlockFi Lending LLC' but I'm seeing references to 'BlockFi Inc.' and other entity variations in court documents. Our continuation deadline is coming up in March and I'm worried about debtor name mismatches causing rejections. Has anyone dealt with similar situations where the debtor entity goes through bankruptcy reorganization? Do I need to file amendments first to update the debtor name, or can I just file the continuation with the original name? The collateral is cryptocurrency lending agreements, so there's significant value at stake here.
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AstroAlpha
Oh man, BlockFi was such a nightmare. I had to deal with this exact issue last year. The key thing is you need to stick with the EXACT debtor name from your original UCC-1 filing for the continuation. Don't try to 'fix' it with what you think the new name should be - that'll cause an automatic rejection. The filing office doesn't automatically update debtor names just because of bankruptcy proceedings.
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Yara Khoury
•This is correct. I learned this the hard way with another crypto lender that went through restructuring. Filed a continuation with what I thought was the 'updated' name and it got rejected immediately.
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Keisha Taylor
•But what if the entity doesn't exist anymore under that name? Wouldn't the continuation be worthless?
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Paolo Longo
Actually, you might want to consider filing both a continuation AND a UCC-3 amendment to add the new entity name as an additional debtor. That way you're covered either way. I've seen situations where the trustee or new entity disputes the original filing because of name changes, but if you have both names on record, you're protected.
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Amina Bah
•Smart approach. Better to over-file than under-file with these bankruptcy situations. The amendment fee is worth the protection.
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Oliver Becker
•How long do you have to file the amendment after the continuation? Is there a specific deadline for that?
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Paolo Longo
•No specific deadline for the amendment, but I'd do it simultaneously with the continuation to avoid any gaps in coverage. File them on the same day if possible.
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CosmicCowboy
I ran into something similar with a different crypto company and ended up using Certana.ai's document checker. You can upload your original UCC-1 and the continuation forms to verify that all the debtor names and filing details match exactly. It caught a small discrepancy in how I had typed the LLC designation that would have caused a rejection. Super helpful for these complex multi-entity situations.
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Natasha Orlova
•Never heard of that service before. Does it actually check against the secretary of state databases or just compare the documents?
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CosmicCowboy
•It does document comparison to make sure everything aligns properly between your original filing and new documents. Really helpful for avoiding those annoying name mismatch rejections.
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Javier Cruz
Wait, I'm confused. If BlockFi went through bankruptcy, wouldn't all the UCC filings be discharged anyway? Why would you need to continue them?
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Emma Thompson
•Bankruptcy doesn't automatically discharge secured creditor rights. If your UCC was properly perfected before the bankruptcy filing, you still have priority over unsecured creditors. That's exactly why you need to maintain the continuation.
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Malik Jackson
•Plus, cryptocurrency lending agreements often have specific provisions that survive bankruptcy proceedings. The collateral might have been transferred to a successor entity.
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Javier Cruz
•Ah ok, that makes sense. I was thinking of it like unsecured debt. Thanks for clarifying.
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Isabella Costa
BlockFi specifically is tricky because they had multiple entities. BlockFi Lending LLC, BlockFi Trading LLC, BlockFi Inc. - they were all related but legally separate. You need to make sure you're continuing against the exact entity that was your original debtor. Check your loan documents to confirm which specific BlockFi entity you actually lent to.
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StarSurfer
•This is crucial. I made this mistake with another multi-entity crypto company and had to scramble to fix it later.
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Ravi Malhotra
•How do you even figure out which entity is which when they all have similar names? The corporate structure charts are a mess.
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Freya Christensen
Been tracking BlockFi filings for months now. The bankruptcy court documents show that BlockFi Lending LLC was the primary entity for most of the lending operations. If your UCC-1 was filed against them, stick with that exact name for the continuation. I've seen other lenders successfully continue their filings using the original entity names.
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Omar Hassan
•Do you have a link to those court documents? Would be helpful to verify the entity structure.
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Chloe Robinson
•Also dealing with BlockFi continuations. This is really helpful information, thanks for sharing.
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Diego Chavez
Just a heads up - make sure you file your continuation at least 30 days before the expiration date. With all the BlockFi chaos, filing offices might be getting a lot of these and processing could be slower. Don't wait until the last minute.
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NeonNebula
•Good point. Better to be early than sorry with these high-value crypto collateral situations.
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Anastasia Kozlov
•I always file 60 days early for anything crypto-related. Too much money at stake to risk a processing delay.
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Sean Kelly
Another option is to also file a new UCC-1 against any successor entities while you continue the original. Gives you belt-and-suspenders protection. Yes, it costs more in filing fees, but with crypto collateral values, it's worth the insurance.
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Zara Mirza
•That's actually brilliant. Hadn't thought of doing a new UCC-1 as backup protection.
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Luca Russo
•Would the new UCC-1 have the same priority date as the original, or would it be junior?
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Sean Kelly
•New UCC-1 would have a new priority date, so it would be junior. But it's still better than having no perfected security interest at all if the continuation gets challenged.
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Nia Harris
I used Certana.ai for a similar BlockFi situation last month. Uploaded my original UCC-1 and the continuation form, and it immediately flagged that I had a small difference in how the debtor address was formatted. Would have caused a rejection for sure. The tool is really good at catching these detail mismatches that are easy to miss when you're dealing with complex corporate structures.
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GalaxyGazer
•That's exactly the kind of mistake that would drive me crazy. Glad you caught it before filing.
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Mateo Sanchez
•Address formatting issues are so common with these multi-state crypto companies. They seem to change their registered addresses constantly.
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Aisha Mahmood
Update: Just successfully filed my BlockFi continuation using the exact original debtor name from 2022. No issues, processed within 48 hours. Stick with what you originally filed - don't try to be smart and update the name. The system works if you follow the rules exactly.
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Ethan Moore
•Thanks for the update! This gives me confidence to proceed with mine the same way.
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Yuki Kobayashi
•Which state did you file in? Some states are faster than others with crypto-related filings.
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Aisha Mahmood
•Filed in Delaware where BlockFi was incorporated. Their UCC system is pretty efficient.
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