QuadrigaCX gets creditor protection extension for 45 days

Posted 06 March, 2019

The Nova Scotia Supreme Court has spared QuadrigaCX some more time to find $140 million that the platform owes to its customers.

During the scheduled hearing held on March 5, Judge Michael Wood decided to extend the halt in proceedings announced last month providing the exchange with another 45 days. As a result, creditors remain unable to sue the exchange during this period.

According to the reports, the next hearing is slated for April 18.

In addition, Michael Wood appointed a chief restructuring officer (CRO) to manage QuadrigaCX and its subsidiaries and cooperate with Ernst & Young in order to get the digital assets reportedly stored in its cold wallets.

However, Judge Wood expressed some concerns about whether the CRO would not duplicate the steps that EY had made. Nevertheless, the audit firm, the exchange and the court managed to reach a compromise as for the role of CRO. Thus, he would only cooperate with EY, without any additional work and costs.

For reference, Jennifer Robertson, widow of former CEO at QuadrigaCX, filed a request on February 25 asking the court to consider the appointment of the restructuring expert.

Meanwhile, EY asked the court to issue an order that will enable it to extract the information from Cotten’s account on Amazon Web Services and Wood reportedly granted it.

It should be also mentioned that Jennifer Robertson has lately requested the court to repay her CAD 300,000 ($225,000) that she initially invested in the CCAA process. However, the Judge deferred any order on the issue so far. 

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