With cryptocurrency exchange QuadrigaCX moving into bankruptcy and business services firm Ernst & Young (EY) appointed to watch over bankruptcy proceedings, Osler counsel Evan Thomas explains the next steps in an article in Bitcoin Magazine. In her article, author Jessie Willms examines the background of the QuadrigaCX case and the implications. Evan, counsel in Osler’s Litigation Group, explains what’s next, as EY assumes control of all of QuadrigaCX’s assets.
“EY will continue its investigation, but once it is the trustee, it will have greater powers to do so,” Evan tells Bitcoin Magazine. “This includes the power to examine people who have relevant information under oath.”
Evan also says that EY can also seize the exchange’s assets.
“The trustee can also sell QuadrigaCX's assets and start lawsuits to recover property or damages,” Evan says. “The trustee will collect whatever it can recover for eventual distribution to creditors.”
As for next steps, Evan tells Bitcoin Magazine that “there will be a claims process for creditors to file claims for consideration by the trustee. Eventually, whatever money or other property that is recovered by the trustee will be distributed to creditors with valid claims.”
For more information, read author Jessie Willms’ article “QuadrigaCX starts bankruptcy proceedings” on April 10, 2019, in Bitcoin Magazine.
