Quadriga CX moves into bankruptcy

09 Apr, 2019 | Updated: 09 Apr, 2019
by Alberto Arnaldo
Quadriga CX moves into bankruptcy

Quadriga CX, the Canadian exchange which has been generating headlines ever since Gerald Cotten, CEO, was declared dead in India without ever revealing the codes to access the funds, is now seeing a quite predictable development.

Yesterday, a Nova Scotia Supreme Court allowed the troubled exchange to move from court-approved creditor protection to a full bankruptcy process.

As surprising as it might be, there is an opportunity for the business to come back to live, according to a report from Ernst &Young from the 1st of April. The appointed creditor appears to consider that there is a “remote” chance for re-emergence after restructuring.

The bankruptcy option appears to be preferred by the company in order to facilitate the investigation that aims at recovering assets. The trustee would have more powers in such case, such as compelling production of documents and examining parties under oath. Moreover, that format would also allow the sale of assets.

The next chapter of this event will unfold on the 18th of April, as that is the date for the next hearing.

Read more: Quadriga CX keys wouldn't have been lost in Bermuda, claims leader; QuadrigaCX: Exchange may go into bankruptcy

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Read more about: QuadrigaCX


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