QuadrigaCX Bankruptcy Proceedings: Upcoming Interim Fund Distribution

QuadrigaCX Interim Fund Distribution Announcement

The law firm Miller Thomson, representing users of the now-defunct cryptocurrency exchange QuadrigaCX, has announced that the interim distribution of funds related to ongoing bankruptcy proceedings is scheduled to occur soon. This development comes as a crucial update for affected users who have been awaiting resolution.

Trustee's Role and Notifications

Ernest & Young, serving as the bankruptcy trustee, has been working in collaboration with estate inspectors to facilitate this distribution. In the upcoming weeks, the trustee will release a Notice to Affected Users. This notice will provide essential details on the distribution procedure and the associated timelines.

Impact on Affected Users

It's important to note that a few users may receive a Notice of Disallowance of Claim. This notice indicates that their creditor claims have been revised or disallowed during the bankruptcy process. This means not all users will receive the expected funds, highlighting the complex nature of bankruptcy proceedings.

Fund Distribution Details

The funds involved in these proceedings are measured in Canadian dollars, underscoring the jurisdictional aspect of the case. The upcoming interim distribution marks a significant step in the long, challenging process of resolving the financial implications following QuadrigaCX's collapse.

This update is a pivotal moment for stakeholders as it moves them closer to recouping potential losses from QuadrigaCX's bankruptcy case. Affected users are advised to stay informed by monitoring official communications from the trustee regarding the distribution process.