QuadrigaCX Creditors to Receive Interim Dividend

QuadrigaCX Creditors' Interim Dividend

Creditors of the defunct Canadian crypto exchange QuadrigaCX are poised to receive an interim dividend amounting to 13% of their total claims. This development arises as part of the ongoing bankruptcy proceedings managed by the trustee, Ernst & Young (EY).

Details of the Payment

The payout structure specifies that each creditor with an approved claim will receive 13.094156% of their proven claim. However, this amount will be adjusted to account for the levy payable to the Office of the Superintendent of Bankruptcy, in accordance with the Bankruptcy and Insolvency Act (BIA).

Background on QuadrigaCX

QuadrigaCX was once a prominent player in the cryptocurrency exchange market in Canada. Its collapse left numerous creditors in financial limbo, seeking compensation for their lost assets. The current payout represents a significant step in addressing these claims, albeit partially.

Implications for Creditors

This interim dividend provides a measure of relief for QuadrigaCX's creditors, who have been awaiting resolution since the exchange's bankruptcy. The distribution of funds marks a critical phase in the bankruptcy process, offering some restitution to those affected by the exchange's downfall.

Moving Forward

As the bankruptcy proceedings continue, creditors and stakeholders will be closely monitoring further developments. The interim dividend is a crucial milestone, but the complete resolution of claims remains a priority for those impacted by QuadrigaCX's failure.

This situation underscores the complexities and challenges inherent in navigating cryptocurrency-related bankruptcies, highlighting the need for transparency and accountability within the industry.