Court Gives QuadrigaCX 45-Day Extension in Search for Crypto Millions

Nikhilesh De | March 05, 2019

Court Gives QuadrigaCX 45-Day Extension in Search for Crypto Millions
A Canadian judge has granted troubled exchange QuadrigaCX a bit more breathing room as it searches for nearly $140 million in missing crypto currencies. Judge Michael Wood, of the Nova Scotia Supreme Court, said he was satisfied that a stay of proceedings first granted a month ago should be extended by just under 45 days, with the next hearing scheduled for April 18. Creditors cannot sue the exchange until the stay expires or is lifted. Appearing in court Tuesday, attorneys for Quadriga explained that the company was making progress.“We owe it to everyone in the process to go on as long as is reasonable,” said Maurice Chiasson of Canadian law firm Stewart McKelvey. Chiasson has been representing Quadriga since the company filed for creditor protection at the end of January. Elizabeth Pillon of Stikeman Elliott, representing Quadriga’s court-appointed monitor Ernst & Young (EY), added that the companies are currently in the “data recovery, asset recovery” phase, and needed some “breathing room” to continue their efforts. Wood also approved the appointment of a chief restructuring officer (CRO), an individual who would manage the exchange and related companies while working with EY in recovering the funds that Quadriga owes customers.

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