QuadrigaCX Creditors Set to Receive 13% of Their Claims as “Interim Dividend”
Creditors will receive a monetary equivalent of the value of their lost crypto assets beginning April 15, 2019.
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Creditors of bankrupt Canadian crypto exchange QuadrigaCX are set to receive 13% of their total claims as part of an "interim dividend".
According to a May 12 notice to creditors from QuadrigaCX's trustee in bankruptcy, Ernst & Young (EY), each "creditor with a proven claim will receive 13.094156% of their proven claim less the amount of the fee payable to the Office of the Superintendent of Bankruptcy pursuant to the BIA.”
“The interim dividend provides for a distribution of approximately 87.0% of the funds the trustee currently holds. The remaining funds will be held as a reserve for future disbursements related to the bankruptcy administration. final distribution will be made at a later date,” EY added.
The notice indicates that there were C$305.6 million ($223 million) in claims made by 17,648 creditors.
According to EY, 15,356 creditors owe between $0 and $10,000, while 1,784 owe between $10,000 and $49,999.
Distribution of value due to creditors. Source: Ernst & YoungOnly 15 creditors owe more than $1 million, and the Canada Revenue Agency owed C$11.7 million in back taxes from 2016 to 2018.
While former users of the exchange mostly held crypto assets at the time of the company's collapse in 2019, their claimed holdings have been converted to the monetary value of the asset as of April 15 of this year.
If someone held 1 Bitcoin (BTC) at the time, they would end up recouping 6,739 Canadian dollars ($4,933), 13% of which would soon come as an interim dividend.
Creditors will receive a monetary equivalent of the value of their lost crypto assets beginning April 15, 2019.
News
Join us on social networks
Creditors of bankrupt Canadian crypto exchange QuadrigaCX are set to receive 13% of their total claims as part of an "interim dividend".
According to a May 12 notice to creditors from QuadrigaCX's trustee in bankruptcy, Ernst & Young (EY), each "creditor with a proven claim will receive 13.094156% of their proven claim less the amount of the fee payable to the Office of the Superintendent of Bankruptcy pursuant to the BIA.”
“The interim dividend provides for a distribution of approximately 87.0% of the funds the trustee currently holds. The remaining funds will be held as a reserve for future disbursements related to the bankruptcy administration. final distribution will be made at a later date,” EY added.
The notice indicates that there were C$305.6 million ($223 million) in claims made by 17,648 creditors.
According to EY, 15,356 creditors owe between $0 and $10,000, while 1,784 owe between $10,000 and $49,999.
Distribution of value due to creditors. Source: Ernst & YoungOnly 15 creditors owe more than $1 million, and the Canada Revenue Agency owed C$11.7 million in back taxes from 2016 to 2018.
While former users of the exchange mostly held crypto assets at the time of the company's collapse in 2019, their claimed holdings have been converted to the monetary value of the asset as of April 15 of this year.
If someone held 1 Bitcoin (BTC) at the time, they would end up recouping 6,739 Canadian dollars ($4,933), 13% of which would soon come as an interim dividend.
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