As QuadrigaCX Legal Case Progress Continues, Law Firms Appoint a Steering Committee for Creditors
The problems amongst the QuadrigaCX platform date back over a year, but their most recent development is amongst the creditors. Law firms Miller Thompson and Cox & Palmer have created a commit on behalf of the 115,000 former customers of the platform, according to a court notice on March 19th.
On a post on Wednesday, Miller Thomson said that the Official Committee of Affected Users had been created, which is made up of the customers that became victims of QuadrigaCX’s collapse. The committee’s role will be to provide guidance to the law firms as they work with the platform, along with Ernst & Young, to recover the still missing $136 million in cryptocurrencies.
The legal filing reveals that the committee includes Parham Pakjou, David Ballagh, Eric Bachour, Ryan Kneer, Magdalena Gronowska, Eric Stevens, and Nicolas Deziel. Alternates, in the event that these representatives are unable to perform their duties, include Richard Kagerer and Marian Drumea. The committee and alternates have been approved by the overseeing judge, Nova Scotia Supreme Court Judge Michael Wood, and EY.
Bachour has former experience with another distressed exchange that dealt with missing funds in their own debacle – Mt. Gox. In the filing, his former work in 2013 with the exchange is noted, adding that the involvement gave him direct experience with arbitrage and market trading. He also learned more about bankruptcy and insolvency at a legal level through the events.
From this point forward, the committee will be involved with the “input and direction” for Miller Thomson and Cox & Palmer. They will be responsible for speaking with other creditors of the case while reviewing documentation from the court on the issues at hand. Before the committee was assigned, a total of 119 individuals had applied, though there were almost 1,000 customers who reported losses to law firms for retribution.