Creditors’ Committee Created for QuadrigaCX
The two Canadian law firms, Cox & Palmer and Miller Thomson, have appointed a new committee which will give guidance in representing QuadrigaCX’s affected customers. This move was announced via a court notice on March 20.
Official Committee of Affected Users
The official court notice was posted online by the two law firms on Wednesday, March 20, and it announced that an Official Committee of Affected Users had been selected.
This new committee is made up of QuadrigaCX’s customers who have been impacted by the collapse of the once major Canadian cryptocurrency exchange. This committee’s focus will be to guide the law firms as they, along with the Monitor Ernst & Young, try to find the $136 million in cryptocurrencies that are missing from the exchange’s accounts.
The primary committee members are David Ballagh, Parham Pakjou, Ryan Kneer, Eric Bachour, Eric Stevens, Magdalena Gronowska and Nicolas Deziel. The alternate members are Richard Kagerer as well as Marian Drumea.
The selection and creation of the committee has been signed off by Judge Michael Wood of the Nova Scotia Supreme Court as well as Ernst & Young.
Representing All Affected Users
The selection of the committee members has been done is such a way that they will be able to represent all affected users. Each of the members have different fields of expertise.
For example, one of the committee members, Eric Bachour, has had experience of another collapsed cryptocurrency exchange that lost its funds – Mt. Gox. According to the filing, Bachour is also one of the creditors of Mt. Gox, and has experience in market trading in cryptos as well as arbitrage. Thanks to his previous experience, he has experience in legal issues related to bankruptcy as well as insolvency.
Another member, Magdalena Gronowska, has advisory experience related to the development of economic policy for the Government of Ontario.
Besides the committee members themselves having relevant experience to guide the proceedings, they can retain advisors, consultants and experts to help the Representative Council as well as the Official Committee of Affected Users to carry out their duties.
More specifically, this committee will be given the task of communicating with and responding to other QuadrigaCX creditors, as well as reviewing materials as well as court documents that will be filed by the Representative Council. Other as yet unnamed tasks could also be added to the list of duties for this new committee as the case progresses.