{"id":29514,"date":"2023-05-13T10:18:50","date_gmt":"2023-05-13T17:18:50","guid":{"rendered":"https:\/\/coinnetworknews.com\/creditors-to-get-13-per-dollar-bitcoin-news\/"},"modified":"2023-05-13T10:18:50","modified_gmt":"2023-05-13T17:18:50","slug":"creditors-to-get-13-per-dollar-bitcoin-news","status":"publish","type":"post","link":"https:\/\/coinnetworknews.com\/creditors-to-get-13-per-dollar-bitcoin-news\/","title":{"rendered":"Creditors to Get 13% per Dollar\u00a0\u00a0 \u2013 Bitcoin News"},"content":{"rendered":"
EY, the global accounting and professional services organization, released a long-awaited update on Friday for the creditors of Quadriga CX. The Canadian cryptocurrency exchange, which had sought bankruptcy protection in 2019 with liabilities of C$215.7 million and assets totaling around C$28 million, had left its creditors in a state of uncertainty. In the latest notice from EY, it was revealed that Quadriga creditors will receive a payout equivalent to 13.094156% of the total value of their claims.<\/strong><\/p>\n After enduring a protracted bankruptcy process that commenced in 2019, Quadriga CX<\/a>\u2018s customers and creditors can finally breathe a sigh of relief as they are set to receive a payout from the estate. Once the dominant cryptocurrency trading platform in Canada, Quadriga faced a tumultuous journey as liquidity woes<\/a> plagued the business in 2018.<\/p>\n The CEO, Gerald Cotten, met an untimely demise while traveling in India on December 9, 2018, as disclosed by his wife. Shockingly, it wasn\u2019t until January 14, 2019, that the exchange finally informed its customers of Cotten\u2019s death, and by the end of that very month, Quadriga sought the shelter of creditor protection.<\/p>\nEY\u2019s Update Offers Redemption for Quadriga CX Creditors With Haircut Compensation Plan<\/h2>\n