13% Of Claims As Interim Dividend For QuadrigaCX Creditors

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QuadrigaCX

QuadrigaCX creditors will be given 13% of their claims as interim dividends by the Canadian, now bankrupt crypto exchange. In a notice by Ernst & Young (EY) bankruptcy trustee of QuadrigaCX on May 12, has stated, that creditors with proven claims will be given 13.094156% minus the payable levy sum to the Office of the Superintendent of Bankruptcy in accordance with the BIA.

EY further stated that the interim dividend will provide distribution of an estimated 87.0% of the fund, presently held by the Trustee. While the rest of the remainder will be reserved as a disbursement for the future by the bankruptcy administration. EY also stated that at a later date, the concluding distribution will be carried out.

EY Announces Estimated Amounts To QuadrigaCX Creditors

EY’s notice estimates claims by 17,648 QuadrigaCX creditors amounting to 305.6 million Canadian dollars or 223 US dollars. EY stated that amounts ranging from $0 to $10,000 are owed to 15,356 creditors, and amounts ranging from $10,000 to $49,999 to 1,784 creditors. 

Miller Thomson, the law firm by whom the QuadrigaCX creditors are represented, has stated on May 8, that the interim dividend will be provided within the coming weeks to the creditors. Though the exact date has not been specified.

QuadrigaCX, which was owned and operated by Quadriga Fintech Solutions, was Canada’s largest cryptocurrency exchange. In 2019, the company filed for bankruptcy and ceased exchange operations with assets worth C$28 million and liabilities worth C$215.7 million. The sudden seizure of operations was caused by the death of the CEO and co-founder, Gerald Cotten. Gerald had died in Jaipur in India where he was volunteering in an orphanage with his wife Jennifer Robertson.