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QuadrigaCX Bankruptcy Proceedings: Update on Claims and Dividend Distribution

TL;DR

  • Ernst & Young Inc. announces an interim distribution, called the Interim Distribution, for affected users.
  • Some users will receive a Notice of Disallowance of Claim, indicating their claim has been revised or disallowed.

Ernst & Young Inc., the trustee-in-bankruptcy overseeing the QuadrigaCX case, has provided an important update regarding the ongoing proceedings. In an effort to keep affected users informed, the trustee has announced an interim distribution, known as the Interim Distribution, which will provide some relief to the users impacted by the bankruptcy of QuadrigaCX.

In the upcoming weeks, the trustee plans to release a Notice to Affected Users that will contain detailed information regarding the Interim Distribution and the procedures involved. This notice will serve as a crucial resource for users seeking clarity on how the distribution will be carried out and will be accessible on the official website for convenience.

Notice of Disallowance of Claim by QuadrigaCX

However, it is worth noting that a small number of affected users will receive a Notice of Disallowance of Claim. This formal document is sent by the trustee to inform creditors that their claims have either been revised or disallowed during the bankruptcy process of QuadrigaCX. Such disallowances can occur if the trustee or the court deems the claim to be invalid, incorrect, or lacking sufficient evidence.

For those who receive a Notice of Disallowance, there is a crucial opportunity to appeal the decision. It is important for users to carefully review the reasons provided for the revision or disallowance and gather any necessary evidence to support their claim. Commonly, a Notice of Disallowance is issued when there is a discrepancy between the claim stated in the Proof of Claim and the information found in the QuadrigaCX database.

To initiate an appeal, affected users must follow the detailed steps outlined in the Notice of Disallowance. This typically involves filing supporting documents with the court, including a copy of the original Proof of Claim, the Notice of Revision or Disallowance, a comprehensive explanation of the reasons for the appeal, and any additional evidence or documentation that can substantiate the claim, such as transaction records or proof of purchase.

Once the appeal application has been submitted, the court will carefully review the case and may request further information from all parties involved, including the affected users, the debtor, and the trustee. In some cases, a hearing may be scheduled to allow all parties to present their arguments and provide additional clarification on the matter at hand.

After careful consideration of the case and thorough examination of the evidence, the court will reach a decision. The original Notice of Disallowance may be upheld, meaning the claim remains revised or disallowed. Alternatively, the court may decide to modify the Notice of Disallowance by adjusting the claim amount, either increasing or decreasing it. In certain instances, the court may overturn the Notice of Disallowance, effectively reinstating the original claim.

User Can Directly Reach Out to the Representative Counsel

For those who receive a Notice of Disallowance for QuadrigaCX funds and require assistance throughout the appeal process, it is strongly advised to seek guidance and help from Representative Counsel. They can provide valuable support and guidance to affected users, ensuring that they navigate the process correctly and have the best chance of presenting their case effectively.

Should users have any further questions or concerns, they can contact Representative Counsel directly at the email on their website. It is important to stay updated on the latest developments on QuadrigaCX’s bankruptcy, and all significant updates will be posted on the official website to ensure affected users have access to the most relevant and timely information.

The trustee acknowledges the patience demonstrated by the users throughout this challenging process and reassures them that every effort is being made to address the claims promptly and facilitate the dividend distribution in a fair and transparent manner.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Haseeb Shaheen

As a Web Researcher and Internet Marketer, Haseeb Shaheen delivers relevant valuable content for audiences. He focuses on financial and crypto market analysis, as well as technology-related areas that help people change their lives.

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