Ernst & Young CPA proposes to convert QuadrigaCX reorganization proceedings into bankruptcy proceedings

On April 2, Ernst & Young in a report submitted a plan to convert the Canadian cryptocurrency QuadrigaCX reorganization procedure (the Corporate Creditors Arrangement Act (CCAA)) into bankruptcy proceedings (Bankruptcy and Insolvency Law) (BIA)). Ernst & Young said that the current target of the CCAA program is data and asset recovery. Given the current situation, QuadrigaCX seems unlikely to reunite and emerge from CCAA protection, and into a bankruptcy process, the creditors of the QuadrigaCX exchange will benefit from the new process, which simplifies the management of litigation and reduces professionals. Participation and provide greater investigative powers to the trustee.