This is good news for the investors of Quadriga and obviously sad to see another exchanger sinking itself in the ocean of regulatory burden. This time Quadriga which is Canada based exchanger went down the hill due to improper accounting from the period 2016-2018 and at the same time it's business went bankrupt. Both the reasons were valid while at the same time CEO claims the regulations were not suitable to keep the books clean and thus it impacted their business over the period of time.
However, with at most efforts. Claimants for bankruptcy are going to get 13% on a dollar rate for their claim backs. All the creditors will enjoy this benefit if all the conditions are mate for their pre-investment and holdings that were lost due to bankruptcy of exchanger.
Key Points:
Total Claims: 17,648 claims from creditors ($222.3 million)
Major Claims: 15 claims (CAD >$1 million)
Tax Liability (2016-18): 11.7 million dollars
Bitcoin Back Claim Ratio: $7,122.90 per
BTCFormer users of the bankrupt Canadian crypto exchange Quadriga CX will soon get a check for 13% of their claim, according to a notice to creditors published late Friday by accounting giant EY.
Documents from EY shows Quadriga’s estate owes CAD $303.1 million ($222.3 million) across 17,648 claims from creditors, including Canada Post and the country’s tax authority, Canada Revenue Agency (CRA).
Filings show that there are 15 claims with a value greater than CAD $1 million, and 28 claims with a value between CAD $500,000 and $999,999. There are also 15,236 claims valued under CAD $10,000.
According to EY, CRA determined that Quadriga had not reported income during its 2016 – 2018 fiscal periods and subsequently owes $11.7 million in back taxes.
The value of the crypto will be paid out, according to values pegged at April 15, 2019 market prices.
EY says that users with bitcoin claims will get CAD $6,739.08 ($7,122.9) per BTC. For Ethereum, users will get CAD $223.45 ($299.45) per ether.
Quadriga CX Bankruptcy Claimants to Get 13% on the DollarNOTICE TO CREDITORS In the Matter of the Bankruptcy of 0984750 B.C. Ltd. of the City of Vancouver in the Province of British Columbia Second Interim Status Report May 12, 2023
