The ‘Interim Dividend’ For QuadrigaCX Creditors Will Be 13%

Each “creditor with a proven claim will receive 13.094156% of their proven claim less the levy amount payable to the Office of the Superintendent of Bankruptcy pursuant to the BIA,” as stated in a notice to creditors that was sent out on May 12 by QuadrigaCX’s bankruptcy trustee, Ernst & Young (EY). 

Lawsuit Against Sears To Be Dropped After $223 Million Cash Injection: Ey

“The interval profit accommodates a circulation of roughly 87.0% of the assets the Legal administrator is at present holding. The remaining funds will be held as a reserve for possible future payments related to the bankruptcy administration. EY added, “A final distribution will be made at a later date.” 17.648 creditors have filed claims totalling 305.6 million CDN, or $223 million, according to the notice. 15,356 creditors owe between $0 and $10,000, while 1,784 owe between $10,000 and $49,999, according to EY.

Dividends To Be Paid Out On Quadrigacx Assets After Its Demise

At the time of the exchange’s demise in 2019, the majority of the crypto assets held by former users were converted into the asset’s monetary value. As a result, a person who owned one Bitcoin at the time will eventually receive 6,739 Canadian dollars (or $4,933) back, with 13% of that amount being paid out as an interim dividend.

Although the date for the distribution of the interim dividends has not been specified, Miller Thomson, the law firm that represents the creditors, suggested that it will occur within the next few weeks. Before it went out of business at the beginning of 2019, QuadrigaCX was one of the largest crypto exchanges in Canada. The private keys to QuadrigaCX’s offline storage systems were transported to the grave of its co-founder and CEO, Gerald Cotten, shortly after his death in India.