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August 1, 2019

Nova Scotia Supreme Court approves EY fees in Quadriga CX case

The Supreme Court of Nova Scotia, Canada, has approved more than $1.6m in fees for lawyers and EY to cover their costs in the investigation of the collapse of Canadian cryptocurrency exchange Quadriga CX. EY and its counsel Stikeman Elliot receive the bulk of the payout, totalling just under $1.3m.

Justice Darlene Jamieson ruled on 31 July 2019 to approve activities undertaken and fees incurred by the various entities under the Companies’ Creditors Arrangement Act proceeding on behalf of Quadriga CX.

EY as monitor had the task of attempting to recover missing cryptocurrencies and confirm that Quadriga CX actually held the funds it claimed. This has been the first insolvency case in Canada involving cryptocurrencies.

Justice Jamieson said: “The monitor’s work has been extensive in administering the proceeding and seeking to recover funds on behalf of Quadriga and its affected users… The monitor has faced complicating factors, including a lack of books and records, and the use of third parties to store information.”

Proceedings will continue under Canada’s Bankruptcy and Insolvency Act.

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