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Globe says OSC hears call for CRO at Quadriga

2019-03-05 08:53 ET - In the News

The Globe and Mail reports in its Tuesday edition that lawyers for the users of Canadian cryptocurrency exchange QuadrigaCX say the court should delay appointing a chief restructuring officer. The Globe's Alexandra Posadzki writes that Quadriga was granted creditor protection last month after the death of its chief executive officer, Gerald Cotten. Mr. Cotten was travelling in India in December when he succumbed to complications related to Crohn's disease. Since then, the Quadriga trading platform was closed and 115,000 customers are owed $250-million in cash and cryptocurrency -- $180-million of which is missing. Jennifer Robertson, who became a director of Quadriga after her husband's death, last week asked for the appointment of a chief restructuring officer (CRO) owing to accusations of hiding assets from creditors and "unwarranted" public attention. In a submission filed with the court Monday, Cox & Palmer -- which, alongside Miller Thomson LLP, represents Quadriga's affected users -- say they are not opposed to the concept of appointing a CRO. However, such a decision should be delayed until the official committee of affected users has been assembled and can weigh in on the matter, Cox & Palmer argues.

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