Tuesday February 19, 2019 9:52 PM
4 weeks 7 hours ago
Justice Wood has appointed legal counsel to represent some 115,000 creditors in incipient legal proceedings against seemingly insolvent cryptocurrency exchange QuadrigaCX, documents published today, February 19, 2019, from the Halifax, Nova Scotia court reveal.After postponing his decision, in a hearing on February 14, 2019, to choose one of four legal teams vying to represent affected users, Wood has given the bid to Miller Thompson and Cox & Palmer, a joint-counsel of two firms that collectively have logged “extensive insolvency experience.” Included with this experience, the firms have a useful understanding of the Canadian Creditors Arrangement Act (CCAA), a law that applies to insolvency cases of $5 million CAD or more. Wood was also impressed with the complementary expertise the two firms represent and the synergy they employed to exploit their expertise efficiently on behalf of their clients.“Miller Thompson has additional depth in certain areas, including larger CCAA proceedings and cryptocurrency ...The relationship between the two firms has been thought out carefully with a view to minimizing costs. Cox & Palmer will deal with their areas of expertise, including local litigation practice and court appearances. Miller Thompson will provide expertise in dealing with large creditor groups and cryptocurrency technology,” the judge wrote in the court statement.“They propose a limited initial mandate and a cap on...