Celsius calls for the consolidation of American and British companies in the middle of poor allegations regarding the storage of records

Celsius calls for the consolidation of American and British companies in the middle of poor allegations regarding the storage of records

Celsius intends to consolidate two of its companies based in the United Kingdom and the United States. The bankruptcy crypto loan is charged with poor records of its subsidiaries, which makes it almost impossible to "completely reconstruct" internal demands.

The distinction between the activities of Celsius in Great Britain and the USA was considered "appearance" by the creditors.

• In mid-2021, the Celsius Network Limited company dated to migrate the customer-oriented business on the Celsius platform from CNL to the LIMMITE LIABILITY Company (LLC), a newly founded mailbox company based in Delaware.
• CNL was accused of transferring liabilities to LLC in billions in billions, while the former retained almost all assets associated with these obligations.
• It was claimed that despite the warnings of the British supervisory authority Financial Conduct Authority (FCA), the assets were used to hire all retail transactions in the country for use in "money -earning investments".
• In the court file of May 1st, it is said that "migration led to a cross -company chaos". It also showed that no formal documentation of the group's internal relationship between CNL and LLC was completed for several months, and even if this was the case, it remained unclear which transactions the agreements were causing.
• It further argued that the two units should be treated as one unit, since such a step is an "appropriate means".
• The books and records offered very little clarity, since Celsius missed it routinely to make intermediate records. It is estimated that thousands of entries are missing in the records.
• The debtors have been working for months to reconcile these records, but still have to come to a conclusion. However, a complete billing based on transaction may never be possible, as the document revealed.
• At the beginning of this year, Celsius announced the reopening of distributing assets in certain custody accounts, which made it possible to withdraw money for the first time since the service of the lender in June 2022.

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