Celsius pays around $ 5 million for independent examiners

Celsius pays around $ 5 million for independent examiners

Shoba Pillay, the examiner appointed by the court in the event of bankruptcy by Celsius, submitted a work plan to estimate the total fees for her investigation to around $ 3 to $ 5 million.

Your first priority is to record the amount and scope of the documents and data that must be checked for the investigation on a Tuesday Submission by the proposed lawyer of the examiner shows.

Even after discussions with the lawyers and financial advisors from Celsius, she has not yet received any access to the requested documents that she needs for her work. But she expects her to get it soon, since Celsius recently revealed a list of financial matters, added the file.

Further meetings are expected to be held so that Pillay can determine and collect all additional information that is required to complete your report. It also expects between 15 and 25 witnesses to question the topics relevant to the investigation.

Since Pillay has not received the most data that is necessary to assess the scope of your efforts, "every attempt to create a budget at this point is at best a well -founded assumption," it said.

Celsius is already building million costs for its bankruptcy proceedings. Alvarez & Marsal North America, a financial advisor from the company, 2.3 million US dollars (80 % of the overall remuneration) for services that were provided between July 14th and August 31st.

The crypto loan said in a Twitter On Tuesday that she made an application for a deadline for customers to submit claims to the court. This application is to be negotiated on November 1st.

Celsius' change of the account offers under the scanner of the examiner

Pillay was appointed independent examiner on September 29. Her tasks include the examination of Celsius' crypto stocks, including the determination, where the crypto-assets were stored before and after the bankruptcy and whether different types of accounts have been mixed.

You will also examine why there was a change in the account offers from April 2022 from the EARN program to Custody-Service, while others were placed on a “with account account”. Your report is due on December 10th.

"If the examiner wants to comply with the deadlines of the court, access to documents must be accelerated," says the file.

Your plan will be sent to judge Martin Glenn on October 21 at 12:00 p.m. ET for approval and signing. All answers and objections can be sent by October 18 at 4:00 p.m.

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The contribution "Celsius to Shell Out some $ 5m on Independent Examiner" is not a financial advice.