A Nova Scotia Supreme Court judge has approved the relocation of QuadrigaCX’s continuing bankruptcy proceedings from Halifax to Toronto.
The change of jurisdiction had been requested by the accounting firm investigating the exchange’s collapse, as the case is now largely focused on people and assets residing in Ontario.
Asim Iqbal, a lawyer with Miller Thompson representing the roughly 76,000 affected users, says it was a “good decision” to handle the case in a more cost-effective way, reducing travel and administrative expenses.
Accounting firm Ernst and Young had said that the involvement of several law enforcement agencies and regulators investigating QuadrigaCX’s downfall means the case will require multiple court appearances in Toronto.
Of the QuadrigaCX users who lost money, 39 per cent were based in Ontario, 19 per cent were in British Columbia and 14 per cent were in Quebec, while 1.4 per cent lived in Nova Scotia.
QuadrigaCX’s parent company, Quadriga Fintech Solutions, was granted creditor protection on Feb. 5 and entered bankruptcy proceedings on April 15.
Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.