The Supreme Court of Nova Scotia appointed Miller Thomson and Cox & Palmer, a Canadian law firm to be the legal counsel of customers in the QuadrigaCX case. The court’s filing on February 19 states that the exchange is owing 115,000 customers approximately $250,000,000. As such, a legal counsel has been ordered to represent these people.
115,000 Customers of QuadrigaCX Crypto Exchange Represented
The Honourable Justice Michael J. Wood of the Supreme Court of Nova Scotia has appointed Miller Thomson and Cox & Palmer to represent all customers that were affected by the Canadian’s exchange recent event. The document noted that the exchange had first been granted an initial order and stay on February 5 on the account that the CEO, Gerald Cotten had died and they needed time.
However, motions have been sent in by and on behalf of customers of the platform who are seeking for an appointment of a legal representative for the customers. The motion also calls for an appointment of a committee of creditors to represent these users. Therefore, the law firm was appointed, and the document outlines that the court has the authority to do so when it comes to a case involving a large group of people.
According to Honorable Justice Michael J. Wood;
The objective of my order is to help those who are otherwise unrepresented but
to do so in an efficient and cost effective manner and without imposing an undue
burden on insolvent entities struggling to restructure.
Most Important Role of the Legal Representative to Clients
Based on the document, a lot of information is being disseminated on social media and online forums about the QuadrigaCX’s case, but these are merely speculations. Therefore, the most important role of the representative counsel is to give customers accurate information about the proceedings in court.
Furthermore, the counsel is not to carry out its investigation since an investigator has already been appointed by the court to look into the exchange’s case. The counsel is to ensure that the legitimate interests of all customers are taken into consideration during the proceedings.
Users With Technical Expertise Seek to Assist The Monitor
In the same vein, the number of affected users ranges from those owed $100 to millions. However, some users require privacy and may not want to be publicly named. Nonetheless, some customers have technical expertise and have shown interest in assisting the Monitor, a company investigating QuadrigaCX’s case.
The exchange in question has made headlines on late. BTCNN on February 9 reported that QuadrigaCX had moved almost $1 million worth of Eth before the CEO’s death on December 9. A report from February 13 revealed that the exchange also moved $468,675 CAD to its cold wallet.