- Judge Michael Wood at Nova Scotia Supreme Court rules to extend the search by 45 days.
- A new hearing date has been set on April 18, 2019.
A court in Canada has extended the grace period for QuadrigaCX cryptocurrency exchange to search for the funds lost by its executives. CoinDesk reported that Judge Michael Wood at Nova Scotia Supreme Court was pleased with the earlier extension granted to the firm and ruled to extend the search period by another 45 days.
A hearing has been scheduled to take place on April 18, 2019. The move to extend the search period was received well according to the exchange’s attorney Elizabeth Pillon who said that “data recovery, asset recovery” stage needed breathing space.
In addition to the extension, the court ruled that management of the exchange be handed over to an approved chief restructuring officer (CRO) owing to the fact that the widow to the late executive lacks experience. The CRO will take over the operations of the exchange and is expected to fully cooperate with the audit firm in an effort to recover the missing funds.
It has already been announced that Peter Wedlake, a senior vice president at Grand Thornton will fill the position of the CRO. The move is also expected to ease the burden that the creditors are currently bearing and is going to be billed by the hour.
Amazon Web Services (AWS) was also ordered to hand over the exchange’s data that had been stored by the late founder and CEO Gerald Cotton. A court order is likely to be issued for AWS to hand over the data because Cotton opened a private account with the company and not a business account.
As reported by FXStreet, QuadrigaCX lost 600,000 Ethereum was lost after the late CEO Cotten failed to share the private keys to the funds before he died. The funds are yet to be recovered at the time of going to press.
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