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Cryptopia Publishes First Liquidation Report

03 Jun 2019

Ever since New Zealand based cryptocurrency exchange, Cryptopia announced that they were shutting down and the company had been placed under liquidation, there has been a lot of buzz circulating in the ecosystem.However, Grant Thornton, the company overlooking the liquidation process has been keeping investors and the ecosystem in the loop, by posting updates as and when they happen.On the liquidation process the company said, “The Liquidators have a responsibility to protect and to preserve crypto-asset holdings for the benefit of those entitled to them. At the date of liquidation, the Company was still recovering users’ crypto-assets from its compromised environment. We intend to continue this process to protect and recover all crypto-assets holdings. This involves gaining access to the Company’s crypto-assets wallets and transferring them to secure cold storage where available. We have engaged certain Cryptopia staff to assist with the collection of these assets. The absence of legal precedent on crypto-assets in New Zealand and worldwide, means the distribution of these assets and the overall conduct of the liquidation will require significant direction from the New Zealand Courts.”As earlier reported by Crypto-News India, on the topic of liquidation, the company had said, “On Friday 24 May 2019, we filed a petition in the Bankruptcy Court in the Southern District of New York (SDNY) seeking recognition of the New Zealand liquidation in the USA, and we also applied for urgent interim relief. We took these steps to preserve the Cryptopia information that is stored and hosted on servers with an Arizona based business.”The report however, does not answer any questions. For instance, the company stated that it was too soon to call for a creditors’ meeting; however it clarified, “It is too early at this stage to consider holding a meeting as the information relevant to answering the queries of creditors is still being compiled. Once sufficient information is available and the state of the company’s affairs becomes clearer, we will reconsider whether convening a meeting of creditors is appropriate. Accordingly, under section 245 of the Companies Act 1993 we consider at this stage that no such meeting will be convened. A meeting will not be called unless within 10 working days after receiving this notice, a creditor gives notice in writing to the liquidators requiring a meeting to be called.”Currently, the company owes almost 344 bitcoin or $2.8 million to its creditors. For now, all we can do is wait and watch for updates.Liked what you read? Join us on Telegram

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