QuadrigaCX Creditors Will Receive 13% of Their Claims

The creditors of bankrupt Canadian crypto exchange QuadrigaCX are set to receive 13% of their total claims as part of an “interim dividend.”

Ernst & Young, the bankruptcy trustee, has noted that each creditor with a proven claim will receive 13.094156% of their claim less the levy amount payable to the Office of the Superintendent of Bankruptcy.

This interim dividend will provide for a distribution of 87.0% of the funds the Trustee is currently holding; the remaining funds will be held in reserve for future disbursements related to the bankruptcy, with a final distribution to be made at a later date. 305.6 million Canadian dollars ($223 million) worth of claims have been made by 17,648 creditors, with 15,356 creditors owed between $0 to $10,000 and 1,784 owed between $10,000 and $49,999.

There are 15 creditors owed more than $1 million, with the Canada Revenue Agency having the largest claim at 11.7 million Canadian dollars in back taxes from 2016 to 2018.