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Celsius sets end of April as new deadline for proof of claim

celsius-sets-end-of-april-as-new-deadline-for-proof-of-claim
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Celsius sets end of April as new deadline for proof of claim

After the Customer Contract Decision, the bankruptcy partner at McCarter & English, LLP, David Adler, announced that Celsius is adjusting its timetables. Apr. 28, 2023, is the new cutoff, also called the Bar Date.

Because of this amendment, it is now possible for creditors to provide evidence of a claim within the allotted period. 

Previously, a court order made it possible for customers of Celsius who had custody accounts to obtain up to 72.5% of their deposited cryptocurrency back. However, Celsius consumers who had Earn accounts and handed over their coins to the company would not benefit from the verdict. When it filed its bankruptcy petition, Celsius said the company had assets worth $4.3b and liabilities totaling $5.5b.

Only Celcius is liable for contract claims related to the borrowing program

The letter states that the court has issued a Bar Date Order, which sets deadlines for submitting evidence of the claim, approves proceedings and notices and grants appropriate remedies. The Bar Dates have been extended due to the new court order. 

The debtors have amended their schedules and statements to reflect that only Celsius Network LLC is liable for contract claims related to the Earn, Custody, and Withhold programs and that only Celsius Lending LLC is liable for contract claims related to the Borrow program. The court has also ordered that the bar dates remain in effect until further notice.

In addition, the Celsius debtors have not scheduled any claims for fraud or other non-contractual claims. Therefore, account holders who desire to pursue such claims must submit proof of claim by Apr. 28, 2023. Free copies of the updated global notes to the schedules, statements, and related papers are available online.

Bank to the future CEO: Alder deserves recognition

While this was happening, Simon Dixon, CEO and founder of Bank To The Future, retweeted Adler’s tweet and stated that Adler deserves recognition for his voluntary services to Celsius creditors, whose late developments affected core scientific, while representing his clients in his usual capacity as their legal advisor. Adler originally posted Adler’s tweet.

The decision made by Judge Glenn reduced Celsius’ obligations to around $1.3b in their entirety. The remaining Earn customers can either have approximately three-quarters of their money refunded to them or continue with the legal action.