⚡ Celsius Creditors Starting a New Appeal
posted 26 Apr 2024
Some clients of the defunct crypto platform Celsius intend to challenge the restructuring plan in court, dissatisfied with the allocation of assets among creditors. Those with locked cryptocurrency collateral are particularly unhappy, feeling they have received insufficient compensation.
Legal experts, however, are skeptical about the prospects of this appeal due to the expiration of the filing deadline. Still, theoretically, the court could consider the claim despite these procedural challenges. Representatives from Celsius have yet to respond to the creditors' latest initiative.
The bankruptcy proceedings for Celsius, like those for other companies (FTX, Voyager), are notably complex due to the lack of similar precedents in global legal practices. This situation forces all parties to deal with unique challenges for the first time, prolonging the process and leading to disputes.
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