In her work plan, Shoba Pillay, the court-appointed examiner in Celsius’ bankruptcy case estimates that her inquiry will cost between $3 million and $5 million in total fees.
According to a filing by the suggested counsel to the examiner, her top goal is to understand the quantity and scope of documents and data that must be examined for the investigation.
She has yet to be granted access to the necessary documents she needs for her work, despite negotiations with Celsius’ legal counsel and financial consultants.
However, the filing also said that she anticipates receiving it shortly because Celsius recently made a statement of financial affairs public.
On September 29, Pillay was chosen to serve as the independent examiner. Her duties include looking into Celsius’ cryptocurrency holdings, finding out where those holdings were kept before and after Celsius filed for bankruptcy and whether multiple kinds of accounts were mixed together.
She will also investigate the reasons behind why certain customers’ account offerings were changed in April 2022 from the Earn Program to the Custody Service, while others were put in a “Withhold Account”. On December 10, 2022, Pillay’s work report is due.
It is anticipated that additional sessions will be held to help Pillay identify and collect any additional data required to finish her report. Additionally, she anticipates speaking with between 15 and 25 witnesses on the matters pertaining to the investigation.
The report stated that any attempt to budget at this time is at best an educated guess because Pillay hasn’t gotten the majority of the information required to evaluate the scope of her activities.
Celsius Network tweeted that it has asked the court to set a deadline for clients to submit proof of claim. On November 1, that motion is slated to be heard.
Also Read: Celsius Founder Alex Mashinsky withdrew $10mn ahead of Bankruptcy
