Travel Digital, the bankrupt cryptocurrency broker, is in the final stages of its liquidation proceedings. According to Voyager’s Official Unsecured Creditors Committee (UCC), funds locked on the platform could begin to be returned to creditors over the next few weeks. Tweets from the UCC express hope that the first distributions will begin soon.
This news follows the recent decision of Binance.US to abandon its acquisition agreement $1.02 billion for assets of Voyager, citing the hostile and uncertain regulatory climate in the United States as the reason for the withdrawal.
Voyager’s reverse charge process
Lucky for To travelits restructuring plan includes a special option that allows the company to continue reverse charge following the withdrawal of Binance.US of the agreement. This option allows the bankruptcy broker to directly distribute cash and crypto currencies to customers via the Voyager platform.
The UCC expressed disappointment with Binance.US’ decision, saying it would investigate possible claims against the Binance.US exchange. cryptocurrencies for his last-minute turnaround.
Upcoming legal proceedings and possible objections
To travel must now file the procedures for liquidation in the United States Bankruptcy Court for the Southern District of New York. The committee explained that the parties have ten days to file objections to the liquidation proceedings, but the procedure could be validated as early as today.
If no objection is filed within ten days, Voyager’s plan will become “effective”. However, if an objection is filed, the court will hold a hearing to consider the objection before approving the liquidation plan.
It should be noted that 97% of the 61,300 Voyager customers who voted in favor of the restructuring plan from the court, although at the time voters believed Binance.US would acquire the locked assets.
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