Defunct crypto lender Celsius revised its bankruptcy filing on June 15 in order to incorporate its deal with the Fahrenheit consortium.
Celsius will be selling all altcoins from all customers starting July 1st and will be converting them into Bitcoin and Ethereum.The new reorganization plan proposes to treat the “Retail Borrow Claims” through the “Set Off Treatment.” The term"set off" refers to the comparison of losses against profits in a given year. Losses that are not offset against income can be carried over and offset against income in later years.
“This proposed ‘treatment’ violates every consumer lending law out there and the ad hoc Borrower group will be opposing this plan." Additionally, Celsius has asked for permission to appoint Chris Ferraro as the foreign representative in connection with the English Court's Cross Border Insolvency Regulations for the United Kingdom. In this way, the company's assets in the UK would be safeguarded, and the United States Chapter 11 would be acknowledged as the"foreign main proceedings" in order to organize a global resolution.
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