Jennifer Robertson, the widow of deceased CEO of , has agreed to transfer the contents of her husband’s estate to EY Canada, the bankruptcy trustee of the doomed exchange.
According to an official statement issued by Robertson on Monday, she will handover almost $9 million worth of an estate. This includes all assets she received from her husband except some $162,700 in personal assets.
In a newly published report by EY, it intends to liquidate all the assets to repay the creditors of the now-defunct crypto exchange.
“Other than the Excluded Assets, Robertson will transfer to the Trustee, her right, title and interest in all assets including cash, investments, vehicles, loans (and related security), real estate (including the Kinross Property, which is to be vacated by October 31, 2019), personal belongings, and any further assets identified in the future,” the report stated.
The massive cost of an irresponsible act
The woes for the Canadian crypto exchange started when Gerald Cotten, the CEO of the exchange, unexpectedly died in December last year. Unfortunately, he did not create any backup for the credentials to access the cold wallet of the exchange in a situation like this.
With this, a total of 76,319 unsecured creditors, most of which are clients of the exchange, lined up to claim around $190 million.
After a tussle at the court, a judge appointed EY as the bankruptcy trustee of the exchange and tasked it to recover the lost assets. Earlier this year, the judge approved for the work done by EY and law firms.
Meanwhile, many agencies including the for any dues. However, any of the dues to these agencies will cut-short the settlement amount yet received by the long line of creditors.
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