A neutral third party is set to examine the finances of Celsius Network, which earlier this year filed for Chapter 11 bankruptcy.
The move was approved by a US bankruptcy judge in the Southern District of New York following a request from the Justice Department, securities regulators, and representatives of creditors.
Crypto lender Celsius has not objected to the examination from a neutral third party.
However, smaller claimants were seeking to actively pay off the company's debts by asking for a trustee instead. The use of an examiner in Chapter 11 bankruptcies is rare.
Earlier, the Committee for Unsecured Creditors (UCC) - a consumer and creditor group - had raised doubts about the cost associated with an examiner, but recently they fixed an agreement with the Justice Department's bankruptcy office, the U.S. Trustee Program, to narrow the scope of the examiner's probe, causing them to change their position.
Additionally, Martin Glenn - the judge presiding over the Celsius case -...
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