Celsius Network Files for a Bar Date for Clients
Today, the crypto lending company “Celsius” has filed a motion under the court for a specific bar date that would be the deadline for the willing users to file the proofs of their claims. The respective date specified for the hearing of the motion is set to be the 1st of the upcoming month. Celsius Network shared on Twitter that the company will inform the community when the form for the claims’ proof is available.
Celsius today filed a motion with the Court to set the bar date, which is the deadline for customers to submit proofs of claim, for those customers who wish to do so. This motion is scheduled to be heard on November 1st.
— Celsius (@CelsiusNetwork) October 12, 2022
Celsius Files a Motion, Persuading Court to Specify a Deadline Bar Date for Proof of Clients’ Claims
The platform has mentioned that it would shortly start the process of claims. It elaborated in its FAQs related to the claims procedure that if a consumer agrees with the records of Celsius as filed, s/he does not require to accomplish as well as file a form related to the claims’ proof and no additional action is needed. It added that in the case of a disagreement or if the claim of a consumer was labeled as disputed, unliquidated, or contingent, then there is a requirement for the submission of proof for that particular claim.
The venue additionally mentioned that a bar date has not yet been fixed by the court for the filing of a claim but the motion filed for this by the firm will be heard on 1st November 2022. After the approval of the procedures, it added, the clients will get comprehensive instructions regarding the process of a claim’s filing. As per it, a confirmation would be done regarding the claimed details of the consumers.
Related: Celsius Users Go Through a Huge Problem in Getting Their Deposits Back
Following the bar date (deadline) all the filed claims against the records of the clients will be reconciled by Celsius. In the end, the distribution of the funds will be validated by the court based on the Chapter 11 strategy. While looking at the context, a motion was submitted by the beleaguered crypto lender recently to allow for the withdrawal of funds on the behalf of some specific account holders.
Community Responds with Mixed Reactions over Withdrawals’ Amount Issued by Celsius
The declaration of that motion allured mixed reactions. A few of the creditors who are categorized as consumers have appreciated the plan as they will be permitted to have their assets withdrawn. Nonetheless, a few community members criticized the funds’ decreased funds. Simon Dixon, the chief executive officer of BnKToTheFuture.com, noted on Twitter that Celsius is planning to provide just a small amount of funds to the consumers and that it is very lower than equitable.
