When the crypto exchange goes bust, who examines the examiner? District Judge sends FTX's $100M question to the appellate court.
in February to appoint an examiner overseeing the failed crypto exchange. According to court filings, bankruptcy laws allow the appointment of an independent examiner when certain conditions are met — as in the case of FTX — but do not require it.
“Whether [law] mandates the appointment of an examiner upon the U.S. Trustee’s request when the debtor’s debts specified in the statute exceed $5 million is, of course, a question of law,” said Connolly. “Because the Bankruptcy Court rejected the Trustee’s request for the appointment of an examiner based in part on its answer to that question, [...] Certification of the Order for an appeal to the Third Circuit is therefore required.
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