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The United States Trustee overseeing Celsius&#39; bankruptcy proceedings has requested the appointment of an independent examiner to &#34;untangle&#34; the troubled network&#39;s financial affairs and business operations.In a motion submitted on August 18 to the US Bankruptcy Court by William K. Harrington, the US Trustee requested an examiner to look into claims of incompetence or egregious mismanagement as well as substantial transparency problems surrounding Celsius&#39; activities in the context of the bankruptcy case.Examiners are appointed by bankruptcy courts to investigate the intricacies of complicated cases filed before them. They can offer material to the courts from a neutral standpoint and have been appointed in previous high-profile bankruptcy cases, such as Lehman Brothers during the subprime mortgage crisis.Given the complexities of the case, the appointment of an examiner, according to the motion, would be advantageous to the parties involved because they could supply information beyond the court&#39;s knowledge.“An inquiry by an impartial examiner, who would explain his or her findings in a comprehensible way, is essential to offer openness and clarity to the Court, the US Trustee, creditors, and other parties in interest regarding the Debtors&#39; corporate structure, operations, and liquidity.”Harrington further stated that an examiner would be able to evaluate if legal action should be taken against management if valid charges of incompetence or severe mismanagement were made.The United States Trustee has also said that there are serious transparency issues regarding Celsius&#39; business operations.The Debtors have not supplied appropriate information on their liquidity position, business strategy, traditional cash fund flow, or the worth of their <a href="https://www.coingabbar.com/en/cryptocurrency" rel="noopener noreferrer nofollow">crypto assets, </a>according to Harrington, who added that the information will be utilized to assist evaluate any proposed restructuring or sale.Harrington also mentioned that an examiner might be able to sort through the avalanche of material on the internet that is muddying the facts about Celsius, enabling its clients to create their own opinions.Not every party involved agrees on the need for an examiner, with the Celsius Official Committee of Unsecured Creditors pointing out the costs of doing so.Experts who are not directly engaged in the case, such as David Adler, Bankruptcy Partner at McCarter &amp; English, appear to agree that an examiner is necessary.Read also: <a href="https://www.coingabbar.com/en/crypto-currency-news-english/south-african-reserve-bank-encourages-friendly-behavior-crypto-2" rel="noopener noreferrer nofollow">Top cryptocurrency news: South African Reserve Bank encourages friendly behavior with crypto</a>

Top cryptocurrency news: US Trustee Motions for Examiner to Probe Celsius’ ‘Significant Transparency Issues’

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