<div class="coinjournal">
 <ul>
 <li dir="ltr">The federal appeals court in Philadelphia ordered that an independent examiner be appointed to scrutinize the FTX collapse.</li>
 <li dir="ltr">Bankruptcy court judge John Dorsey had earlier denied the trustee’s request.</li>
 </ul>
 A federal appeals court has ordered following a three-judge bench decision that an independent examiner should scrutinize FTX’s bankruptcy case.
 <h2 dir="ltr" id="federal-court-orders-for-appointment-of-an-examiner-in-ftx-case">Federal court orders for appointment of an examiner in FTX case</h2>
 The Associated Press reported on Tuesday that the appeals <a rel="noopener noreferrer nofollow" title="court" href="https://thebittimes.com/tag/court.html">court</a> in Philadelphia has reversed an earlier ruling denying a US <a rel="noopener noreferrer nofollow" title="bankruptcy" href="https://thebittimes.com/tag/bankruptcy.html">bankruptcy</a> trustee’s request for an <a rel="noopener noreferrer nofollow" title="independent" href="https://thebittimes.com/tag/independent.html">independent</a> examiner. US <a rel="noopener noreferrer nofollow" title="bankruptcy" href="https://thebittimes.com/tag/bankruptcy.html">bankruptcy</a> judge John Dorsey dismissed the trustee’s request in February last year.
 Judge Dorsey had agreed with FTX’s argument that an examiner’s involvement would only duplicate what new CEO John Ray III, federal agencies and the committee of unsecured creditors was doing.&nbsp;
 <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> also argued that having an <a rel="noopener noreferrer nofollow" title="independent" href="https://thebittimes.com/tag/independent.html">independent</a> examiner was too costly.
 But in its ruling last Friday, the appeals court agreed with the bankruptcy trustee’s position that FTX’s collapse, which followed allegations of massive fraud, warrants an independent review rather than rely on an internal investigation.
 Judge Luis Felipe Restrepo, writing for the appeals court panel, noted that the trustee’s case raised “straightforward issues” and that the bankruptcy code provides for an independent examiner’s appointment.
 An examiner, judge Restrepo said, will make public all findings. Debtor or creditors’ committees do not have such an obligation.
 <a rel="noopener noreferrer nofollow" title="FTX" href="https://thebittimes.com/tag/ftx.html">FTX</a> filed for <a rel="noopener noreferrer nofollow" title="bankruptcy" href="https://thebittimes.com/tag/bankruptcy.html">bankruptcy</a> in November 2022 and its founder and former CEO Sam Bankman-Fried is awaiting sentencing after he was found guilty on all charges, including fraud. The sentencing is scheduled for March 2024.&nbsp;
 Earlier this month, US prosecutors hinted at not pursuing a second trial for Bankman-Fried.
</div>
Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/appeals-court-orders-an-independent-scrutiny-of-ftx-bankruptcy-tbt77548.html">https://thebittimes.com/appeals-court-orders-an-independent-scrutiny-of-ftx-bankruptcy-tbt77548.html</a>

Appeals court orders an independent scrutiny of FTX bankruptcy

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