US Trustee motions for examiner to probe Celsius’ ‘significant transparency issues’
Luke Huigsloot 5 hours ago US Trustee motions for examiner to probe Celsius‘ ’significant transparency issues The Trustee overseeing Celsius bankruptcy case has requested an examiner to help shed the light on a number of complex issues. The United States Trustee handling Celsius‘ bankruptcy proceedings has called for an independent examiner to be brought in to “untangle” the embattled network’s financial affairs and business operations. In a motion filed on Thursday to the United States Bankruptcy Court by William K. Harrington, the US Trustee has asked for an examiner to look into allegations of “incompetence or gross mismanagement” as well as “significant transparency issues” surrounding Celsius operations in the context of the bankruptcy case. Examiners are appointed by bankruptcy courts to investigate details of complex cases brought before them. They are able to present information to the courts from an independent point of view and have been appointed in other high-profile bankruptcy cases such as Lehman Brothers during the subprime mortgage crisis. According to the motion, the appointment of an examiner would be beneficial to the parties involved, given the complexities of the case, as they could provide information beyond the courts expertise: “An investigation by an independent examiner—who would present his or her findings in