New York, NY asked in Bankruptcy, Business Law and Civil Litigation for New York

Q: Could cryptocurrency sent to an insolvent company be recoverable under 546(c) of the bankruptcy code?

I sent cryptocurrency to Celsius within the prior 45 days before they filed bankruptcy. Could I possibly have reclamation rights under 546(c) of the bankruptcy code?

Uncertainties: is the cryptocurrency considered a good covered by this? Cryptocurrency sent to Celsius is essentially lent to them. Does that fall under the limitations of the statute as it appears to focus on goods sold on credit terms?

1 Lawyer Answer
Leonard R. Boyer
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  • Bankruptcy Lawyer
  • Clifton, NJ

A: This would be a low priority claim and without significantly more information, there is no way to know. You need to retain an experienced bankruptcy attorney and provide a great deal of information. Good luck.

Timothy Denison agrees with this answer

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