The court approved the schedule for the sale of Celsius Network assets

The federal judge for bankruptcy cases approved the plan of the Celsius Network Assets Procedure. Auctions can be completed before the end of the year.

The decision approved by the request of the cryptolending company for the implementation of retail business assets, which includes:

  • revenue accounts, coins, trading, loan portfolio, exchange and stakeing services;
  • Celpay service for payment and transfers in cryptocurrencies;
  • Defi platform Celsiusx.

The company can also offer for sale “any cryptocurrencies or digital assets” that owns.

The court order establishes the deadlines, as well as the rules of betting at the auction, the possibility of participating in it Celsius through the standing person and the scheme.

Bidders may submit proposals from November 21 to December 12. The auction will take place on December 15, four days are assigned to submit and consideration of objections.

Judicial hearings according to the results of the auction will be held on December 22.

Celsius can also apply for the sale of “remaining assets” that relate to the mining unit. Dates and procedures for the auction, the court set the company similar to the retail business of the company.

In early October, Judge Martin Glenn approved the original schedule for the sale of Celsius assets selling. It was supposed to end on October 20.

However, this decision met objections from the company and the trustee. During the hearing, Martin Glenn rejected their arguments.

Recall, on June 13, the cryptolending platform suspended the withdrawal of funds, exchange and transfers between accounts.

A month later, Celsius and some affiliated structures have submitted an insolvency application in accordance with Chapter 11 of the US Code of Bankruptcy. Platform obligations exceeded its assets by $ 2.85 billion.

In September, CEO of the company Alex Mashinsky presented a plan to save Celsius from bankruptcy, according to the media. He later left his post.

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