The Brussels Business Court has approved a restructuring plan for the Bit4You cryptocurrency platform, following an agreement by its creditors.
Lawyer Mischaël Modrikamen, representing the creditors, confirmed the approval. As a result, investors who put money into cryptocurrencies through Bit4You several years ago will be able to recover at least a portion of their funds.
Bit4You, a Belgian cryptocurrency trading platform, suspended operations in April 2023 after losing its licence due to the bankruptcy of its Estonian service provider, CoinLoan. At the time, millions of euros worth of cryptocurrencies were frozen.
Several legal proceedings were filed to obtain reimbursements for Bit4You’s creditors.
The Brussels Court of Appeal appointed Yves Delacollette as interim administrator and Michel Forges as reorganisation expert. Earlier this year, they proposed a reorganisation plan that was approved by a large majority of creditors and has now been validated by the Brussels Business Court.
“The crypto assets held by Bit4You will be sold on the market, and the proceeds, along with funds recovered from the bankrupt trading platforms FTX and CoinLoan, will be distributed in the coming months among creditors, in accordance with the plan’s terms,” said Modrikamen.
He added that this plan ensures a balanced distribution without the complex administrative process typical of bankruptcies.
The amount to be made from the sale will depend on cryptocurrency prices, but according to the French-language news site L-Post, its proceeds could reach up to €30 million.
Interim administrator Delacollette expects the operations to be completed before the summer and anticipates making over 10,000 payments, he told L-Post.
