U.S. 3rd Circuit orders appointment of independent examiner in FTX bankruptcy case

PANews reported on January 20 that according to Bloomberg, the U.S. Third Circuit Court ordered the appointment of an independent reviewer in the FTX bankruptcy case. A federal appeals court judge has ruled that an outside investigation into FTX Group is mandatory under U.S. bankruptcy law, overturning a Delaware judge's initial order rejecting an independent examiner. A three-judge panel of the Third Circuit said the court must appoint an examiner if the U.S. trustee or an interested party so requests and if the debtor's fixed, liquidated and unsecured debts exceed $5 million. The U.S. Trustee, who is responsible for monitoring corporate bankruptcies, also believes that an independent investigation is necessary to provide the public with a more complete understanding of the FTX bankruptcy.