Following the conclusion of the EncoreFX Proceedings
under the Companies' Creditors Arrangement
Act (“CCAA”), Ernst & Young Inc.
(“EY,” initially the “Trustee,” and then
the “Monitor”) brought an application on behalf of
EncoreFX to annul EncoreFX's prior assignment in
bankruptcy.
On January 10, 2023, the B.C. Supreme Court rendered its
decision in EncoreFX Inc. (Re), 2023 BCSC 39, a case
involving a B.C.-based foreign exchange service that filed for
bankruptcy in March, 2020, and then obtained an initial order under
the CCAA on March 30, 2021.
The details of Encore FX's bankruptcy proceedings
EncoreFX provided foreign exchange risk management services and
cross-border payment services to small and medium enterprises. Its
services included foreign exchange spot transactions, foreign
exchange derivative contracts (including forward contracts and
options) and payment processing services.
