Creditors for bankrupt Voyager Digital billed $5.1M in legal fees

New York-based law company McDermott Will & & Emery applied for payment of $5.1 million from the financial institutions of insolvent crypto brokerage company Voyager Digital. The bill is for legal services used between March 1 and May 13, 2023. In a July 3 court filing, the law firm billed the legal fees to the “Official Committee of Unsecured Creditors.” The court documents exposed that the law practice charged a hourly rate of $1,026.76 for its services during the period.Summary of the final expense for Voyager Digital. Source:  cases.stretto.com The company noted a number of legal services it offered Voyager, including advising the committee in connection with its powers and responsibilities under the bankruptcy rules, working out and participating in meetings with the agents of the debtors and other parties in interest, preparing on behalf of the committee all essential motions, applications, answers, orders, reports, responds, reactions and documents, among others.This was the last and 3rd costs from the law office, taking its total compensation to$ 16.48 million in between July 5, 2022, and May 19, 2023, of which$ 8.97 million has actually already been paid by the creditors. McDermott Will & Emery is not the only legal service supplier to use its & services to Voyager. On June 28, legal adviser Kirkland & Ellis also billed Voyager for$ 1.1 million in legal costs for the month & of April. McDermott Will & Emery didnt instantly respond to Cointelegraphs demand for comments.Related: Voyager app set to reopen for customer withdrawals as quickly as June 20Voyager submitted for insolvency in July 2022 in the middle of a crypto financing crisis that caused market contagion and the collapse of numerous established crypto companies such as Celsius, BlockFi, and others. At the time of its bankruptcy filing, Voyager divulged liabilities from $1 billion to $10 billion. Apart from Voyager, multiple other crypto companies, including Celsius and FTX, have actually sustained large legal fees due to prolonged insolvency proceedings. FTX, for example, was billed over$ 120 million in financial and legal advisory costs in between Feb. 1 and April 30, 2023. Magazine: Huobi takes legal action against … Huobi? 3AC rises from ashes, Korea crypto contagion