Voyager to pay $1.1M in April legal fees.

Bankrupt crypto brokerage Voyager Digital is required to pay $1.1 million to its legal advisor, Kirkland & Ellis, for fees and expenses related to its involvement in the company’s bankruptcy proceedings in April.

According to available documents, the law firm Kirkland & Ellis implemented a blended hourly billing rate of $1,313.18 for providing various services throughout April. The total fees assessed for the legal services provided by both attorneys and paralegals exceeded $1.4 million.

Some high-ranking members of the law firm charged an hourly rate of over $2,000 for their professional services.

Kirkland & Ellis is known for representing several cryptocurrency companies going through bankruptcy proceedings, including BlockFi and Celsius.

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Voyager’s bankruptcy plan was approved by the United States Bankruptcy Court for the Southern District of New York on May 17, 2023. The third bankruptcy plan was proposed on May 5 after Binance.US withdrew from plans to purchase $1 billion worth of Voyager assets on April 25.

In July 2022, Voyager filed for Chapter 11 bankruptcy protection due to the significant impact of the crypto credit crisis, which had severe consequences for multiple lenders and brokers in the industry. Under the previous leadership of Steve Ehrlich, Voyager had been a publicly traded company in Canada.

At the time of its bankruptcy filing, Voyager disclosed liabilities ranging from $1 billion to $10 billion, indicating the extent of its financial obligations and the circumstances that led to the decision to seek bankruptcy protection.

Related: Voyager app set to reopen for customer withdrawals as soon as June 20

Voyager is not alone in paying substantial fees as it goes through its bankruptcy process. FTX, another company involved in a bankruptcy process, accumulated fees exceeding $120 million in financial and legal advisory services during the period from Feb. 1 to April 30.

Cointelegraph contacted Voyager and Kirkland & Ellis for more information but did not receive a response by the time of publication.

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