March 30, 2020
EncoreFX, a Victoria, British Columbia-based foreign exchange firm, filed for bankruptcy on March 30. After suspending its trading activities, the company advised clients that the restructuring had become necessary as a number of customers to whom the company granted credit defaulted on their obligations to the company because of the rapid changes in the FX market caused by COVID-19. Most of the company’s clients were importers and exporters doing $10.0 million to $50.0 million in FX transactions a year. EY is the bankruptcy trustee.