The moratorium application of Vauld, a cryptocurrency exchange operating in Singapore, was positive. The company now has three months to consider its options.
According to an August 1 report by Bloomberg, Singapore Supreme Court 7 July on moratorium It considered Vauld’s request, which applied to the court for a time period (when the court granted that the debtor believed he could pay his debts if given sufficient time, making sure that his creditors were unable to initiate legal proceedings against the debtor for a specified period of time). As a result of the assessment, the court awarded Vauld while his competitor was in the process of buying him. for 3 months given a chance to breathe.
court judge Aedit Abdullahwhich is Vauld’s original request six months old moratorium due to being too long cannot be adequately controlled. He refused, citing that he was worried, and the company to 7 November He promised to keep it away from his creditors. In total during this period 402 million have a dollar 147,000 legal action by the creditor against Vauld can’t do specified.
According to the information given, one from Vauld creditors committee the judge who wanted to establish two weeks inside cash flow and creditors’ asset assessment reports on eight weeks also in reports on account management this to the committee decided to present it. What the court does to Vauld is that customers pay the minimum amount allow withdrawal of money proposal company, will take into account expressed.
moratorium application seamless Another reason for the transition is another cryptocurrency exchange. It was Nexo’s plan to get Vauld. Vauld’s moratorium application 147,000 from the creditor 2.910replied and 2,280 (approximately 78%) moratorium that you support stated.
London-based Nexo while still buying on Vauld review doing. Nexo’s finish their review and not to buy to decide for by September 5 known to have more time. If Vauld fails to finalize the purchase agreement with Nexo, it will be able to consider other options during this time.