Update On Moratorium Application

April 21, 2023

21 April 2023

Update on Moratorium Applications in Singapore

The companies’ applications for extension of the moratoria were heard on the morning of 21 April 2023.

After hearing counsel, the Court gave the following orders:

  • The moratoria for each of the Zipmex companies is extended until 30 June 2023.
  • Zipmex Asia is to address customers’ queries directly, and update the Court on such customer engagement by 28 April 2023.
  • Zipmex’s monthly management accounts for March and April 2023 are to be filed by 5 May 2023.
  • Zipmex is to provide periodic updates to creditors by email and announcement every 21 days from today.

The Court also directed that Zipmex’s lawyers write to the investor’s lawyers to inform them that the Court may be minded to lift the sealing as to the identity of the investor and other information. The Court requires them to write in by 3 May 2023 if they wish to intervene in some way and maintain the sealing order.

We are extracting the sealed Orders of Court and will disseminate them where appropriate.

Thank you.

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