Update on moratorium proceedings

August 21, 2023

Update on the Moratorium Proceedings and Applications to Convene Scheme Meetings

Please be informed that, at the hearing of HC/SUMs 2291 to 2295 of 2023 on 21 August 2023, the Singapore Court granted a further extension of the moratoria for the Zipmex entities to 29 September 2023.

The Singapore Court also gave further directions for HC/OAs 757 and 758 of 2023 as follows:

Zipmex Asia Pte Ltd and Zipmex Pte Ltd are to file the further affidavit(s) enclosing the revised schemes by no later than 4 September 2023, 4.00 pm (as previously directed in the Correspondence from Courts dated 18 August 2023). The affidavit should address the queries set out in the email from Krisada Dabpetch to the Court dated 20 August 2023, a copy of which has been circulated individually to each creditor by the scheme managers.

Any reply affidavits are to be filed by no later than 11 September 2023, 4.00 pm (as previously directed in the Correspondence from Courts dated 18 August 2023).

Any written submissions and bundle of authorities to be filed by 25 September 2023, 4.00 pm (instead of 14 September 2023, 4.00 pm as previously directed in the Correspondence from Courts dated 18 August 2023).

Following a request by counsel, the Zoom webinar hearing for HC/OAs 757 and 758 of 2023 is refixed to 29 September 2023, 4.00 pm before the Honourable Justice Aedit Abdullah (instead of 18 September 2023, 2.30 pm as previously directed in the Correspondence from Courts dated 18 August 2023). A copy of the letter from Prolegis LLC to the Court setting out the said request, with appropriate redactions, has been circulated individually to each creditor by the scheme managers.

Please also note that the Court has ordered that the sealing order in HC/ORC 6113/2022 be lifted in relation to the identity of the investor. Zipmex Asia Pte Ltd will be filing an affidavit exhibiting a redacted copy of the Share Subscription Agreement dated 30 November 2022 in due course.