Update On Moratorium Application

August 15, 2022

15 August 2022

Dear Zipmex customer,

Update on Moratorium Applications in Singapore

Please be informed that at the hearing of the Applications this morning, the Singapore Court granted the following orders:

  • That the moratorium as described in our announcements 27 July 2022, 29 July 2022, 1 August 2022, 4 August 2022, 10 August 2022 and 12 August 2022 (the “Moratorium Order(s)”) be extended until 2 December 2022 for all five of the Applicant Zipmex entities;
  • Each of the Applicants in the Applications be entitled to and make submissions at the hearing of any applications for leave to the Court to commence, levy or enforce any of the proceedings, or to take any steps restrained by the Moratorium Order(s);
  • That the Moratorium Order(s) shall apply to any act of any person in Singapore, or within the jurisdiction of the Singapore Court, whether the act takes place in Singapore or elsewhere;
  • The Applicants are to provide the information set out in Section 64(6) of the Insolvency, Restructuring and Dissolution Act 2018 within one month from today;
  • The Applicants are to provide monthly management accounts thereafter every month until the end of the Moratorium Order(s); and
  • The Applicants and any person affected by the order(s) are at liberty to apply for such further and other directions as may be expeditious or necessary.

The Court also directed that:

  • The Applicants convene a town hall style meeting with its creditor and customer base within 1 month from today. In this town hall, it will minimally be explained what the proceedings in Singapore mean for the creditors and customers, the state of proposed investments, the likelihood for the completeness of investors’ proposals and how serious they are, and when customers will be able to access their Z Wallets.
  • The Applicants are to update the Court on the progress of the town hall and other discussions with creditors, and provide a copy of the meeting minutes of the town hall, to the Court within 6 weeks from today.
  • The Applicants are to consider whether creditors’ committees can be established.
  • The Applicants are to collate any letters of support and/or objections from creditors and convey them to the Court on a monthly basis, and in any event before any application for further extension of the moratorium ending 2 December 2022 is sought.

The restructuring of the overall Zipmex Group and all the Applicant entities, including Zipmex Company Limited and PT Zipmex Exchange Indonesia continues apace in Singapore under Singapore’s insolvency laws. Creditors and customers will be provided with regular updates on the progress of the restructuring on a monthly basis and will be extended copies of any court documents filed, which will be shared to creditors via protected Dropbox links as per our previous announcements.

For further enquiries, reach out to Customer Support on Live Chat – we’re ready to help 24/7.

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Thank you for your continued support.

Zipmex Team

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