Update On Moratorium Application

March 30, 2023

30 March 2023

Update on Moratorium Applications in Singapore

The Zipmex Group’s solicitors in Singapore, Morgan Lewis Stamford LLC, attended the hearings of HC/OAs 250 to 252 of 2023 (“Sanction Applications”) and HC/SUMs 754 to 758 of 2023 earlier this morning.

The Singapore High Court has made the following orders:

  • The pre-packaged schemes of arrangement for Zipmex Asia Pte Ltd, Zipmex Pte Ltd, and Zipmex Australia Pty Ltd have been approved by the Singapore Court. The Singapore Court has granted orders in terms of prayers 1, 2 and 3 of the Sanction Applications under Section 71 of Singapore’s Insolvency, Restructuring and Dissolution Act 2018.
  • The Singapore Court has approved the creation of an “Administrative Convenience Class” of creditors of whom the indicative value of their assets in the Z Wallet do not exceed USD 5,000 for the purposes of the schemes of arrangement of Zipmex Pte Ltd and Zipmex Australia Pty Ltd.
  • The Singapore Court has granted the request by the Zipmex Group for the moratoria in HC/OAs 381 to 385 of 2022 to be extended until 23 April 2023, or further order of Court.
  • The Singapore Court has directed that the Zipmex Group write to the Court and their creditors by 13 April 2023 to provide an update on the status of the Zipmex Group’s restructuring.

Thank you.

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