Support Center > Moratorium > Moratorium


No. QuestionsAnswer
1What is a moratorium and why does a company need one?A moratorium is a restraint on creditors from taking actions against a debtor.

For a company undertaking a restructuring, a moratorium provides breathing space from creditors whilst restructuring options and proposals are explored.
2What steps were taken by Zipmex to obtain a moratorium?On 22 July 2022, our solicitors in Singapore, Morgan Lewis Stamford LLC, filed five applications under Section 64 of Singapore’s Insolvency, Restructuring and Dissolution Act 2018 on behalf of several of the Zipmex Group’s entities seeking global moratoriums to prohibit and restrain the commencement or continuation of proceedings against the companies.

Subsequently, at a hearing in the Singapore court on 15 August 2022, the court extended the moratorium until 2 December 2022 for all five of the Zipmex Group entities.
3Which Zipmex group entities are protected by the moratorium?The following companies are protected by the moratorium :
  • Zipmex Asia Pte Ltd
  • Zipmex Pte Ltd
  • Zipmex Company Limited (incorporated in Thailand)
  • PT Zipmex Exchange Indonesia (incorporated in Indonesia)
  • Zipmex Australia Pty Ltd (incorporated in Australia)
4Are Zipmex’s foreign subsidiaries protected by the moratorium?Yes, the Singapore court granted an in personam moratorium. This means that the moratorium applies to any act of any person in Singapore or within the jurisdiction of the Court, whether the act takes place in Singapore or elsewhere. 
5What does a moratorium mean for creditors (including creditors outside of Singapore)?

During the moratorium period, creditors are unable to make a claim against the companies or take legal actions for debts owing to them. This gives breathing space for the company to explore restructuring options as mentioned above, since the moratorium applies to those in Singapore or elsewhere, foreign based creditors will also be unable to make a claim or take legal actions. 
6When is the current moratorium period until?The moratorium is currently in place until 2 December 2022.
7Can/Will Zipmex submit for extension of the moratorium?Yes, it is possible that Zipmex can apply to extend the moratorium past 2 December 2022.
8Why has Zipmex filed an application in the Singapore court and not in the local jurisdictions? This is a Group restructuring and each of the Zipmex companies has chosen to restructure their debts in Singapore. In addition, the Singapore Court has also found that the “centre of main interests” of each of the Zipmex companies is in Singapore and the foreign entities have sufficient connection to Singapore for them to conduct their restructuring here.
9Is a person affected by ZipUp+ considered a creditor? If so, under what company? And how will it affect the application for a debt moratorium in Singapore?Any customer with a Singapore or Thailand account who funds deposited in Z Wallets on the 20th July and after would be considered a creditor of Zipmex Pte Ltd. which is a company that is based in Singapore.

All customers in Thailand would also be a creditor of Zipmex Company Limited, based in Thailand, if they had funds in their Trade Wallet.

All funded customers in Australia would be a creditor of Zipmex Australia Pty Ltd; and all funded customers in Indonesia would be a creditor of PT Zipmex Exchange Indonesia.

The moratorium has been granted in the courts of Singapore and includes all these entities. All creditors would be entitled to the funds available once the scheme of arrangement, which includes the entities mentioned, has been confirmed through the process highlighted earlier.
10There seems to be irregularities and inconsistencies between the names of the creditor-customer names provided in September and the ones provided in August.

What is the reason behind this? Was anyone given preferential treatment to claim their crypto?
There are no specific users that have been given preferential treatment over others. Any discrepencies may be due to changes in trading positions during the relevant period, consolidation of accounts or corrections in definitions and jurisdictions. It could also be that you are looking at extracts of the lists (which includes only unrelated creditors) rather than the full lists.

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