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 21 April 2023, the court extended the moratorium until 30 June 2023 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. 
6Why 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.
7Is 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.
8There 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.
9Why does Zipmex need to return the tranche payments since the investor is the one changing their mind?The tranche payments are secured by charges granted over the shares of Zipmex Company Limited and PT Zipmex Exchange Indonesia owned by Zipmex Asia Pte Ltd. Without the benefit of the moratorium, which was extended to 30 June 2023, the investor may have forced Zipmex Asia Pte Ltd to sell these shares to recover the tranche payments.
10Can you reveal the name of the investor?Zipmex is currently unable to reveal the name of the investor. However, do note that the Singapore Court is considering unsealing the investor’s name in the most recent court proceedings. The investor’s legal counsel has been provided with the opportunity to raise any objections to the unsealing.
11Does Zipmex have a case in getting the subscriber to enforce the SSA? Since its position is that the subscriber unilaterally terminated it?Zipmex is currently exploring all legal avenues to enforce the SSA legally and will continue to provide updates on any progress.
There may be additional costs involved for any application to the Court or in an arbitration to enforce performance of the SSA. We will keep creditors updated on any associated costs.
12Does Zipmex actually have evidence showing negotiations with investors? And why have investors breached the contract to pay only 10-20% from the agreed. At present, has the capital received from the investor has been refunded?The “evidence” of negotiations with the current investor are set out in the 25th, 26th, and 27th affidavits of Marcus Lim and the 1st affidavit of Akalarp Yimwilai filed in HC/OA 383/2023, copies of which have been extended to all affected customers.
The investor has claimed that the sum of USD 4.6 million in tranche payments is immediately repayable. Nothing has been “refunded” to the investor at this juncture.
13Because the investors break the agreement and not Zipmex, will the previous capital have to be returned to the investor? And given the breach of conditions by the investor, will Zipmex receive compensation in terms of damages, opportunity costs or deposits?Zipmex’s position is that the investment agreement subsists. This means that all obligations still have to be performed by both Zipmex and the investor. Zipmex considers this to be the best way to achieve the best outcome for customers.
Zipmex is currently exploring all legal avenues to enforce the SSA legally and will continue to provide updates on any progress.
14In the case of having to refund investors, how many months does Zipmex still have working capital in the company for business operations?The situation is fluid. Zipmex is looking for alternative investors to extend working capital in the meantime.
15Does Zipmex still wish to raise funds to return 100% of customers? Or does it have a plan to look for negotiated options at a reduced return?Zipmex is continuing to focus all negotiations with potential and existing investors with the intention of finding the best possible arrangement that will provide the highest return to creditors.
16From the withdrawal suspension date until now, digital asset prices have been highly volatile. How will Zipmex handle such problems for any new investment and repayment structures?In consideration of any new investment structures and repayment plans for creditors, Zipmex is exploring multiple structures that would incorporate plans to manage volatility risk in the digital assets.

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Before you pay Zipmex any money or DPT, you must be aware of the following.

  1. Zipmex is not currently licensed by MAS to provide DPT services. This means that you will not be able to recover all the money or DPTs you paid to Zipmex if Zipmex’s business fails.
  2. You should not transact in the DPT if you are not familiar with this DPT. This includes how the DPT is created, and how the DPT you intend to transact is transferred or held by Zipmex.
  3. You should be aware that the value of DPTs may fluctuate greatly. You should buy DPTs only if you are prepared to accept the risk of losing all of the money you put into such tokens.
  4. You should be aware that Zipmex may offer services related to DPTs which are promoted as having a stable value, commonly known as “stablecoin”.
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