Support Center > Moratorium > Restructuring Process

Restructuring Process

No. QuestionsAnswer
1What are the general steps in a restructuring?The general steps in a restructuring include:
  • Obtaining a moratorium for court protection;
  • Assessing the financial position;
  • Communications with creditors;
  • Proposing of a restructuring plan;
  • Holding of a creditors’ meeting to approve the restructuring plan;
  • Obtaining court approval for the restructuring plan; and
  • Implementation of the restructuring which may include a distribution to creditors.
2Who are the appointed legal counsel and financial advisors?Our Singapore counsel is Morgan Lewis Stamford LLC and our financial advisors are KordaMentha Pte Ltd. They work closely with Kudun & Partners, appointed Thai counsel; and Hiswara Bunjamin & Tandjung, appointed Indonesian counsel.
3In the hearing on 15 August 2022, the Court required Zipmex to convene a town hall style meeting with its creditor and customer base within 1 month from that date. When will the town hall take place?Further particulars of the town hall will be provided to the creditor and customer base shortly once the details have been finalised. Please keep a look out for an announcement on our website, and an email from us in the following weeks.
4What is the purpose for town hall?The purpose is to inform customers and creditors of the progress of the Singapore moratorium, what it means for them, how it affects them, and to update on the restructuring plans and when the assets in the Z Wallet become available.
5Who will lead the town hall? Representatives from KordaMentha, Morgan Lewis Stamford and Zipmex management will lead the town hall.
6Will I be allowed to ask questions at the town hall?It is expected that there will be a Q&A session during the town hall. However, as we expect a large number of participants, it may not be possible to answer all the questions raised and we would likely seek to receive questions prior to the town hall so that the most common questions can be answered. Creditors will be provided instructions on how they can submit questions along with the official town hall announcement. Otherwise, other common questions will continue to be updated in this FAQ.
7What are the next steps after the town hall?Zipmex, KordaMentha and Morgan Lewis Stamford will continue to work on preparing a restructuring plan to be proposed to the creditors. We will provide more details of the restructuring plan to all creditors in due course. 
8Who will approve the restructuring plan?Creditors will vote and approve on the proposed restructuring plan. Afterwards, the Court will sanction the restructuring plan.
9When will Zipmex complete its restructuring process?After Court sanction, the Scheme Managers will implement the terms of the accepted restructuring plan and once implementation is completed, the restructuring process will be completed.
10Can creditors withdraw their cryptocurrency or digital asset under a successful restructuring? Would this be in crypto, digital asset or fiat currency?It will depend on the proposed restructuring plan and the timelines within. Withdrawals from the Trade Wallet are currently enabled as normal across all markets.
11What will happen if the restructuring is not approved by creditors and a liquidation scenario occurs?Whilst it is envisaged that we would be able to provide an optimal solution in the restructuring, if the restructuring plan is not approved, we would need to consider the best options for Zipmex Group and its creditors.

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The Monetary Authority of Singapore ("MAS") requires us to provide this risk warning to you as a customer of Zipmex.

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”.
  5. DPT held in your Hosted Wallet is not subject to the Singapore Deposit Insurance Scheme (“SDIC”) or any similar insurance or guaranty scheme of any other jurisdiction. In addition, funds stored in your Fiat Wallet do not benefit from the SDIC or any similar insurance or guaranty scheme of any other jurisdiction.

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