Update On Moratorium Application
December 23, 2022
23 December 2022
Update on Moratorium Applications in Singapore
The Zipmex Group is pleased to update that at the hearing of HC/SUM 4450/2022 today, the Court had granted orders that (i) the rescue financing to be provided by the Investor to Zipmex Asia Pte Ltd be secured by the creation of security interests over shares in two of its subsidiaries under Section 67(1)(c)(i) of Singapore’s Insolvency, Restructuring and Dissolution Act 2018 (“IRDA”); and (ii) that any remaining balance from the realization of the said security be granted super priority status under Section 67(1)(b) of the IRDA.
The Court also made orders on a separate sealing application under HC/SUM 4504/2022.
The respective Orders of Court will be made available for download once they are extracted. Thank you.
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