Account Holders, Creditors and Vendors
|1||Who are the creditors of Zipmex?||Zipmex’s creditors consist of customers on the exchange, token holders and vendor creditors.|
|2||Will Zipmex prioritise larger creditors over others?||No, Zipmex will not prioritise larger creditors.|
|3||Why is my name not on the list of creditors filed into Court?||The filings in the Singapore court proceedings only require a list of the top 20 creditors.|
Nonetheless, not being on the list does not mean you are not a creditor, and not being on the list does not exclude you from any claims proceedings should there be any in the future.
|4||What does it mean to have the name listed in the email? Will it impact my chance to get my money returned?||No, there is no impact. It was included as a court proceeding requirement.|
|5||What is my role/rights as creditors/vendors?||Creditors may participate in the restructuring process and engage with the Zipmex Group.|
|6||Do creditors lose the ability to make any legal claims at any point or during the moratorium period?||The moratorium is submitted to the Singapore High Court and subsists in Singapore. Creditors are advised to seek legal advice on any claims they may have in the relevant jurisdiction.|
What’s the progress of establishing the Creditor Committee?
Following the Singapore Court’s orders dated 15 August 2022 with respect to the moratorium sought by the Zipmex Group, the Court has ordered the Zipmex Group to consider if creditors’ committees can be established.
The Zipmex Group and our advisors have consulted and agreed that formation of creditors’ committees is not necessary at this stage. Not only it is not feasible given a large number of individual creditors across different markets, creditors’ committees will also be required to represent the entirety of the creditors’ interests (and will also have to communicate the decisions made to all other creditors in general), which may not be as effective as it should be. Finally, the Zipmex Group is conscious that there could also potentially be associated costs with forming multiple creditors’ committees in each jurisdiction, as each creditor committee will need independent legal and possibly financial advisor assistance which may need to be covered by Zipmex Group which will slow down Zipmex’s ability to recover.
To date, Zipmex has engaged and provided updates on developments of the situation to all its stakeholders on a regular basis. We will continue to communicate and engage with our customers and other stakeholders as and when it is appropriate to do so. We would like to thank you for your patience and understanding and for your continued support.