We refer to our previous corporate statement dated 4 July 2022, which may be accessed here: https://www.vauld.com/blog/corporate-statement/
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On 8 July 2022, our counsel in Singapore, Rajah & Tann Singapore LLP, filed an application in the Singapore Courts on behalf of Defi Payments Pte. Ltd. (“Defi Payments”) to seek a moratorium order under section 64 of the Insolvency, Restructuring and Dissolution Act 2018 to prohibit for the period of 6 months, amongst others, any order or resolution to wind up Defi Payments, and any commencement or continuation of any proceedings against Defi Payments (the “Application”).
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The management has decided that, in light of the current circumstances, it would be in the best interests of all stakeholders (including creditors) to file the Application for a moratorium order in favor of Defi Payments. This is so as to give Defi Payments and the Vauld management the breathing space it requires to prepare for the intended restructuring for the benefit of all stakeholders. At this time, the Vauld Group continues to have discussions with Nexo Inc whilst Nexo Inc carries out its due diligence and also explores potential restructuring options that would best protect the interests of the Vauld Group’s stakeholders.
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We will provide further updates after the Court has fixed a hearing for the Application.
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Further updates on material developments will also be provided as and when appropriate. We thank our customers and business partners for their continued patience and support whilst we embark on our journey towards a successful rehabilitation of Defi Payments.
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In the meantime, if you have any queries, please submit them to [email protected]. We will endeavor to address them as soon as practicable.