Since when the Scheme is considered to be effective? And how long will the Scheme be valid for?

The Scheme is effective as at 16 August 2023 ("Effective Scheme Date").

The Scheme is effective for 36 months from the Effective Scheme Date ("Prescribed Period"). However, the Prescribed Period may be reduced if all Liquid Assets and Illiquid Assets of the Company are fully distributed to Scheme Creditors or extended if further efforts are required to secure and/or distribute Illiquid Assets, subject to full approval of the Board of Directors.

Where can I find all the Scheme Related documents?

Please visit our Scheme website https://is.kroll.com/defi to access all the Scheme Related documents. Please make use of the password shared to your registered email Id to access these information in the Scheme Website.

Is the Scheme applicable for all Scheme Creditors irrespective of their voting preferences?

Yes. Irrespective of their voting preferences, the Scheme will be legally binding on all Scheme Creditors.

What are the updated timelines for Conversion, RDA, asset distribution etc.,?

Please refer to the email blast sent out to creditors on 16 August 2023 for the updated timelines.

Who will be governing the Scheme?

This Scheme will be exclusively governed by and construed in accordance with the laws of the Republic of Singapore. In addition, the Scheme Manager will oversee and be responsible for the Company's implementation of and compliance with the provisions of the Scheme.

Who are entitled to receive distributions under the Scheme?

Under Clause 7 of the Scheme of Arrangement, any Scheme Creditor with Approved Claims that have been admitted by Scheme Manager will be entitled to receive distributions under the Scheme.

How will the distributions happen under the Scheme?

When token recoveries are available for withdrawal, the withdrawable balance will be reflected in the user's wallets in on the Vauld platform. The tokens can only be withdrawn from the Vauld platform upon successful completion of KYC.

When will the Final Distribution happen under the Scheme?

A Final Distribution following the realization of the final Illiquid Asset at the end of the Restructuring is expected to take 36 months but subject to the Board’s assessment of the recoverability of assets.

What will happen to the unclaimed distributions?

As the distributions under the Scheme will be effected by way of deposit into the Scheme Creditors’ Vauld Accounts and be allowed for withdrawal, the Company recognises that there may be Scheme Creditors who fail to effect such withdrawals.

In this regard, Scheme Creditors who are entitled to but fail to effect withdrawal of their entitlements from the distributions under the Scheme prior to the Final Distribution would be taken to have waived their rights and interests to such entitlements.

The unclaimed / unwithdrawn distributions will be swept in to the respective pools of assets to be distributed under the Final Distribution in respect of the Variable Recoveries Track or Pro-Rated Track to creditors who have opted in to the Final Distribution.

Will the new business be started under the Scheme?

Defi Payments will within 2 calendar months of the implementation of the Scheme provide the newly-constituted Board with a comprehensive business case in respect of the New Business. Subject to full Board approval, the Company intends to commence the New Business via a new subsidiary to carry out Decentralized Finance yield generating strategies.

How will the Creditors be communicated about the progress of the Scheme?

The Company and the Creditor Representative intend to provide creditors with quarterly updates which will be carried out via a combination of email communications, website announcements, and / or townhalls as appropriate.

Preparations are under way in respect of the constitution of the new Board of Defi Payments, and following its successful constitution, further information will be provided on communications going forward.

Will there be Scheme Meetings conducted with Creditors henceforth?

Creditors' meetings under the Scheme may be conducted from time to time in the manner prescribed by Clause 11 of the Scheme.

When will the Scheme be ended? (or) Under what circumstances, the Scheme can be terminated?

The Scheme will end either upon the expiry of the Prescribed Period or any of the situations set out under Clause 13.1 of the Scheme.