Vauld gets three-month moratorium from Singapore High Court for protection against creditors

2022-8-1 20:00

Crypto platform Vauld, which halted customer withdrawals last month, has secured protection against creditors for three months from the Singapore High Court, Bloomberg News reported Aug. 1.

Vauld’s parent company Defi Payment Ltd. had requested the court for a six-month moratorium. However, the court only granted a moratorium for three months, which will last till November 7.

The moratorium provides Vauld with protection against its 147,000 creditors, who cannot take legal action against the company until the moratorium is lifted.

Vauld’s moratorium may be extended based on the firm’s progress in working with creditors, the court said. The court ordered the lender to form a creditors committee to address issues and the court will assess the progress at the next hearing, according to Bloomberg.

The court also asked Vauld to provide cash flow details to creditors within two weeks. And the lender has eight weeks to share management of accounts information with creditors, the news outlet reported.

Vauld needed the moratorium period to restructure, complete Nexo’s due diligence, and reconcile group company accounts, according to a lawyer for Defi Payments, Bloomberg reported.

Soon after halting withdrawals and trading on its platform, Vauld CEO Darshan Bathija announced that the lender signed a term sheet with Nexo for up to 100% acquisition.

I understand that a lot of our customers are nervous about your funds. We are working tirelessly to ensure your financials are protected. To that end, we've signed an indicative term sheet with @Nexo to acquire up to 100% of Vauld: https://t.co/HrnQO7J64f

— Darshan Bathija (@darshanbathija) July 5, 2022

Vauld has $330 million in assets and $400 million in liabilities at the group level, Bathija said in an email to creditors last month. The platform had raised $25 million in July last year from Peter Thiel’s Valar Ventures, Coinbase Ventures, and Pantera Capital.

The post Vauld gets three-month moratorium from Singapore High Court for protection against creditors appeared first on CryptoSlate.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Singapore Dollar (SGD) íà Currencies.ru

$ 91513.81 (+0.00%)
Îáúåì 24H $0
Èçìåíåèÿ 24h: 0.00 %, 7d: 0.00 %
Cåãîäíÿ L: $91361.62 - H: $92855.37
Êàïèòàëèçàöèÿ $0 Rank 99999
Öåíà â ÷àñ íîâîñòè $ 31827.12 (187.53%)

court protection against vauld high creditors singapore

Èñòî÷íèê: cryptoslate.com

court protection → Ðåçóëüòàòîâ: 50


Ôîòî:

China has no Law for Cryptocurrency, Says High Court

A Chinese court stated that there is no law regarding cryptocurrency, an indication that investors would carry out crypto investment at their peril. No Protection for Chinese Crypto Investors  According to the South China Morning Post on Monday (August 23, 2021), an intermediate court in the city of Jinan revealed that cryptocurrency investment and tradingRead More

2021-8-24 05:00


Ôîòî:

Jamaica: Central Bank Mandates Court Order for Monitoring Customer CBDC Transaction Data

The central bank of Jamaica says legal approval a must before monitoring customer’s personal transactions tied to CBDCs. Batting for Customer Protection The Bank of Jamaica (BOJ) – Jamaica’s central bank – made an important announcement recently saying that despite the technological ability to do so, interested authorities must not use customer’s digital wallet transactionRead More

2021-8-19 19:00


QuadrigaCX CEO Widow Demands $225,000, Draws Ire of Investors Who Lost $150 Million

Jennifer Robertson, the widow of Gerald Cotten, the CEO of Canada’s biggest crypto exchange QuadrigaCX, has requested for reimbursement of $225,000 in court fees. Robertson, who initially filed an affidavit with the Supreme Court of Nova Scotia to reveal the death of CEO Gerald Cotten and the loss of over $150 million in crypto and cash by QuadrigaCX, reportedly claimed she had spent $225,000 to secure QuadrigaCX protection from creditors.

2019-3-6 19:41


Ôîòî:

As Court Reconvenes for QuadrigaCX, Questions Surround Empty Cold Wallets

As QuadrigaCX’s legal counsel descends on the courtroom in Halifax, Nova Scotia, for another round of legal proceedings, the court monitor’s third report on QuadrigaCX’s finances — specifically its revelation that the exchange’s cold wallets are empty — lays out some hopeful avenues for fund recovery — and some frustrating dead ends.

2019-3-5 20:20


Chilean Anti-Monopoly Court Grants Protection To Local Crypto Exchanges And Their Bank Accounts

Breaking: Chilean Anti-Monopoly Court Rules In Favor Of Local Crypto Exchanges In what can only be considered to be a landmark decision for the global crypto community as a whole, the Chilean anti-monopoly court has recently released an order that “grants protection” to local cryptocurrency exchanges by forcing banks to keep their accounts open— thus […]

2019-1-4 19:21


Top Bitcoin, Blockchain and Crypto News For Today October 23 [VIDEO]

Bitcoin Insurance May See Homeowner Policy Coverage Protection in Ohio Crypto Theft Court Case Bitcoin Insurance May See Homeowner Policy Coverage Protection in Ohio Crypto Theft Court Case Chile's Buda Crypto Exchange Adds Bitcoin Lightning Network Functionality to Its Platform Chile's Buda Crypto Exchange Adds Bitcoin Lightning Network Functionality to Its Platform How Ripple's xRapid […]

2018-10-24 02:12


Supreme Court ruling adds privacy protection for the digital age

Your phone knows where you’ve been. LightAndShare/Shutterstock.com Jonathan Weinberg, Wayne State University The Supreme Court has handed down a landmark privacy decision in a case about cellphone location data, suggesting there should be stronger protections against government searches for the increasing amount of private information that’s stored online. The case relates to location information routinely […]

2018-7-9 05:10


äàëüøå åùå 1 íîâîñòåé →

Ïàðòíåðû Currencies.ru

Ðåêëàìà íà Currencies.ru

Ñàìîå ñâåæåå íà Currencies.ru

Crypto lender Vauld granted one more month to restructure

Singapore high court has extended Vauld’s creditor protection to Feb. 28. Vauld owes its creditors over $400 million. Vauld, one of the numerous victims of the crypto winter of 2022, has once again secured a creditor protection extension from Singapore…