Singapore-based crypto lending company Hodlnaut has been placed under provisional jurisdiction, a form of creditor protection.
Hodlnaut is one of the few crypto companies to succumb to the decline in the crypto market. The company filed an application for creditor protection in Singapore in the middle of this month. Three weeks after stopping withdrawals, the Singapore Court granted the protection order.
Singapore Court Issues Protection Order for Hodlnaut
Struggling with financial problems, Hodlnaut was placed in interim jurisdictional management (IJM), a form of creditor protection, three weeks after freezing withdrawals due to difficult market conditions.
Forensic management is the way a business restructures its business, property, debts and assets. Hodlnaut will thus be protected from legal action from third parties.
Hodlnaut’s legal representatives attended a court hearing with two creditors, both of whom were nominated for IJM nominations. The judge appointed Ee Meng Yen Angela and Aaron Loh Cheng Lee to care for EY Corporate Advisors Pte. as Hodlnaut’s interim judicial directors.
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