The recent decline in the crypto market has caused many companies to go bankrupt. One of these companies was Vauld, who stopped withdrawals. The Singapore Supreme Court, which recently gave time to review the company’s data, gave Vauld just three months to continue investigating his options.
Singapore Supreme Court Grants Vauld 3 Months
According to information shared by The Block, according to sources familiar with the matter, the Singapore Supreme Court granted Vauld an extension of the moratorium until November 7 at the hearing held today. The court also asked Vauld to form a committee of creditors.
Vauld was seeking a six-month extension under a moratorium application filed on 8 July. This three-month extension means that Vauld’s disgruntled creditors cannot initiate or pursue any legal action against the company as it explores restructuring options.
On the other hand, it should be noted that London-based Nexo is currently only doing due diligence on Vauld. The process, which began on July 5, gives until September 5 to make a decision on whether to bail out the company.
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