The Singapore High Court has granted embattled crypto lender Vauld with a three-month moratorium — granting it temporary legal protection from creditors while it forms a recovery plan.
Under the moratorium, Defi Payments would be protected from wind-up resolutions, the appointment of a receiver or manager, and any legal proceedings that could be directed toward the company, including any that could be laid out by its 147,000 creditors.website FAQ on Monday that the moratorium would provide the breathing room necessary to come up with a restructuring plan for the business and provide a better outcome for its creditors.
While the new protection order expires on November 7, Judge Abdullah says he will grant an extension if Vauld is transparent about their progress in repaying creditors. Under the protection of the moratorium, Vauld hopes to formulate a restructuring proposal and explore options to revive the business.
"The completion of this transaction is pending due diligence — which both teams are working on as we speak. Vauld has strived to deliver long-term value to all customers, and we believe coming under the Nexo umbrella will significantly help achieve this."
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