The crypto exchange has filed for moratorium relief to prevent its creditors from making claims for the next six months.
Southeast Asian cryptocurrency exchange Zipmex submitted several moratorium applications under Section 64 of Singapore’s Insolvency, Restructuring and Dissolution Act 2018 last Friday on behalf of five of its entities, the company announced today.Moratorium relief protects debtors from legal action by creditors for a certain period. The time-out period gives the debtor more time to think about their options, such as filing for bankruptcy, a trust deed, or a debt arrangement scheme.
“This helps protect Zipmex against third-party actions, claims, and proceedings while it is active, and enables the team to focus all our efforts on resolving the liquidity situation, without having to worry about defending potential claims or adverse actions while we are doing so,” the exchange said.sent a letter to Zipmex, demanding that the company clarify its reasons for applying for moratorium relief in a Singapore court.
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