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In a fresh development, the Vauld moratorium request was approved by a Singapore court on Monday. After Vauld publicly announced it had financial difficulties, it sought a relief period to let it sort out a recovery. This approval gives Vauld time until November 7, till when the management would be protected from legal issues. Last month, it was also announced that Vaud was exploring a 100% acquisition plans with Nexo.
Court Wants Clarity In Progress
Stressing on the importance of supervision and monitoring during the moratorium, the court said Vauld needs to report to creditors. “The company should provide details like cash flow and valuation of assets to its creditors in two weeks.” Also, the company management should give details of its accounts in eight weeks, the court said, according to a Bloomberg report.
The company had actually sought a moratorium of six months for resolving various issues around recovery. A company representative said Vauld needed six months “for restructuring, due diligence by Nexo and reconciliation of the group company accounts.” However, the court felt a longer moratorium might not ascertain enough control over Vauld’s activities. Sheila Ng, a lawyer representing Vauld, said, “the company will take into account the court’s suggestion on allowing a minimum withdrawal for its creditors.”
Vauld Moratorium Could Finally Lead To User Fund Recovery?
In the last few weeks, Vauld users have been demanding that the exchange resume withdrawal process albeit in parts. However, there was no such update from the management. With the three month relief period, the users see a brighter side with respect to recovery hopes. The company could at least start working on providing withdrawals with daily limits, the users said. One user, Sidhant Dutta, said after the Vauld moratorium announcement came,
“Atleast they can start working on it from today onwards, this will show their true intentions and will help Vauld regain trust.”
Meanwhile, the users are asking for regular updates on Vauld’s plans to refund the balances. The Vauld team has been maintaining that its legal and financial advisors are working on the issue and exploring possibilities. “Kindly await updates from our end.” The Vauld users however feel these ‘generic’ messages are not serving the purpose.
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