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A Singapore court has granted Vauld's parent company Defi Payments Ltd. only a three-moth lasted moratorium from any legal proceedings although the firm asked for six months, Bloomberg reports.
The Singapore High Court admitted though that it might expand the deadline depending on the firm's progress in engaging with its creditors. The judge said:
"I am concerned a six-month moratorium won't get adequate supervision and monitoring."
Sheila Ng, a lawyer for Defi Payments, explained that the firm asked for six months so that it could have enough time for restructuring, due diligence by Nexo and "reconciliation of the group company accounts."
The court will now wait from Vauld details like cash flow and valuation of assets to its creditors in two weeks and management of its accounts in eight weeks. According to reports, the Singapore-based company has approximately 147,000 creditors.
The move comes after Reuters reported that cryptocurrency lender Nexo might acquire Vauld. The company reportedly wants to buy up to 100% of Vauld and "reorganize its future operations with the aim to accelerate its deeper presence in Asia." However, financial terms of the deal remain unclear.
