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Committed to transparency and relaunching the platform for our users, WazirX is continuously taking all possible steps. We believe in keeping our community informed. therefore, we are sharing the next steps with you.
As you are aware, Zettai is currently undergoing a restructuring process following a four-month moratorium by the Singapore High Court. To support this effort, we have developed “Scheme Timeline Calculator:” – a tool designed to navigate you through the restructuring process by providing a clear, interactive timeline of key points and expected timelines.
Understanding the arrangement scheme
Under Singapore’s Insolvency, Reorganization and Winding-up Act 2018 (IRDA), the scheme of arrangement allows a company to propose a debt restructuring plan to its creditors. This approach aims to provide the fastest, fairest, lender-approved and legally binding settlement of crypto balances.
Approval of the Scheme by creditors requires a majority vote in favor representing at least 75% of creditors by value in each class present and voting. Once approved, the Scheme will be approved by the court to become legally binding on both the Company and its creditors. This process provides transparency and sets a clear timeline for informed decision making.
The Scheme Timeline Calculator:
The Scheme Timeline Calculator is a tool designed to guide you through the redevelopment process, offering a clear and interactive road map of key milestones and expected timelines. By allowing users to explore different timeline scenarios, this calculator increases transparency and serves as a valuable resource for tracking upcoming events and meeting important deadlines.
While WazirX is dedicated to progressing as quickly as possible, some rounds are subject to Singapore court schedules, especially during the holiday season. This tool ensures that everyone is well informed about the stages of the rebuild, promoting a deeper understanding of the journey ahead.
Click here to access the calculator.
Main features of the calculator
- Interactive road map.
Through an intuitive interface, users can visualize the entire reconstruction timeline, with each milestone indicating how events are interconnected.
- Transparency and accountability.
By providing a detailed view of upcoming events and deadlines, we want to ensure our commitment to transparency and accountability for our users.
- Critical dates.
By highlighting important dates and times that creditors and stakeholders should be aware of, we want to ensure that everyone is prepared for important moments in the process.
Below is an image of Scheme Timeline Calculator for better understanding.
Here’s a comprehensive overview of key events and upcoming schedules.
- Each event marked with a green sign indicates a successful completion.
- Currently, “Development of Restructuring and Creditor Awareness” is an ongoing work.
- Under the heading ‘Court hearings for Scheme appointment application’ you will find an interactive drop-down menu that allows you to select a date. This will enable users to customize their view of the timeline. when a selection is made, the entire table is dynamically updated to reflect the revised benchmarks.
- Schedules related to court hearings are subject to the Court’s schedule and are beyond our control; in consultation with our legal advisors, we have provided you with an interactive framework of likely timelines to understand how the Court’s timeline drives the overall restructuring timeline, and to continue to work as closely as possible to achieve speedy results for the benefit of creditors.
The Scheme Timeline Calculator has been developed to improve your understanding of the rebuilding journey by offering insights into how things will unfold over the coming weeks and months. We need your engagement and continued support as we work towards a successful resolution and restoration of our services.
Disclaimer. Please note that this schedule is tentative and subject to change. Dates and milestones indicated are estimates and may be adjusted based on evolving circumstances. If necessary, additional steps may be included, and some planned steps may be modified or omitted. Court proceedings and legal claims may introduce new prerequisites or adjustments to the schedule. Adjustments may be required in response to feedback, legal mandates, or other operational considerations.
We appreciate your continued involvement in this rebuilding process and thank you for your continued support.
Disclaimer: Cryptocurrency is not legal tender and is currently unregulated. Please ensure that you carry out a sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information presented in this section does not represent any investment advice or the official position of WazirX. WazirX reserves the right, at its sole discretion, to modify or amend this blog post at any time and for any reason without prior notice.
