In a significant move within the cryptocurrency sector, Withers KhattarWong LLP, the Singapore office of the global law firm Withers, recently played a pivotal role in the winding up of Zipmex Pte Ltd (Zipmex Singapore).
The Withers team was led by Singapore-based restructuring and insolvency partner Justin Yip and senior associate Lam Zhen Yu, with support from associates Wong Sze Qi and Cheang Hui Xuan. The team represented a high net worth individual customer-creditor of Zipmex Singapore and successfully obtained a Court order to wind up the company.
Prior to this, the team successfully obtained a High Court judgment refusing to extend the moratorium protecting Zipmex Singapore, thereby paving the way for its winding up. This was a key legal victory, documented here, signalling an end to Zipmex Singapore’s restructuring efforts and the commencement of creditor-driven recovery efforts.
Justin comments: “This case represents a significant milestone in the evolving crypto landscape, and we are proud to have led our client through this challenging process to a successful resolution. Our team’s dedication and expertise in restructuring and insolvency have been crucial in navigating these complex proceedings.”
The restructuring and insolvency team at Withers KhattarWong is well placed to advise on issues that arise over the entire life cycle of a company, delivering bespoke, commercially focused solutions to workouts, restructurings and distressed transactions. The team’s strength is in assessing situations quickly and accurately; and mapping out options to develop effective strategies that will help clients achieve their objectives.
