Singapore based troubled crypto lender Hodlnaut made an announcement today that it has filed an application with the Singapore High Court to be placed under judicial management.
The company says that it wants to ‘avoid a forced liquidation of our assets as it is a suboptimal solution that will require us to sell our users’ cryptocurrencies such as BTC, ETH and WBTC at these current depressed asset prices.’
The company thus feels that judicial management would provide them the best chance of recovery.
The company has applied for Mr. Tam Chee Chong of Kairos Corporate Advisory to be appointed as an Interim Judicial Manager and subsequently, the Judicial Manager.
Moreover, judicial management will also provide Hodlnaut a moratorium against legal claims and proceedings.
“This pause will provide us with the breathing space to focus our efforts on the recovery plan to rehabilitate the company” the company said.
Hodlnaut paused withdrawals, token swaps and deposits a week ago, citing ‘recent market conditions’.
