Being committed to transparency and restarting the platform for our users, WazirX is continuously taking all the possible steps. We believe in keeping our community informed; hence, we are sharing the next steps with you.

As you’re aware, Zettai is currently undergoing a restructuring process after the Singapore High Court granted a four-month moratorium. To support this effort, we’ve developed a “Scheme Timeline Calculator”—a tool designed to navigate you through the restructuring process by providing a clear, interactive timeline of key milestones and expected timelines.

Understanding The Scheme of Arrangement

Under Singapore’s Insolvency, Restructuring, and Dissolution Act 2018 (IRDA), a Scheme of Arrangement allows a company to propose a debt restructuring plan to its creditors. This approach aims to provide the fastest, fairest, Creditor-approved, and legally binding resolution to 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 sanctioned by the Court, becoming legally binding for both the Company and its creditors. This process ensures transparency and sets clear timelines for informed decision-making.

The Scheme Timeline Calculator

The Scheme Timeline Calculator is a tool designed to guide you through the restructuring process, offering a clear and interactive roadmap of key milestones and expected timelines. By allowing users to explore different timeline scenarios, this calculator enhances transparency and serves as a valuable resource for tracking upcoming events and meeting critical deadlines.

While WazirX is dedicated to progressing as quickly as possible, certain phases depend on Singapore Court schedules, particularly during the holiday season. This tool ensures everyone is well-informed about the restructuring phases, fostering a deeper understanding of the journey ahead.

To access the calculator, click here.

Key Features of the Calculator

• Interactive Roadmap:

With an intuitive interface, users can visualize the entire restructuring timeline, with each milestone marked to illustrate how events are interconnected.

• Transparency and Accountability:

By presenting a detailed view of upcoming events and deadlines, we want to ensure our commitment to transparency and accountability for our users.

• Critical Deadlines:

By highlighting important dates and deadlines that creditors and stakeholders need to be aware of, we want to ensure that everyone is prepared for key moments in the process.

Following is a snapshot of the Scheme Timeline Calculator for your better understanding.

Here’s a comprehensive overview of the key milestones and expected timelines.

• Each event marked with a green tick signifies successful completion.
• Currently, the “Development of restructuring and Creditor outreach” is an ongoing effort.
• In the row titled “Court hearing for the Scheme meeting application,” you can find an interactive dropdown menu that allows for the selection of a timeframe. This will enable users to customize their view of the timeline; when a selection is made, the entire table dynamically updates to reflect the revised milestones.
• The timelines associated with Court hearings are subject to the Court’s schedule and are beyond our control – in consultation with our legal advisors, we have provided an interactive range of probable timelines for you to understand how the Court’s schedule drives the overall restructuring timeline, and will continue to push as hard as possible for swift outcomes for the benefit of creditors.

The Scheme Timeline Calculator has been developed to enhance your understanding of the restructuring journey, offering insights into how events will unfold in the coming weeks and months. We need your involvement and constant support as we work towards a successful resolution and the restoration of our services.

Disclaimer: Please note that the timetable provided herein is tentative and may be subject to change. The dates and milestones outlined are estimates and may be adjusted based on evolving circumstances. Additional steps may be incorporated as necessary, and some planned steps may be modified or omitted. Court proceedings and legal requirements may introduce new prerequisites or adjustments to the schedule. Adaptations may be required in response to feedback, legal mandates, or other operational considerations.

We appreciate your ongoing engagement in this restructuring process and thank you for your continued support.

Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.