In Re Babel Holding Ltd and other matters [2023] SGHC 98, the Singapore High Court had to apply restructuring and insolvency law in the context of a cryptocurrency-related business. The applicants were a group of companies in the cryptocurrency industry. Here, they successfully applied to extend moratoria under section 64 of the Insolvency, Restructuring and Dissolution Act 2018 to facilitate the formulation of a restructuring plan, as well as to seal certain documents relating to the group’s creditors.
The decision demonstrates the application of Singapore’s restructuring and insolvency framework to foreign companies and the Court’s approach to the grant of moratoria and sealing orders in the particular circumstances of cryptocurrency and other digital businesses. This Update provides a summary of the key points of the decision.
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