According to Tech in Asia, the Singapore court may decide whether to dissolve or reorganize Hodlnaut at a hearing scheduled for August 7. The Interim Judicial Management (IJM) applied to end the proceedings on April 25 and stated that major creditors such as Samtrade Custodian and Algorand Foundation were unwilling to further negotiate the restructuring agreement.
The court said 55.8% of Hodlnaut's debtors want to dissolve the company. The exchange currently faces about S$409 million (about US$304 million) in claims from creditors. Hodlnaut founders Simon Lee and Zhu Juntao have told the court they will oppose the application to liquidate the company.
