A proposed restructuring plan was rebuffed by key creditors of Hodlnaut, a beleaguered password lender. In turn, according to a report by Bloomberg News, they focused on clearing.
In a document filed on January 11th, the Holdnott court appointed a temporary judicial administrator to declare that the winding up of the company was more in line with his rights.
One of the creditors, the Al Goran Charitable Foundation, stated in its submission to the court that such acts should be adopted as soon as possible. This will help it maximize the remaining property of the business, which will be suitable for distribution.
Hodlnaut, which has business processes in Singapore and Hong Kong, suspended withdrawals in August and won protection from creditors. Although the company tried to shrug off the serious consequences of the situation, it actually lost nearly $190 million due to the data dynamic password ecosystem of du Quan's desperate Terra sisters.
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During the collapse of the global digital currency last year, several digital currency borrowers closed their doors. It may have been the worst year in the cryosphere, the most recent of which was the collapse of FTX, with so many bankruptcy filings. All the imploding floating dust shocked the whole industry. The price of tokens has fallen continuously, and investors have withdrawn their assets one after another.
In November 2022, the Malaysian police announced that they were dealing with Hodlnaut and possible fraudulent and untrustworthy personal acts of directors.
A provision in the restructuring plan was supposed to allow directors who oversaw Mr Holdnott's mistakes to re-operate, but it was resisted by a team of creditors. In addition, a request for the removal of temporary judicial administrators was made, but the court rejected the request again on Friday.
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Tue, 18 Apr 2023