Former Hodlnaut interim judicial manager (IJM) Aaron Loh Cheng Lee has revealed in a letter dated November 10th, which was published on the EY website, that both he and fellow IJM Ee Meng Yen Angela have been relieved of their duties and have now been appointed as liquidators for the company. This significant development marks a new chapter in the ongoing saga surrounding Hodlnaut, a cryptocurrency lending platform based in Singapore.
Hodlnaut, which gained popularity among cryptocurrency enthusiasts for offering interest-bearing accounts, has been embroiled in a legal battle since April 2021. The company faced allegations of wrongful account closures and withholding of funds. The Monetary Authority of Singapore (MAS) had stepped in and appointed Loh and Angela as interim judicial managers to oversee the affairs of Hodlnaut.
The decision to discharge Loh and Angela from their positions as IJMs and appoint them as liquidators is a significant step towards resolving the issues surrounding Hodlnaut. As liquidators, their primary responsibility will be to oversee the winding up of the company and distribute its assets to creditors.
In his letter, Loh expressed his gratitude to the MAS for the opportunity to serve as an IJM and acknowledged the challenges faced during the process. He also emphasized the need for transparency and fairness in the liquidation process, stating that all stakeholders should be treated equitably.
The appointment of liquidators signifies a crucial turning point for Hodlnaut and its customers. It offers hope for a more structured and organized resolution to the ongoing disputes. The liquidators will now work towards assessing the company’s assets and liabilities, conducting investigations, and formulating a plan for the distribution of funds.
For Hodlnaut’s customers, the appointment of liquidators brings the possibility of recovering their funds. Many affected users have been eagerly awaiting a resolution to the situation, and the appointment of liquidators is seen as a positive step towards achieving that goal.
However, it is important to note that the liquidation process can be complex and time-consuming. The liquidators will need to thoroughly examine Hodlnaut’s financial records, assess the claims of creditors, and navigate any legal complexities that may arise. It is therefore crucial for affected users to remain patient and allow the liquidators to carry out their duties diligently.
While the appointment of liquidators is a significant milestone, it does not guarantee a swift resolution to the Hodlnaut case. The liquidation process could take months or even years to complete, depending on the complexity of the company’s affairs. It is essential for all stakeholders to manage their expectations accordingly.
In conclusion, the discharge of Aaron Loh Cheng Lee and Ee Meng Yen Angela from their positions as interim judicial managers and their appointment as liquidators marks a crucial step in the ongoing Hodlnaut saga. The liquidators will now take charge of the company’s affairs and work towards resolving the disputes and distributing the assets. While this development brings hope for affected customers, it is important to recognize that the liquidation process may take time. Patience and cooperation from all parties involved will be key in achieving a fair and equitable resolution.