Voluntary judicial management of a peer-to-peer (P2P) lending company that owned patents over the P2P lending platform used by an Indonesian subsidiary.
Jurisdictions involved
Singapore, Indonesia
The business and background
Digital Alpha Group Pte Ltd (“DAG”) is a Singapore-incorporated entity. When the sole director was made bankrupt and the financial situation of DAG was uncertain, the shareholders reached out for a solution.
What we did
We recommended the novel voluntary judicial management which is a new piece of legislation in the Insolvency, Restructuring and Dissolution Act implemented in 2020.
We were appointed judicial managers to oversee the sale and operations of the Indonesian entity, which included actively engaging with OJK to preserve the P2P licence.
Over 30 parties expressed interest and a Letter of Intent was signed in December 2021.
The outcome
This engagement is ongoing.
