Vauld Scheme-related Q&A as of 16 Aug 2023

Effective date, duration, and legal framework

The scheme became effective on 16 August 2023.

The prescribed period was set at 36 months from that date, with potential reduction if distributions complete earlier or extension if additional illiquid recovery work is needed and approved by the board.

The scheme is governed by Singapore law, with the Scheme Manager responsible for implementation oversight and compliance.

Document access and applicability

Scheme documents were made available via the designated scheme portal at is.kroll.com/defi, accessible with credentials sent to registered emails.

The approved scheme is legally binding on all scheme creditors regardless of individual voting preference.

Distribution eligibility and withdrawal mechanics

Creditors with approved admitted claims under the scheme are entitled to distributions.

When token recoveries are released, balances appear in Vauld accounts and can be withdrawn after KYC completion.

Final distribution timing was linked to completion of illiquid asset realization and recovery assessments.

Unclaimed distributions and final pool treatment

If entitled creditors do not withdraw before final distribution, those unwithdrawn entitlements may be treated as waived under scheme terms.

Unclaimed amounts are then swept into the relevant final distribution pools for Variable Recoveries Track or Pro-Rated Track creditors who participate in final distribution.

Ongoing communication, meetings, and scheme end conditions

Creditors were to receive periodic updates through email, website announcements, and town halls as appropriate.

Further creditor meetings could be convened per scheme provisions, and the scheme ends on prescribed-period expiry or clause-based termination conditions.

Vauld also indicated that a new business proposal would be presented to the board within two months, subject to full board approval.