If the moratorium is not granted, the chances of successful restructuring decrease significantly. Users may have to wait until the dispute with Binance is resolved, as Zettai holds the cryptocurrency tokens under protest. In such a scenario, it would be only after the dispute with Binance is resolved that the Platform’s users might have some clarity over who owns the Platform and its cryptocurrency tokens. It is not clear how long this process would take.
A scheme of arrangement provides an avenue for the Platform’s users to more quickly receive a distribution from the Platform’s assets in proportion to the share of their claims associated with their cryptocurrency balances. The Platform’s users could potentially receive distributions more quickly even if a white knight does not ultimately come in to inject liquidity. Regardless of the outcome of the dispute with Binance, users would have an unsecured claim against either Binance or Zettai, depending on the ownership ruling. If Binance is deemed the owner, it becomes liable for users’ account balances. If Zettai is confirmed as the owner, it holds that liability instead.