22 December 2023
10th Circular to Creditors
Dear Sirs
Torque Group Holdings Limited (In Liquidation) (the “Company”)
BVI Company Registration Number: 2024611
I refer to the Circular dated 26 June 2023 (the “9th Circular”), in which the Liquidators provided creditorswith an update on the Liquidators’ progress to date and the planned dividend distribution.
Unless otherwise defined herein, capitalized terms used in this circular have the same meanings as
those defined in the 9th Circular.
The purpose of this circular (the “10th Circular”) is to inform creditors of an application(“BVIHCOM2021/0031”) filed by the Liquidators in the Eastern Caribbean Supreme Court for orders
which include approval for the Liquidators to make a distribution to creditors by distributing in thefollowing way:a. to those creditors who are not based in the US, dividends will be paid in the form ofcryptocurrency into a USDT wallet in the name of the creditor held with either Binance Holdings
Limited (“Binance”) or Sparrow Tech Private Limited (“Sparrow”); andb. to those creditors based in the US, dividends will be paid in fiat currency into the nominatedbank accounts of those creditors.
This application was heard before Justice Gerhard Wallbank who granted the order in the termssought. Creditors who have not already done so are required to submit their claim on the TorqueCreditor Portal no later than 4pm on 22 January 2024.
A copy of the Frequently Asked Questions (“FAQ”) document dated 22 December 2023 is enclosed
below.
Should you have any queries or require further information, please contact myself or Elaine Hanrahan.
Our contact details are set out below:
KrollOffice BVI
Office SGEmail: +1 284 393 9300
: +65 6327 1211
: bw-torque@kroll.com

Yours faithfully

Jason Kardachi
Joint Liquidator

Kroll Advisory (BVI) Limited
3rd Floor, Commerce House
P.O. Box 3339
Road Town, Tortola VG1110
British Virgin Islands

T +1 284 393 9300

www.kroll.com

Torque Group Holdings (In Liquidation) (“the Company”)
Q&A – Creditors
Notice: The following information seeks to provide answers to general queries from creditors of theCompany concerning the planned dividend distribution. This was last updated on 22 December 2023.
If you require any further information or have any specific queries, please email your query to BWTorque@kroll.com.
Submission of claims
1.
What do I need to do to submit
my claims?

Creditors who intend to claim in the Liquidation are tocomplete the following steps in order of sequence by 22
January 2024:
i. registration to the Claims Portal
ii. submission of KYCiii. submission of claims
iv. submission of wallet details

2.

I have not registered to theClaims Portal. What do I do?

A registration email for claims submission via the Claims
Portal has been re-circulated to you via the following email
address:
torquekbcsupport@krollbusinessconnect.com

3.

How do I submit my KYC?

We require you to provide a certified copy of your passportand proof of address. For all documentation to be certified,the certifier should use the following text on each document
being certified:“I have seen and compared the original document of whicha copy is being certified and certify that the copy is acomplete and accurate copy of the original”.
Furthermore, on each document being certified, pleaseindicate:• The date that you certified the document;• Your signature; and• Relevant contact details (email, phone number)Upon completion of the above, please send the certified
copy of your passport and proof of address to BWtorque@kroll.com with email subject: “Torque – KYC
Submission”.

4.

I have registered to the Claims
Portal and have submitted myKYC. How do I submit myclaims?

Please allow up to two working days for the Liquidators toverify your KYC submission. Upon successful KYC
verification, creditors would be able to submit their claims
via the Claims Portal.
Please refer to page 17 of Annexure B annexed in the 8th
Circular to Creditors (“Circulars”) for instructions to submit
your claims.
Past Circulars are available at Kroll’s website:
https://www.kroll.com/en/services/restructuringadvisory/creditors-portal.

5.

I did not receive the form tosubmit my wallet details. What
do I do?

Please note that only creditors who have submitted theirclaims to the Claims Portal will receive the form.
If you submitted your claims in the Claims Portal but did notreceive the form, please email BW-Torque@kroll.com
providing your registered email address and Proof of Debt
form.
Instructions on downloading your submitted Proof of Debt
form from the Claims Portal:
Instructions for POD form

6.

I forgot my password and hence
unable to login to the Claims
Portal (only applies to those whohave registered to the Claims
Portal). What do I do?

Submission of wallet details
7.
What is my MMLID?

Please email connect@kbt.kroll.com providing yourregistered email address with the subject: “Torque – unableto login to Claims Portal”.

Your unique MMLID has been included in our email to you
which contains instructions on how to submit your walletdetails.
If you did not receive/still unable to locate your MMLID,
please email BW-Torque@kroll.com providing your fulllegal name, registered email address and date of birth withthe subject: “Torque – MMLID”.

8.

My MMLID has been used.
What do I do?

Please email BW-Torque@kroll.com providing your fulllegal name, registered email address and date of birth withthe subject: “Torque – used MMLID”.

9.

Why am I unable to input myBinance UID? My Binance UID
has less than 8 digits.

This issue has been resolved.

I have inadvertently submitted
an empty/incomplete form. Howdo I resubmit?

Please email BW-Torque@kroll.com providing your MMLID,
email address and date of birth with the subject: “Torque –request to resubmit payment form”.

10.

Creditors will now be able to input eight to nine numeric
digits. Affected creditors would have received a separate
email instruction to resubmit the form.

An email containing instructions on how to resubmit the form
will be sent to you.
11.

I may have received an incorrect
payment instruction form. Whatdo I do?

General12.
Who is Sparrow? Can I use
another exchange to receive
dividend distribution?
13.

Binance restricts new onboarding
in my country. What do I do?

Please email BW-Torque@kroll.com providing your MMLID
and registered email address with the subject: “Torque –incorrect form”.
We have explored possible ways of making distributions tocreditors in cryptocurrency and have selected Binance andSparrow Exchange to facilitate the distribution ofcryptocurrency to creditors.
Creditors based in jurisdictions restricted by Binance fromonboarding (unless they are pre-existing Binancecustomer) are requested to open an account with Sparrowin order to receive the distribution.

14.

How do I open an account withSparrow?

You may open an account with Sparrow by submitting thefollowing information to torque@sparrowexchange.com:
••

•
•
•

NRIC / Passport;
Proof of Address (i.e. latest utility bill/bankstatement clearly showing their name and address,
dated within the last 3 months);
A photo selfie holding your NRIC / Passport;
Contact number; andProof of debt form (see instructions below).

Due to high volumes please allow up to two weeks for onboarding to complete. Upon successful onboarding,creditors will receive an email from Sparrow with a link to set
their new password.
Instructions on downloading your submitted Proof of Debt
form from the Claims Portal can be found at:

15.

I have an existing Binanceaccount. Do I need to sign up forSparrow account?

Instructions
No, unless you are based in Japan or Netherlands.
Creditors with existing Binance account apart from Japanor Netherlands will be able to receive the dividend
distribution.
Creditors based in Japan or Netherlands are required toopen an account with Sparrow.

16.

Which network should I choose
for my Binance USDT walletaddress?

Distribution will now be done on-platform. Creditors are only
required to provide us with (i) Binance UID registered in theirname; (ii) legal name; and (iii) date of birth.

17.

I am a US-Based creditor, andmy financial institution does nothave a SWIFT code. Whatshould I do?

A SWIFT code is required for international remittance.
Creditors are reminded to ensure that they have a bankaccount which is (i) registered in their own name; and (ii) able
to receive funds from overseas parties.

18.

When can I expect for thedistribution to be made?

Current intention is to make distribution in February. A
further notice confirming details will follow.