15 September 2022
8th Circular to Creditors
Dear Sirs,
Torque Group Holdings Limited (In Liquidation) (“Torque”)
BVI Company Registration Number: 2024611
I refer to the Circular dated 24 June 2022 (the “7th Circular”), in which the Liquidators provided
creditors with an update on the progress of the Liquidation to date and next steps.
Unless otherwise defined herein, capitalised terms used in this circular have the same
meanings as those defined in the 7th Circular.
The purpose of this circular (the “8th Circular”) is to provide creditors with details regarding
the opening of the Claims Portal to facilitate online submission of claims in the Liquidation.
A. Claims Portal
1.

The Claims Portal was opened on Thursday, 15 September 2022.

2.

Creditors who intend to claim in the Liquidation are advised to prepare for lodgementof claims in the following way:
2.1

provide the Liquidators with your updated email contact details (if necessary);
and

2.2

take a screenshot of your Torque Account Username and Trading Wallet
Balances via either: (i) the Torque website at: https://torque.asia/; or (ii) the
Torque mobile application. Detailed instructions are included at Annexure A ofthis 8th Circular.

3.

Although the screenshot of your Trading Wallet Balances and Username would not be
required in the event that your claim is automatically matched with the records of theCompany through the process of the Claims Portal, in the event that any creditor may
not agree with the Company records, the screenshot of the Trading Wallet Balances
would be a key factor in substantiating any claim that may differ from the Company
records.

4.

Please note that the Torque Trading website is scheduled to be shut down no later
than Friday, 30 September 2022, and it will not be possible to capture the screenshot
after this date.

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

Page 2 of 2

B.

Claims Portal Registration Email5.

A registration email for claims submission via the Claims Portal (“Registration Email”)
has been circulated to the majority of creditors for participation in an automated claims
process via the following email address:
torquekbcsupport@krollbusinessconnect.com.

6.

On receipt of the Registration Email please ensure that you follow the
instructions provided and submit your claims in the Liquidation via the Claims
Portal by Friday, 7 October 2022. Please check your Junk Email inbox in theevent of non-receipt of the Registration Email.

7.

Manual submissions can alternatively be made online to the Claims Portal via thefollowinglink:
https://forms.kroll.com/orbeon/fr/torque/claimant-pod-manualunlocked/new.

C. Technical Support
8.

A step-by-step instruction guide for creditors on how to submit their claims using theClaims Portal is provided in the Torque Portal User Manual included at Annexure B ofthis 8th Circular.

9.

For enquiries in relation to the Claims Portal, please contact our technical support teamat the following email address: torquekbcsupport@krollbusinessconnect.com.

10.

For general enquiries in relation to the Liquidation, please contact the Liquidators at
the following email address: bw-torque@kroll.com.

D. Contact Details
Should you have any queries or require further information, please contact either myself or
Kent McParland. Our contact details are set out below:
Kroll
Office BVI
Office SG
Email: +1 284 393 9300
: +65 6327 1211
: bw-torque@kroll.com

Yours faithfully

Jason Kardachi
Joint Liquidator
Annexures:(A) Torque Group Holdings (In Liquidation) – Taking a Screenshot of your Torque
Account Username and Trading Wallet Balances.
(B) Torque Portal User Manual.

Annexure A

Torque Group Holdings Limited(In Liquidation)
Taking a Screenshot of your Torque Account Username and Trading Wallet BalancesAnnexure A

1. Via Torque Website

Annexure A

Step 1. Visit the Torque Website• Go to https://torque.asia/• Click “LOGIN” in the top right-hand corner.

Annexure A

Step 2. Log in to your user account• Enter your Torque Username and Password, and press “SIGN IN”.

Annexure A

Step 3. Screenshot Trading Wallet Balance and Username• Proceed to your Dashboard using theicon in the banner at the top of the screen.

• Click Dashboard to view your wallet balances.
• Take a full page screenshot which clearly displays (1) your Torque Username and (2) all Trading Wallet Balances you
wish to submit your claim for.
1. Username

2. Trading Wallet BalancesAnnexure A

Step 4. Save your screenshot• Please save a copy of your screenshot as an image file (e.g. JPEG, PNG) or PDF.

• You can use this document later as supporting evidence for your claim in the liquidation of Torque Group Holdings
Limited (In Liquidation).
• Once you receive your email invitation to submit your claim in the liquidation, the Liquidators will require you to upload
this image file / PDF in support of your claim as part of your claims submission process via the Kroll Creditor Claims
Portal.

Annexure A

2. Via Torque Mobile Application

Annexure A

Step 1. Log in to your user account• Open the “Torque” app.
• Enter your Torque Username and Password, andpress “LOGIN”.

Annexure A

Step 2. Screenshot your Username• On the home screen, take a full page screenshot
which clearly displays your Torque Username.

Username

Annexure A

Step 3a. Screenshot your Trading Wallet Balances• In order to access your Trading Wallet balances, press the“Trading Wallet” balance on your “Home” screen.

Balance

Press forTrading
WalletBalancesAnnexure A

Step 3b. Screenshot your Trading Wallet Balances
Ensure that your claim is for
Trading Wallet balance only,
not Personal Wallet.

• Once on the Wallet page of the Torque application,
ensure that you are viewing your Trading Walletbalances and not your Personal Wallet balances.
• Take a full page screenshot(s) which clearly displays
all crypto asset balances in your Trading Wallet thatyou wish to submit a claim for.
• Please ensure that all crypto balances you wish to

Balancesubmit a claim for are clearly visible in yourscreenshot(s).

Balance
Balance
Balance

BalanceTakescreenshot(s)for all Trading
Wallet balances
you wish to
claim for.

Annexure A

Step 4. Save your screenshot• Please save copies of your screenshot(s) as image files (e.g. JPEG, PNG) or PDF.

• You can use this document later as supporting evidence for your claim in the liquidation of Torque Group Holdings
Limited (In Liquidation).
• Once you receive your email invitation to submit your claim in the liquidation, the Liquidators will require you to upload
the image file(s) / PDF(s) in support of your claim as part of your claims submission process via the Kroll Creditor Claims
Portal.

Annexure A

For more information, please contact:
Kroll
BVI Office:Singapore Office:
Email:+1 284 340 5888
+65 6327 1211
bw-torque@kroll.com

A bo ut Kr o l l
Kroll provides proprietary data, technology and insights to help our clients stay ahead of complex demands related to risk, governance and growth. Our solutions deliver a powerful competitive advantage,
enabling faster, smarter and more sustainable decisions. With 5,000 experts around the world, we create value and impact for our clients and communities. To learn more, visit www.kroll.com.
M&A advisory, capital raising and secondary market advisory services in the United States are provided by Kroll Securities, LLC (member FINRA/SIPC). M&A advisory, capital raising and secondary market
advisory services in the United Kingdom are provided by Kroll Securities Ltd., which is authorized and regulated by the Financial Conduct Authority (FCA). Valuation Advisory Services in India are provided
by Duff & Phelps India Private Limited under a category 1 merchant banker license issued by the Securities and Exchange Board of India.
© 2022 Kroll, LLC. All rights reserved.

Annexure B

User Manual
Torque-Creditors View

1Annexure B

01 STEP 1: Fill in the registration Form

3

02 Step 2: Matching- Auto/Manual
Step 2.1: Auto match Succeeds
Step 2.2: Auto match Fails
Step 2.3: Creditor Does Not Have a Unique Id

5
5
6
8

03 Step 3: Creditor Login

10

04 Step 4: Proceed For KYC

1005 Step 5: KYC Result
Step 5.1: KYC Successful
Step 5.2: KYC Failed

14
14
15

06 Step 6: Complete POD Submission Details

17

07 Step 7: Creditors Accept/Reject Claims
Step 7.1: Accept All Claims
Step 7.2: Reject All Claims

19
19
26

08 Step 8: View POD Submission Details

28

09 Step 9: View Claim Details

30

10 Step 10: Adjudication Of Claims

34

11 Step 11: Claims Payouts

352

Annexure B

STEP 1: Fill in the Registration Form
1.

As a creditor you will receive an email from the portal. In order to register you will need to click on the link called“Registration Link” circled in blue in the below screenshot.

2.

After clicking on the link, the Registration Form will open. You will need to provide the Kroll Creditor Claims Portal
Unique ID provided in the registration email and highlighted in yellow in the above screenshot. After filling in theRegistration Form, including the Kroll Creditor Claims Portal Unique ID field highlighted in yellow in the below
screenshot, you will need to click on the button called “Submit” at the bottom of the page.

3

Annexure B

4

Annexure B

3.

You will then receive an email confirming your submission once the Registration Form has been submitted. See
below an example of that email.

Step 2: Matching- Auto/Manual

Step 2.1: Auto match Succeeds
1.

If the details of the Registration Form match the records of the Joint Liquidators, you will receive an activation linkby email. You will need to click on the link called “Password link”, circled in blue in the below screenshot, in order
to set up your password prior to be given access to the portal.

5Annexure B

2.

Once you have clicked on the link, you will be in position to set up your password as per the below screenshot.

3.

You will now enter the portal and you can proceed directly to Step 3.

Step 2.2: Auto match Fails
1.

If the details of the Registration Form DO NOT match the records of the Joint Liquidators, you will receive thefollowing email with the link to the Manual POD form. In order to access the Manual POD form, you will need toclick on the link called “Torque Group Holdings Limited (In Liquidation) Creditor Claims Portal – Manual Proof of
Debt Form Submission”. See below an example of the email that you will receive.

6Annexure B

2.

After clicking on the link provided in the above email, The Manual POD form will open, and you will be in position
to fill in the Manual POD form and submit it by clicking on the button called “Submit” at the bottom of the page.
See below a screenshot of the Manual POD form.

3.

You will then receive the following confirmation email once the form has been submitted.

7Annexure B

4.
5.
6.
7.

The POD submitted will be manually reviewed by the Joint Liquidators. The Joint Liquidators will review the details
and approve or reject the POD submitted.
If approved, the Joint Liquidators will send you an activation email.
You will then receive the activation email and will need to update your password as in steps 2.1.
If rejected, the Joint Liquidators will send you a rejection email.

Step 2.3: Creditor Does Not Have a Unique Id
1.

If you select No for the question, “Have you been provided with a Kroll Creditor Claims Portal Unique ID via email(e.g. 9797-2380-8697-5286)?” in the Registration Form in Step 1, the Registration Form will then be reviewed
manually by the Joint Liquidators. The below screenshot illustrates the above.

8

Annexure B

2.
3.
4.

The Joint Liquidators will, in turn, manually review the Registration Form. They will then approve or reject theRegistration Form.
If approved, you will receive an activation email.
If rejected, Joint Liquidators will send you a rejection email.

9Annexure B

Step 3: Creditor Login1.

Navigate to https://torque.krollbusinessconnect.com/

2.

Enter your credentials to enter the portal. Your credentials are your email address, the one where you receive thenotifications from the portal, and your password that you have set up to that effect in Step 2.1.

Step 4: Proceed For KYC
1.

Click on the Liquidations tab. You will then land on the main page where you will need to click on the link below
the Liquidation ID header circled in blue in the screenshot below in order to submit your KYC before getting accessto your claims.

10Annexure B

2.

You will then land on the Liquidation Overview sub tab as per below.

3.

Navigate to POD Submission Details sub tab on the left-hand side as per below.

11Annexure B

4.

Please Populate your personal details by clicking on the Edit/View Button circled in blue in the above screenshot
and on the right-hand side of the below screenshot.

12

Annexure B

5.

Once you provided your personal details, please click on the button called “Provide Your KYC” circled in blue in the
below screenshot.

6.

Once you have clicked on that button, a pop up will appear and you will need to click on your name. In the below
screenshot the name where you need to click is highlighted in yellow.

7.

Once you have clicked on that link highlighted in yellow in the above screenshot, you will be redirected to Jumio tocomplete KYC. Follow the instructions to complete the verification on Screen

13Annexure B

Step 5: KYC Result
Step 5.1: KYC Successful

1.

On successful KYC completion, you will receive an email as follows:14Annexure B

2.

You will then be able to see that your status has changed to verify, as highlighted in yellow in the below
screenshot, and you will be in position to submit your POD by clicking on the button called “Submit Your POD”
circled in blue in the below screenshot. Please refer to Step 6 for further guidance on how to submit your POD.

Step 5.2: KYC Failed

1.

If KYC is not authenticated, you will receive an email as follows:

2.

You will then be able to go through the KYC process once again by clicking on the button called “Provide Your KYC”
circled in blue in the below screenshot. Please verify that the personal details provided are correct before going
through the KYC process once again. For example, there may be a typo in the identification number of theidentification document provided which would explain the failed KYC.

15

Annexure B

3.

As a reminder, if you need to amend/check your personal details before going through the KYC process once again,
please click on the Edit/View Button circled in blue in the below screenshot.

4.

In case of multiple failures, the Joint Liquidators will step in to manually perform checks.

16Annexure B

Step 6: Complete POD Submission Details
1.

Once you have passed KYC, you will be in position to submit your POD on the portal. To do so please click on the
Liquidations tab to start with. You will then land on the main page where you will need to click on the link below
the Liquidation ID header next. The link is circled in blue in the below screenshot.

2.

You will then land on the Liquidation Overview sub tab as per below.

17Annexure B

3.

Navigate to the POD Submission Details sub tab on the left-hand side as per below.

4.

Please click on the button called “Submit Your POD” circled in blue in the below screenshot.

18

Annexure B

5.

Once you have clicked the above circled button, a pop up will appear. Please close that pop up by clicking on the
button “Close” circled in blue in the below screenshot.

6.

Please refer to Step 7 for further guidance on the next steps of your POD submission.

Step 7: Creditors Accept/Reject Claims
Step 7.1: Accept All Claims
1.

After closing the pop up, if you are satisfied with the claims displayed, you can click on the button called “Accept
All Claims” circled in blue in the below screenshot.

19

Annexure B

2.

Once you have clicked on the button called “Accept All Claims”, an auto-populated form with all claim details will
be displayed. Please provide the necessary confirmations, sign and submit by clicking on the button called“Submit” at the bottom of the form. See below some screenshots of the form.

20Annexure B

3.

Once your POD submitted, the POD status will change to “Auto POD Provided” as highlighted in the below
screenshot.

4.

You will then receive the below email.

21

Annexure B

5.

If you wish to submit additional claims that are not on the records of the Joint Administrators, please click on the
button called “Additional Claims” circled in blue in the below screenshot.

6.

Once you have clicked on the button called “Additional Claims”, a pop up will appear. Please click on the button“Provide Claims” circled in blue in the below screenshot and you will be directed to a form where you can provide
the details of those claims.

22Annexure B

7.

See below screenshots of the form. Please provide the necessary confirmations, sign and submit by clicking on the
button called “Submit” at the bottom of the form.

23Annexure B

24

Annexure B

25

Annexure B

8.

Finally, all claims submitted will now further be adjudicated by the Joint Liquidators.

Step 7.2: Reject All Claims
1.

After closing the pop up (please refer to the end of Step 6 in relation to the pop up), if you are not satisfied withthe claims displayed, you can click on the button called “Reject All Claims” which is the button that is NEXT TO the
button circled in blue in the below screenshot.

2.

Then please click on the button called “Provide Your POD”. You will be redirected to a form where you will be inposition to provide details in respect of your claims. See below a screenshot of the form. Please provide thenecessary confirmations, sign and submit by clicking on the button called “Submit” at the bottom of the form.

26Annexure B

3.

Once your POD submitted, the POD status will change to “Manual POD Provided” as per the below screenshot.

4.

You will then receive the below email.

27

Annexure B

5.
6.

If approved, the claims will further be adjudicated by the Joint Liquidators.
If rejected, the Joint Liquidators will send you a rejection email.

Step 8: View POD Submission Details
1.

In order to view all of the forms and documents that you have submitted so far you can go to the sub tab called“POD Submission Details” and click on the icon called “Doc List” circled in blue below.

1.

List of Docs
Click on the Doc List button in the table. All the documents and forms submitted by the creditor can be viewed as
per the below screenshot.

28

Annexure B

Click on any of the icons in the File column to open a document. Once you click on one of the icon the document in question
will display as per below.

2.

Personal Details

29Annexure B

Click on Edit/View button in the POD Submissions table to amend your personal details. See below a screenshot where thebutton is circled in blue.

Once you have clicked on the Edit/View button you will be in position to amend/check your personal details as per the
below screenshot.

Step 9: View Claim Details
1.

In order to view a summary of your claims you can go to the sub tab called “Claims” as per the below screenshot.

30

Annexure B

2.

Click on the button called “Export All Claims” to export your claims into excel. The button is circled in blue in the
below screenshot.

31

Annexure B

3.

Click on any of the icons in the Claims Nature column for more details of each claim. The Claims Nature column ishighlighted in yellow in the below screenshot.

4.

See below an example of the page you will reach once you have clicked on any of the icons in the Claims Naturecolumn.

32

Annexure B

5.

Finally, Click on any of the icons in the Details column for more details on each position briefly. The Details column
is highlighted in yellow in the below screenshot.

6.

See below an example of the pop up that will appear once you have clicked on any of the icons in the Details
column.

33

Annexure B

Step 10: Adjudication Of Claims
1.

When the claim is approved by the Joint Administrators following adjudication, you will receive the below email.

2.

When the claim is rejected by the Joint Administrators following adjudication, you will receive the below email.

34

Annexure B

Step 11: Claims Payouts
1.

When a payout is made in relation to any of your claims, you will receive a payout email as per below.

2.

In order to view a summary of your payouts you can go to the sub tab called “Payouts” as per the below
screenshot. This sub tab will list all of the payouts made.

35

Annexure B

36