Announcement of 13.12.2022
The Inlock platform has once again successfully completed withdrawals of the second round of the Early Payout under the Recovery and Restructuring Plan, namely the Extended Early Payout, which has now enabled 100% of our clients to receive their payments. In this round, we received significantly fewer withdrawal requests, which leads us to conclude that our clients have confidence in the platform to reduce the remaining risks.
The Early Payout and Extended Early Payout Programs have provided very important feedback to us, as we are now even more focused on developing an effective recovery process to reduce the extent of damage.
Previously, questions have arisen among our clients about what happens to the deducted 30% and 35%, for which we are doing our best to answer. It is now very clear that the partner who caused the damage does not intend to compensate the damage in a cooperative and quick way, so we are facing a long legal precedent and once we have succeeded in getting compensation, we have to expect that it will only be partial, so we will certainly have to recover part of the damage through the platform’s business operations.
Although we will (hopefully) be able to release most of the client assets soon, the unsecured assets are expected to be locked up for the long term and will be released from time to time as we raise capital and reallocate profits from the business processes.
During Early Payout, clients have waived their part of the loss. The platform does not have the subject of the loss write-off in liquid form, only as a liability, which in the current situation will only be enforceable through legal action. Customers who accepted the Early Payout option were exempted from future risks. And those who did not take advantage of this option essentially assumed these risks as well, which is why full compensation can happen sooner in their case, even if the platform is only partially compensated through legal means.
We are fully convinced that the recovery of the Inlock platform can be fully compensated even if the legal proceedings result in only partial or even zero compensation. Several services that were already planned for launch in 2023 will be available soon. We also readjust the existing services based on risks affected.
A very important announcement will also be published very soon. Although it does not affect the current situation, it will undoubtedly contribute to reassuring our clients of our commitment to long-term sustainability.