Yield App Limited (in liquidation)

Yield App has entered liquidation due to significant financial challenges. These challenges mean liquidation is in the best interests of its customers and stakeholders. This decision follows a comprehensive assessment of its financial position and the options available.

The liquidation process is being overseen by Cork Gully, a highly reputable firm specialising in insolvency and liquidation services. They are responsible for assessing the financial affairs of the company, undertaking recovery of the company’s assets, and ensuring compliance with legal obligations. 

Cork Gully have been seeking a cost-effective solution to address the anticipated volume of claims and distributions to creditors. There are over 105,000 users, many with small balances. The approach to be taken has to be proportionate. One of the liquidators’ priorities is to simplify the claims process to facilitate an interim distribution. The liquidators are currently working with Epiq Solutions and are in the final testing stages of a claim form. The creditors committee is providing assistance as to the usability of the form. Further details will be communicated to creditors in due course.

Liquidation means that Yield App's assets will be liquidated to pay customers and stakeholders in accordance with the company’s legal obligations. Cork Gully will work diligently to manage this process transparently and efficiently. The liquidators will be looking to maximise the recoveries available for all parties.

Customers’ asset positions held with Yield App will be impacted as the liquidation process unfolds. Cork Gully will communicate directly with affected users and stakeholders to provide guidance and support during this process. Ongoing operations have ceased and are not expected to resume.

You can now access your account in order to view your account balance only as of the date of liquidation at 06:20 UTC on 1 July 2024. It is important to note that customer balance data provided is for information purposes only and to assist you in formulating a creditor claim. The balances stated are subject to an adjudication process, the details of which will be communicated to customers in due course. Such access is restricted to the website, and not available on the mobile app.

You are encouraged to monitor communications from Cork Gully for updates on accessing accounts and the future asset distribution process.

You can now access your account, in order to view your account balance only as at the date of liquidation at 06:20 UTC on 1 July 2024. It is important to note that such balances are provided for information only and to assist with formulating a creditor claim. The balances stated are subject to an adjudication process, the details of which will be communicated to customers in due course. Such access is restricted to the website, and not available on the app.

Yield App paused withdrawals and/or transfers at 04:15 UTC on 28 June 2024. Any user having made a withdrawal request that remains outstanding at the date of liquidation will be treated alongside other customers.

The liquidators will continue to update users as to their positions and the timing of any assets being returned.

You will accrue interest on account balances up to the date of liquidation. Customers will be informed of their final account balances as of the date of liquidation in due course.

The joint liquidators have issued a first report to creditors on 13 August 2024. All creditors have been sent an email detailing how to access the report on the creditor portal.

 If you are a creditor and have not received an email from Cork Gully, please check your email spam folder or contact the joint liquidators on [email protected] for assistance.

Yield App remains committed to supporting users throughout this process. Cork Gully is working to provide assistance and ensure a fair and orderly process as they wind down operations and will communicate with users all relevant information.

The liquidators are currently in the testing stage of the claim form working in close collaboration with members of the creditors committee and Epiq Solutions. This testing stage is essential to ensure the form accurately captures the required information from creditors to allow for an efficient handling and adjudication of creditor claims. Details of the formal process for filing creditor claims will be provided once the form is finalised. No bar date has been set for creditors to submit claims at this time.

It is not currently possible to predict when distributions will be made, nor how much will be distributed. The liquidators will be working to ensure the best return for all customers and stakeholders and will consider interim distributions of a proportion of the residual assets where practicable.

The joint liquidators are targeting an early interim distribution to creditors in Q4 2024.

YLD balances will be treated the same as other assets, and managed accordingly, although the token’s value is likely to be severely impacted.

Cork Gully may use Twitter or Telegram to direct customers to our official channels and messaging. We encourage users to refer to the website https://yield.app.

Please be cautious of anyone contacting you via email, phone, or social media, and always verify that the communication is genuinely from the liquidator

A first meeting of creditors was held on 29 August 2024.

A subsequent meeting of creditors has not been scheduled. Creditors will not be notified if this changes.