Current posture

What matters now

SoPa remains in the early administrative phase of chapter 11, with operational and professional-retention matters advancing but no sale process, postpetition financing facility, or plan path yet established in the cited record. The debtor filed on May 12, 2026, alongside its parent, Society Pass Incorporated, following an $11.85 million judgment in favor of a former employee, as described in the insurance and premium-financing motion Dkt. 15. Its voluntary petition Dkt. 1 estimated both assets and liabilities at $10 million to $50 million, identified 1–49 creditors, and stated that funds were expected to be available for unsecured creditors. The opening phase focused on preserving insurance coverage and corporate continuity. The debtors sought authority to maintain their D&O and management-liability program, honor an IPFS premium-financing agreement with approximately $27,795 outstanding, and renew or replace coverage in the ordinary course through the insurance and premium-financing motion Dkt. 15. By July 6, the court had authorized ordinary-course professional retention subject to compensation caps and reporting requirements in the ordinary-course professionals order Dkt. 80 and established interim fee procedures through the professional compensation order Dkt…

Updated Jul 18, 2026