Luxury goods seller S’pore Reebonz owes more than $ 30,000 in liquidation


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Troubled luxury market Reebonz has appointed a temporary liquidator to liquidate the company.

Company director Samuel Lim received notifications in The Business Times today (September 10) to inform creditors that Reebonz is in the voluntary liquidation of creditors, transmit newspapers.

Reebonz, an e-commerce market founded in 2009, said it “cannot continue to do business because of its obligations”.

Tee Wey Lih of Acres Advisory was appointed on September 3 as an interim liquidator to manage the company’s liquidation.

The company’s website and app said it has been in maintenance since Sept. 4, and all orders will be fulfilled by Sept. 3.

“Reebonz will be on maintenance from September 4 onwards. All orders by September 3rd will be fulfilled. We will not accept new orders. We will keep you informed of what is in store, ”the market has posted this warning to its customers on its platforms.

Image credit: Vulcan Post

In the voluntary liquidation of creditors, the directors of the company assess that it is insolvent or is likely to become insolvent and make decisions on placing the company in temporary liquidation.

The next shareholders’ meeting will be held to confirm the liquidation. After that, the creditors will have the opportunity to decide whether they want to keep the temporary liquidator or change the liquidator.

Reebonz owes more than $ 30,000 to vendors on its platform

According to filed a complaint with the Singapore Consumers Association, Reebonz owed more than $ 30,000 to 11 vendors on its platform as of Aug. 26. The sellers complained that they had not received payments for several months, even though the agreed payment deadline was 20 working days.

Reebonz’s White Glove service allows people to sell their own-owned bags through the platform. The service has been suspended since August.

Last year, Reebonz was removed from the Nasdaq because it failed to maintain a minimum share price of $ 1 for more than 30 days. That’s 17 months after it was listed on the U.S. stock market.

Highlight Credit: The Vault Online


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