S’pore luxurious items vendor Reebonz in liquidation, owes over S$30Ok money owed

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The ailing luxury market Reebonz has appointed a preliminary liquidator to liquidate the company.

The company’s director, Samuel Lim, made announcements in The Business Times newspaper today (Sept. 10) informing creditors that Reebonz is in the process of voluntarily liquidating creditors, the newspaper reported.

Reebonz, an e-commerce marketplace founded in 2009, said it “is unable to continue its business due to its debts”.

Acres Advisory’s Tee Wey Lih was appointed provisional administrator on September 3 to wind up the company.

However, the company’s website and app state that maintenance will begin on September 4th and all orders will be fulfilled by September 3rd.

“Reebonz will be serviced from September 4th. All orders up to September 3rd will be carried out. We will not accept any new orders. We will keep you up to date very soon ”, the marketplace had published on its platforms for its customers.

Photo credit: Volcanic Contribution

In the event of a voluntary liquidation of the creditors, the directors of the company determine that it is insolvent or likely to be insolvent and take resolutions on the temporary liquidation of the company.

A subsequent shareholders’ meeting will be held to confirm the liquidation. After that, the creditors have the option to decide whether they want to keep the provisional insolvency administrator or change the insolvency administrator.

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

According to complaints filed with the Consumers Association of Singapore, Reebonz allegedly owed more than S $ 30,000 to 11 sellers on its platform on Aug. 26. Sellers complained that they had not received any payments in a few months, despite the agreed withdrawal period being 20 working days.

Reebonz’s White Glove service enables users to sell their used bags through the platform. The service has been suspended since August.

Last year, Reebonz was removed from Nasdaq because it had not maintained the minimum exchange rate of $ 1 for more than 30 days. That’s 17 months after going public on the US stock exchange.

Featured Image Source: The Vault Online

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