The_King Posted September 10, 2021 Share Posted September 10, 2021 Troubled luxury marketplace Reebonz has appointed a provisional liquidator to wind up the company. Notices were taken by the firm’s director Samuel Lim in newspaper The Business Times today (Sept 10) to inform creditors that Reebonz is in creditors’ voluntary liquidation, the newspaper reported. Reebonz, an e-commerce marketplace that was founded in 2009, said that it “cannot by reason of its liabilities continue its business”. View this post on Instagram A post shared by Vulcan Post (@vulcanpost) Tee Wey Lih of Acres Advisory has been appointed provisional liquidator on September 3rd to handle the winding-up of the company. On the company’s website and app, however, it said that it is undergoing maintenance from September 4th, and all orders will be fulfilled till September 3rd. “Reebonz will be undergoing maintenance from September 4th onwards. All orders until September 3rd will be fulfilled. We will not be accepting new orders. We will keep you updated on what’s brewing very soon,” the marketplace had put up this notice for its customers on its platforms. Image Credit: Vulcan Post In a creditors’ voluntary liquidation, directors of the company make an assessment that it is insolvent or likely to become insolvent, and pass resolutions to put the company into provisional liquidation. A subsequent meeting of shareholders will be held to confirm the liquidation. Thereafter, the creditors will have an opportunity to decide if they want to keep the provisional liquidator or change the liquidator. Reebonz owes more than S$30,000 to sellers on its platform According to complaints lodged with the Consumers Association of Singapore, Reebonz was reported to have owed more than S$30,000 to 11 sellers on its platform as at August 26th. Sellers complained they had not received payments for a few months, although the agreed payout period is 20 business days. Reebonz’s White Glove service allows people to sell their pre-owned bags through the platform. The service has been suspended since August. Last year, Reebonz was delisted from the Nasdaq as it failed to maintain a minimum share price of US$1 for more than 30 days. That’s 17 months after it went public on the US stock exchange. 1 Link to comment Share on other sites More sharing options...
socrates469bc Posted September 10, 2021 Share Posted September 10, 2021 most likely our kgk xdd @HarrisY didnt buy enough branded accessories for his atbgf to sell on the platform. thats why the platform has to shut down. Link to comment Share on other sites More sharing options...
Bigbird Posted September 10, 2021 Share Posted September 10, 2021 (edited) Didnt know this existed! The 60% of young fresh start ups is their exit plan aka milk as much as possible and fold! Rinse & repeat! Edited September 10, 2021 by Bigbird 1 Link to comment Share on other sites More sharing options...
Homelander Posted September 11, 2021 Share Posted September 11, 2021 Owe $30k i think still manageable, why liquidate...thot $300k then make sense 1 Link to comment Share on other sites More sharing options...
socrates469bc Posted September 11, 2021 Share Posted September 11, 2021 7 minutes ago, Homelander said: Owe $30k i think still manageable, why liquidate...thot $300k then make sense the boss cannot find rich kgk to even fund $30k, so might as well close shop. shld find me and i will intro him some very rich kgks. 3 Link to comment Share on other sites More sharing options...
socrates469bc Posted September 11, 2021 Share Posted September 11, 2021 18 hours ago, Bigbird said: Didnt know this existed! The 60% of young fresh start ups is their exit plan aka milk as much as possible and fold! Rinse & repeat! this 1 is the best so far. now waiting for this one. 1 Link to comment Share on other sites More sharing options...
meng.huat Posted September 11, 2021 Share Posted September 11, 2021 19 hours ago, The_King said: Reebonz owes more than S$30,000 to sellers on its platform $30,000 only and want to close shop?? 3 Link to comment Share on other sites More sharing options...
Bigbird Posted September 12, 2021 Share Posted September 12, 2021 (edited) On 9/11/2021 at 5:19 PM, meng.huat said: $30,000 only and want to close shop?? exit plan no need a lot of excuse, it's just a message to tell investors they have no confidence to take the company further! just like some mini-sters who have no more ideas on dealing with c19 (aka 10yrs series haven't print), so just simply tell everyone "endemic" phase (aka cut lost). shitizens llst ownselves take care ownselves! You all see this pattern u should know liao. Edited September 12, 2021 by Bigbird 1 1 Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now