The Singapore High Court on Nov 11 ordered beleaguered online marketplace Qoo10 to be wound up and for liquidators from AAG Corporate Advisory to take over management of the insolvent company.
This comes after Korea Culture Promotion (KCP), which operates culture portal sites and issues culture gift certificates in South Korea, sought to wind up Qoo10 over nearly 76 billion won (S$72.4 million) in unpaid debt.
Describing itself as one of Qoo10's "many merchants left high and dry", KCP alleged that Qoo10 had defaulted on 5.8 billion won in payments for gift certificates, according to court papers seen by The Straits Times.
KCP also claims Qoo10 refused to honour its guarantees to secure more than 70 billion won in debt from its two e-commerce platform units, Tmon and WeMakePrice.
Both Qoo10 subsidiaries have filed for corporate rehabilitation in the Seoul Bankruptcy Court, after failing to make payments to merchants using their platforms since early July 2024.
In addition, six other creditors, including SCI Ecommerce, 21st Century Healthcare, Mister Mobile Trading and Shenzhen Lanmey Industries - which are together owed sums of $3.26 million and more than US$381,000 (S$508,000) notified the court that they supported KCP's winding-up application.
Qoo10's lawyer Luke Netto disputed KCP's claims but took no issue with the claims made by the other creditors.
The court allowed 21st Century Healthcare, which said it is owed $954,115, to replace KCP as the claimant.
هذه القصة مأخوذة من طبعة November 12, 2024 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك ? تسجيل الدخول
هذه القصة مأخوذة من طبعة November 12, 2024 من The Straits Times.
ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.
بالفعل مشترك? تسجيل الدخول
Is DEI Really Dead?
Behind the headline-making war on diversity programmes by the Trump administration lies a more complex reality.
Fight travel lethargy at wellness space in T2 transit area
A new wellness space designed to help passengers combat travel lethargy has opened in the transit area of Changi Airport Terminal 2 (T2), said operator Changi Airport Group (CAG) on Feb 17.
Singapore's Key Exports Resilient Despite Dip in January Amid CNY Period
Singapore's key exports remain resilient even though they contracted in January amid the Chinese New Year period, following two consecutive months of expansion in November and December 2024.
Alibaba's Jack Ma shakes Xi's hand at meeting of China's business titans
Ma's appearance signals Beijing's desire to inject confidence into the private sector
Singapore's 2035 climate targets feasible but collaboration, geopolitical stability vital: Experts
Road to 2035: Driving down emissions
Japan's Peach airline warned after pilot breached alcohol ban
Japan's low-cost carrier Peach Aviation received a warning from the Civil Aviation Bureau after the captain of a Jan 7 flight from Singapore to Kansai drank two cans of beer despite a pre-shift alcohol ban, and skipped an alcohol test before operating the plane.
From Ace to Azko: Firm bets big on its rebranding
Move is part of a wider trend in Indonesia, as more brands take the leap despite risks
SingPost Names SGX and SIA Engineering Former Execs as Non-Executive, Independent Directors
Singapore Post (SingPost) on Feb 17 announced the appointment of two new non-executive, independent directors, Mr Chng Lay Chew and Mr Ng Chin Hwee.
Over half of user reports of harm not dealt with promptly on social media
More than half of legitimate user complaints about content related to child abuse or cyber bullying, among other harms, were not addressed in the first instance by social media companies, Singapore's media regulator has found.
More drama but Reds can cope, says van Dijk
Liverpool captain Virgil van Dijk insists the Premier League leaders can cope with the mounting pressure of the title race.
