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.
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.
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$510,000)—notified the court that they supported KCP's winding-up application.
Small and medium-sized enterprises (SMEs) in Singapore selling on Qoo10 previously told The Straits Times that the platform, which also had operations in Malaysia, Indonesia, Japan and Hong Kong, failed to pay them on time.
Vendors shipping items out of Singapore via Qxpress, the logistics arm of Qoo10, were also affected.
Q What does Qoo10's winding up mean for vendors and other creditors who did not file claims in court?
A Creditors, whether big or small, who have not filed any claim in court against Qoo10 will no longer be able to do so.
But there remains an avenue for them to try to get some money back.
Mr Sean Chen, senior associate at Dentons Rodyk's litigation and dispute resolution practice, said they can submit a document known as "proof of debt" to Qoo10's liquidators, AAG Corporate Advisory, through the Ministry of Law try of Law's website.
This document requires details such as the amount and description of the total debt that is apparently owed, as well as supporting documents, including invoices, receipts, contracts or messages.
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