Qoo10 vendors, customers accept they will likely not get money back

Some will submit proof of debt to liquidators, wait for creditors' meeting

- Wong Yang and Timothy Goh

When an online retailer began selling his products on e-commerce platform Qoo10 in August 2023, he did not bat an eyelid when it took 30 to 45 days for the platform to disburse his first payout, compared with about three to seven days for other e-commerce sites he was using.

But nearly a year later in July, payments owed to his business by Qoo10 had ballooned to about $1.6 million, as the platform's payment delays exceeded two months and disbursements began trickling in, in smaller amounts.

The Singaporean, who wanted to be known only as Mr T and did not wish to divulge what he sold, pulled the plug on his Qoo10 shop this year in the middle of July, and filed a civil claim with the courts. He obtained a default judgment in October for Qoo10 to pay him what he is owed, after the e-commerce site failed to serve a notice of intention to contest or not contest the claim.

Mr T, who added that he had borrowed nearly $1 million from banks, friends and relatives to pay his suppliers, said: "I am not holding out hope that I will get much, or any, of my money back from Qoo10. By this point, I just want closure because it's been so stressful."

That closure might be on the horizon for Mr T, after the Singapore High Court found Qoo10 to be insolvent and ordered it to be wound up on Nov 11, with liquidators appointed to take over the management of the company.

Korea Culture Promotion (KCP), a gift certificates vendor in South Korea, had sought to wind up Qoo10 over nearly 76 billion won (S$72.4 million) in unpaid debt.