Troubled luxurious market Reebonz has appointed a provisional liquidator to wind up the corporate.

Notices have been taken by the corporate’s director Samuel Lim in newspaper The Enterprise Instances correct now (Sept 10) to tell collectors that Reebonz is in collectors’ voluntary liquidation, the newspaper reported.

Reebonz, an e-commerce market that was based in 2009, talked about that it “can’t by purpose behind its liabilities proceed its enterprise”.

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Tee Wey Lih of Acres Advisory has been appointed provisional liquidator on September third to deal with the winding-up of the corporate.

On the corporate’s web site and app, nonetheless, it talked about that it’s present course of repairs from September 4th, and all orders will perhaps be fulfilled until September third.

“Reebonz will perhaps be present course of repairs from September 4th onwards. All orders till September third will perhaps be fulfilled. We won’t be accepting new orders. We’ll shield you up to date on what’s brewing in a short while,” {{{the marketplace}}} had put up this uncover for its prospects on its platforms.

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In a collectors’ voluntary liquidation, administrators of the corporate make an evaluation that it’s bancrupt or additional extra prone to flip into bancrupt, and cross resolutions to place the corporate into provisional liquidation.

A subsequent assembly of shareholders will perhaps be held to verify the liquidation. Thereafter, the collectors might have a chance to search out out throughout the event that they need to shield the provisional liquidator or change the liquidator.

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

In step with complaints lodged with the Prospects Affiliation of Singapore, Reebonz was reported to have owed larger than S$30,000 to 11 sellers on its platform as at August twenty sixth. Sellers complained that that they’d not acquired funds for just a few months, though the agreed payout interval is 20 enterprise days.

Reebonz’s White Glove service permits folks to promote their pre-owned baggage by means of the platform. The service has been suspended since August.

Final yr, Reebonz was delisted from the Nasdaq on account of it did not maintain a minimal share worth of US$1 for larger than 30 days. That’s 17 months after it went public on the US inventory change.

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