Singapore's e-commerce company Qoo10, the parent company of Timon and Wemakeff, which caused an unpaid settlement in Korea, has been ordered to liquidate.
According to local media, the Singapore High Court ordered Quten to liquidate on the 11th and appointed AAG Corporate Advisory as a liquidator.
The liquidator takes over the management rights of Q10 and takes charge of debt restructuring.
The ruling comes after Korea Culture Promotion, a cultural gift certificate issuer, requested the liquidation of Q10, which did not pay 76 billion won worth of debt.
The Korea Culture Promotion Agency claimed that Q10 did not pay 5.8 billion won in gift certificate sales and did not keep its 70 billion won debt guarantee promise of subsidiaries Timon and Wemakeprice.
Six creditors, including SCI E-Commerce and 21st Century Healthcare, also support the Q10 liquidation request, it told the court.
Q10 was founded in Singapore in 2010 by CEO Koo Young-bae, who founded Gmarket, listed it on Nasdaq and sold it to eBay.
In July, after large-scale unsettled incidents in Timon and Wemakeff, complaints of delayed settlement by companies selling goods through Q10 were also raised in Singapore, with some sellers reporting to the police or filing a lawsuit with the court.
The Monetary Authority of Singapore (MAS) ordered Q10 to suspend its payment services in September, and Q10 said in a notice on its website that it was temporarily suspending sales.
Quten laid off 80% of its employees in August, and all directors except Koo reportedly resigned as of the 1st of last month.
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