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Luxury marketplace Reebonz has announced that it has appointed a provisional liquidator to wind up the company, reported The Business Times (BT) on Sep. 10.

Reebonz's director Samuel Lim took to BT to inform creditors that Reebonz is opting for a creditors' voluntary winding up, as it "cannot by reason of its liabilities continue its business".

On Sep. 3, a notice on BT also announced that Reebonz had appointed provisional liquidator Tee Wey Lih of Acres Advisory to oversee the winding up of the company.

Owed more than S$30,000 to 11 sellers

The embattled Reebonz has received multiple complaints from both sellers and buyers, who allege that they were owed payments and refunds.

Reebonz's White Glove platform, which allows sellers to resell pre-owned bags, has also been suspended since August 2021.

In the first eight months of 2021 alone, 18 complaints against the company were filed to the Consumers Association of Singapore (CASE) — an increase from 12 complaints in 2020 and three complaints in 2019.

The complaints ranged from failing to make delivery after items were paid for to failing to facilitate payments to sellers who use the site to conduct sales of luxury items.

According to The Straits Times (ST), Reebonz owed more than S$30,000 to 11 sellers on its platform, as of Aug. 26, 2021,

Reebonz was also delisted from the U.S. stock exchange Nasdaq last year, after it had failed to maintain a minimum share price of US$1 for more than 30 days, reported ST.

Stopped accepting new orders

An update on Reebonz's website says that it will no longer be accepting new orders. However, all orders up till Sep. 3 will be fulfilled.

The notice also states that Reebonz will be undergoing maintenance from Sep. 4 onwards, and that it will keep customers updated "very soon".

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