Vendor seeks Qoo10 liquidation over $54m debt

A South Korean gift certificate vendor has filed a petition in Singapore’s High Court seeking to wind up the online marketplace Qoo10.

Korea Culture Promotion alleges Qoo10 owes them nearly 76 billion won (about USS$54.2 million).

The petition is supported by six other creditors, including SCI Ecommerce and Mister Mobile Trading.

Recent Qoo10 developments

Timeline
23-Sep-2024 ⚖️ Singapore orders Qoo10 to stop payment services MAS suspends Qoo10’s payment services due to delayed merchant payments Qoo10 may process existing claims but cannot accept new ones
13-Sep-2024 ⚖️ Qoo10, Qxpress under police investigation in Singapore Qoo10 and Qxpress under police investigation Vendors report major payment and delivery delays
13 Feb 2024 🛍️ Singapore’s Qoo10 widens ecommerce reach with $173m Wish buy ContextLogic sells Wish to Qoo10 for $173 million Sale reflects struggles against Shein, Temu, and losses

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