The Singapore High Court on Monday also allowed another creditor, 21st Century Healthcare, to replace KCP as the claimant.
According to court documents, 21st Century Healthcare is owed about S$954,000 by Qoo10. Other creditors include SCI Ecommerce, Shenzhen Lanmey Industries and Intrepid E-commerce services.
“There is an urgent need to empower a liquidator to conduct investigations into Qoo10’s affairs,” argued KCP’s lawyers in court documents.
“There are strong indications of wrongdoing by Qoo10’s management which had resulted in its financial woes.”
Between April and August, the Monetary Authority of Singapore (MAS) and other government agencies received several customer complaints against Qoo10 for delays in processing payments to customers, who are merchants on Qoo10’s platform.
In early September, Qoo10 informed MAS that a significant number of merchants would face payment delays, prompting the authority to suspend its provision of all payment services in Singapore later that month.
MAS said the suspension does not prohibit Qoo10 from operating its e-commerce platform. However, there were at the time no alternative payment methods available on the platform so consumers would not be able to make any payments on the site.
