SINGAPORE – On Nov 11, online marketplace Qoo10 was declared insolvent by the Singapore High Court and ordered to be wound up. It is one of the most high-profile business failures in 2024.
Other than Qoo10, the fallout from some once high-flying companies that failed in the past few years – namely Hin Leong, the Envy group of companies and Hyflux – is still making its way through various courts in 2024 and 2025.
Qoo10 liquidators working on winding-up plan
Singapore-based Qoo10 was founded in 2010 by South Korean national Ku Young-bae.
Qoo10’s problems first surfaced in July in South Korea, when two of the online shopping platforms that it owns – WeMakePrice and Tmon – failed to pay money owed to sellers in May. Traders left…
