Letsbuyit prepares for courtroom showdown
The trustees of online retailer Letsbuyit.com are expected to slam the company’s management as “deplorable” and “chaotic” in a court hearing later today.
LONDON (Brand Republic) - The trustees of online retailer Letsbuyit.com are expected to slam the company’s management as “deplorable” and “chaotic” in a court hearing later today.
The trustees, from Dutch law firm Van Doorne, are preparing to file for bankruptcy for Letsbuyit.com today, citing boardroom bickering as a major factor in the company’s troubles, according to a Reuters report.
The trustees were appointed by a Dutch court after Letsbuyit applied for a moratorium on debt on December 29. The legal move is designed to protect the company from creditors while it explored potential rescue deals.
The hearing at the Amsterdam District Court today to decide Letsbuyit’s fate could turn into a bitter confrontation between Van Doorne and Letsbuyit’s management. Letsbuyit’s founder John Palmer has reacted angrily to the trustees’ accusations of poor management and said he will fight the law firm’s efforts to shut the company down.
Palmer said he still believes the company has a chance of survival, and Van Doorne confirmed that Letsbuyit planned to put forward a defence for the company.
It is understood that Letsbuyit’s major creditor, Sykes Enterprises, has also objected formally to the bankruptcy filing and has complained that creditors have not been consulted. It is believed that Letsbuyit owes the call centre and logistics firm a total of £4.8m.
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