News: Fashion platform Zilingo calls it quits, appoints liquidator


Fashion platform Zilingo calls it quits, appoints liquidator

The company's downfall was triggered by accusations of financial misconduct, resulting in an investigation and the termination of CEO and co-founder Ankiti Bose in April 2022.
Fashion platform Zilingo calls it quits, appoints liquidator

Singapore-based fashion marketplace Zilingo has appointed a liquidator to wind up the firm, the nation's accounting and corporate regulatory authority said in a filing.

The fashion startup’s liquidation was confirmed on Monday.

According to the board, Aaron Loh Cheng Lee and Ee Meng Yen Angela from EY Corporate Advisors have been appointed Zilingo’s provisional liquidators.

In a separate statutory declaration filed on Jan 19, Zilingo’s board said the company is not able to continue business due to its liabilities. The firm also added that meetings between Zilingo and its creditors would take place within a month of the declaration on February 10. 

Zilingo, which provides digital services for e-commerce merchants, came into the limelight after it secured funding from the biggest names in venture capital including Singapore state investors Temasek and Sequoia.

Later the firm fell into crisis following alleged financial irregularities, which led to a probe and the eventual dismissal of its high-profile co-founder and Chief Executive Ankiti Bose in May 2022, who has vowed to clear her name.

In April 2022, the e-commerce startup had suspended CEO Ankiti Bose amid an investigation into the company's accounting practices. 


Read full story

Topics: Entrepreneurship, Technology

Did you find this story helpful?



How do you envision AI transforming your work?