Last week, the company’s trustee brought bankruptcy proceedings before an Amsterdam court. The court denied the request for bankruptcy, in part because creditors said they were not properly consulted about the proposal. The court gave the company five days to find E4 million (£2.5 million) in additional funding or bank guarantees to meet the costs incurred by its trustee. The money was secured from existing investors and Kimvestor, a venture capital fund based in Munich, just before the deadline last night.
Kimvestor has expressed interest in helping LetsBuyIt.com find a further E50 million which would exceed the sum the company believes it needs to attain profitability. The Belgian office of LetsBuyIt.com confirmed today to OUT-LAW.COM that E50 million has been promised, but further details were not disclosed.
LetsBuyIt.com will need additional funding by the month’s end to stop its trustee, a Dutch law firm, bringing further bankruptcy proceedings.