Raru being liquidated - report

[Lupus]

Almost a year later and no follow up from myadsl?

What happened with the liquidation filing? Where are the raru directors now? A major e commerce retailer went bang, 1000s of South Africans bought lots of things on raru for many years, a few hundred (or thousand?) got scammed in the end, and nothing further from the media?

Myadsl could have reported on this so much earlier when raru first started taking money from customers and giving nothing in return - several months before they finally went bang.

Disappointing journalism from myadsl.

Cause myadsl don't exist anymore

 

[Speedster]

Almost a year later and no follow up from myadsl?

What happened with the liquidation filing? Where are the raru directors now? A major e commerce retailer went bang, 1000s of South Africans bought lots of things on raru for many years, a few hundred (or thousand?) got scammed in the end, and nothing further from the media?

Myadsl could have reported on this so much earlier when raru first started taking money from customers and giving nothing in return - several months before they finally went bang.

Disappointing journalism from myadsl.

Telkom has discontinued its copper products

 

[DapperDanMan]

Almost a year later and no follow up

As the Civil War drags on, things fall by the wayside, you know?

 

[wbot]

Have they been arrested yet for stealing millions?

 

[Nerfherder]

Almost a year later and no follow up from myadsl?

What happened with the liquidation filing? Where are the raru directors now? A major e commerce retailer went bang, 1000s of South Africans bought lots of things on raru for many years, a few hundred (or thousand?) got scammed in the end, and nothing further from the media?

Myadsl could have reported on this so much earlier when raru first started taking money from customers and giving nothing in return - several months before they finally went bang.

Disappointing journalism from myadsl.

What must the follow up be about ?

They ran out of money. I doubt they are sitting on an island drinking champers...

 

[wbot]

What must the follow up be about ?

They ran out of money. I doubt they are sitting on an island drinking champers...

They ran out of money but still accepted orders anyway and stole millions for a couple of years at least.

 

[Nerfherder]

They ran out of money but still accepted orders anyway and stole millions for a couple of years at least.

Costs would have been high though with salaries etc... so no doubt they left with some money, they are not retiring any time soon.

 

[Praemon]

So I received the liquidators report and it's not great if anyone thinks they're going to get money back. Raru only has R86k in assets. Before even taking into account other creditors, they owe the landlord R65k (although apparently not claiming), staff R25k and SARS nearly R700k. SARS will get preferential treatment and so take any assets available from what I can tell.

Then here's some extra feedback regarding cause and legal proceedings against them (copy/pasting seems to have done odd things, but formatted as best I can):

Section 402(b) - Causes of the failure of the Companv
No statement of affairs has been lodged with the liquidators. The insolvency of the company
was caused by the global recession and the Covid-19 pandemic. The company ran into
financial difficulties due to a decrease in revenue, while freight, courier and other import
costs and charges increased substantially. There were also supply chain shortages which
resulted in the company's inability to obtain certain products ordered by customers. This
resulted in the company being unable to pay its debts.

Section 402(c) - Report in terms of section 400(2) of the Companies Act nr 61 of 1973
as amended

The Liquidators are at this stage not aware of any offences committed by the directors in
terms of the Companies Act or any other offence committed. Should the Liquidators become
aware of such offences, a report will be lodged with the Master in terms of section 400(c) of
the Companies Act, Act number 61 of 1973.

Section 402(d) - Personal liabilities of the directors and/or former directors andor
former qflicers qf the QoqrBanv

The Liquidators are not at this stage aware that the directors or officers or former director or
former officer of the Company appears to be personally liable for damages or compensation
to the Company or for any debts or liabilities of the Company as provided for in the
Companies Act 1973.

Section 402(e) - Lesal proceedings
There are no legal proceedings pending by or against the Company.

Section 402(fl - Enquirv into the promotion, formation or failure of the Company
The Liquidators are of the opinion that there are at this stage no grounds necessitating
further enquiry regarding any matter relating to the formation or failure of the corporation or
the conduct of its business.

 

[Nerfherder]

So I received the liquidators report and it's not great if anyone thinks they're going to get money back. Raru only has R86k in assets. Before even taking into account other creditors, they owe the landlord R65k (although apparently not claiming), staff R25k and SARS nearly R700k. SARS will get preferential treatment and so take any assets available from what I can tell.

Then here's some extra feedback regarding cause and legal proceedings against them (copy/pasting seems to have done odd things, but formatted as best I can):

yup, so there are no millions.

The business was slowing down, people were not ordering and delays made it worse.

 

[Silver82]

So I received the liquidators report and it's not great if anyone thinks they're going to get money back. Raru only has R86k in assets. Before even taking into account other creditors, they owe the landlord R65k (although apparently not claiming), staff R25k and SARS nearly R700k. SARS will get preferential treatment and so take any assets available from what I can tell.

Then here's some extra feedback regarding cause and legal proceedings against them (copy/pasting seems to have done odd things, but formatted as best I can):

Thanks @Praemon, that's the kind of thing a news article could have been written about, but clearly citizen journalism is the future.

 

[Lupus]

So I received the liquidators report and it's not great if anyone thinks they're going to get money back. Raru only has R86k in assets. Before even taking into account other creditors, they owe the landlord R65k (although apparently not claiming), staff R25k and SARS nearly R700k. SARS will get preferential treatment and so take any assets available from what I can tell.

Then here's some extra feedback regarding cause and legal proceedings against them (copy/pasting seems to have done odd things, but formatted as best I can):

So glad i got my refund a month before this kak

 

[neoprema]

And his is why I only buy from a physical store or a big player like Takealot

and hopefully soon, Amazon ZA.

 

[Silver82]

Cause myadsl don't exist anymore

Shame, so much time to waste on pointless comments like this.

Maybe next time if you don't have anything useful to add rather not waste anyone else's time?

Myadsl and MyBroadband are the same, google myadsl and see what comes up.

 

[As1974a]

So glad i got my refund a month before this kak

Used to buy games from Raru and stopped once the initial problems started being reported, just to watch the situation and things got worse so never bought again. they had good bargains on PS4 games.

 

[Lupus]

Used to buy games from Raru and stopped once the initial problems started being reported, just to watch the situation and things got worse so never bought again. they had good bargains on PS4 games.

Yeah I used to get DVDs and blurays from them, one of the better ones prior to 2020.

 

[jollyjammer42]

So I received the liquidators report and it's not great if anyone thinks they're going to get money back. Raru only has R86k in assets. Before even taking into account other creditors, they owe the landlord R65k (although apparently not claiming), staff R25k and SARS nearly R700k. SARS will get preferential treatment and so take any assets available from what I can tell.

Then here's some extra feedback regarding cause and legal proceedings against them (copy/pasting seems to have done odd things, but formatted as best I can):

Where did you obtain a copy of the report?

 

[Praemon]

Where did you obtain a copy of the report?

The liquidators sent it out when asking for final claims (which ended 15 September).

 

[VirtualForce]

and hopefully soon, Amazon ZA.

I'm both happy and worried about them opening in ZA. Happy about the opportunity to buy hard to find crap and worried what they will do to local businesses wrt their pricing power.

Pity to see RARU go, they had some great deals and service when they were on their high point.

 

[The_Ogre]

So I received the liquidators report and it's not great if anyone thinks they're going to get money back. Raru only has R86k in assets. Before even taking into account other creditors, they owe the landlord R65k (although apparently not claiming), staff R25k and SARS nearly R700k. SARS will get preferential treatment and so take any assets available from what I can tell.

Then here's some extra feedback regarding cause and legal proceedings against them (copy/pasting seems to have done odd things, but formatted as best I can):

Maybe I'm just slow, but they held onto people's money while knowing they can't fullfil the orders.

Thats akin to me running a spaza shop and a customer comes in to buy an apple. I then tell him to come back in an hour's time while I get an apple from my supplier (farmer).

The farmer refuses to sell me an apple because I still owe him for a previous apple.

The correct course of action would have been to go back to the customer, hand back his money and apologise for not being able to fullfilll the order.

Only then do I apply for liquidation.

I cannot hand over the customer's money to the farmer and then hope the customer forgets to come back to get his apple from me and ignore his phone calls and emails in the meantime.

The farmer is my creditor, the customer is not.

 

[neoprema]

I'm both happy and worried about them opening in ZA. Happy about the opportunity to buy hard to find crap and worried what they will do to local businesses wrt their pricing power.

Pity to see RARU go, they had some great deals and service when they were on their high point.

Oh yes no they are prob very much planning to squash local business like a bug. But what will prob happen is big buyouts. If Takealot remains a threat they’ll throw a few million USD at them and assimilate. Either way we get better options and service. I’m all for the big corporate.