Introduction
The collapse of Huboo created financial difficulties for numerous businesses in addition to harming investors and creditors. The number of businesses which suffered financial losses because of Huboo’s administration remains unknown.
Types of Businesses Affected
eCommerce Sellers Using Huboo’s Fulfilment Services
The non-delivery of orders resulted in customer dissatisfaction and payment reversals.
The complete loss of stock occurred for some sellers.
Suppliers Who Never Got Paid
The company had outstanding debts to packaging providers and warehouse suppliers and logistics companies.
Small businesses had to write off their unpaid invoices because of the situation.
Other Fulfilment Companies Who Took On Huboo’s Clients
The rapid increase of ex-Huboo customers created challenges for some competitors who struggled to manage the new client base.
The industry experienced disruptions because clients shifted between different providers.
How Much Was Lost?
The millions of unsecured creditors received no chance to recover their losses.
The businesses that depended on Huboo experienced weeks of revenue loss.
The financial consequences of the collapse affected the entire eCommerce industry.
Conclusion
The business world experienced widespread shock after Huboo Tech Limited went into administration affecting hundreds of companies. The question is: Will Huboo Tech Limited cause the same kind of damage?
