Letsbuyit.com gets bankruptcy reprieve

Retail portal until next week to come up with the cash to pay its debts

Beleaguered online retail portal Letsbuyit.com was granted a stay of execution Friday when a Dutch court gave it until 24 January to find the 4m Euros (£2.5m) required to pay off its debts.

Dutch legal firm Van Doorne, which was appointed trustee for Letsbuyit.com, tried earlier this week to put the Internet company into bankruptcy after it failed to pay its debts.

In December, Letsbuyit announced it needed to raise £50m to survive and sought protection from creditors. Shortly after, the company's stock crashed and its management team quit.

Letsbuyit.com was considered one of the more innovative dot-com startups to spring up in the UK. It allowed members to combine their buying power to bring down prices.

Take me to ZDNet Enterprise

Have your say instantly, and see what others have said. Click on the TalkBack button and go to the ZDNet News forum.

Let the editors know what you think in the Mailroom. And read what others have said.