Sellaband Files For Bankruptcy

BANKRUPTCY, Court (Hypebot) –
The translation and content of the court document below has been verified by a Dutch contact familiar with the music and tech industries.

Artist funding platform Sellaband has been offline for several days with its front page declaring, "We're currently down for maintenance…we expect to be back up tomorrow by the end of the day."

But documents filed in an Amsterdam court yesterday show that the company has been declared insolvent, a Dutch legal status similar to bankruptcy in the U.S. An English translation of court documents reads simply:

"Pronunciation ams.10.146.F.1306.1.10 bankruptcy after termination suspension on February 22, 2010"

The fate of funds being held for fan investors or for artists like Public Enemy, who were using the platform to raise funds for a new album or for fan investors is unclear. Company officials have not yet responded to a morning inquiry.