CEO Johan Vosmeijer has issued a statement confirming the service, which launched in August 2006, has been declared bankrupt. Dutch lawyer Paul Schaink has been appointed as trustee.

Vosmeijer said, "The trustee wishes to inform the Sellaband community that, apart from a few technicalities, the completion of a transaction with a potential buyer of the business, is to be expected soon, in order to make a fresh start, safeguarding both the rights of Believers [those who invest in acts] and ...