Top Plastic Recycling Firm Filed for Voluntary Liquidation

SEATTLE (Scrap Monster): Archwey- a leading plastic recycling firm with global headquarters in Singapore has reportedly filed for voluntary liquidation due to financial difficulties.

The company has already closed its global headquarters in Singapore and has stopped its operations in the Netherlands, where it was originally founded in 2015. As per reports, the company’s satellite operations in various countries, including China, Australia, Vietnam, the U.S., UK and Spain too have come to an end. The development will affect around 70 employees across locations.

The company had informed its employees about the closure on August 18th. Many of the staff are yet to be paid their salaries. A few of them have already approached the Tripartite Alliance for Dispute Management, a body that looks into salary-related claims. A large number of suppliers too have not been paid their dues.

The company had claimed to be making products from 100% recycled ocean-bound plastic, marine plastic and post-consumer plastic collected from the world’s most polluted rivers. Its customers included clothing company Levi’s, sportswear apparel brand Under Armour and British luxury retailer Selfridges.