Bankruptcy After 1 Year and 4 Months of Rehabilitation Request
Credit Report and Investigation Date Scheduled for Next January
Customers at WeMakePrice headquarters in Gangnam-gu, Seoul, filling out refund request forms due to the ‘payment delay incident’ on July 25, 2024. News1
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, ‘[Financial News] The court has declared bankruptcy for the online retailer WeMakePrice, which was involved in a large-scale payment delay incident. This decision comes 1 year and 4 months after WeMakePrice applied for rehabilitation procedures at the end of July last year.’,
, ‘According to legal sources on the 10th, the Seoul Rehabilitation Court’s 3rd Division (Chief Judge Jeong Jun-young) confirmed the termination of WeMakePrice’s rehabilitation process and declared its bankruptcy today.’,
, ‘The court has set the deadline for credit reporting to January 6th next year, with the creditors’ meeting and credit investigation set for the 27th of the same month at 10 a.m., to be held at Courtroom No. 1 of the 3rd Annex of the Seoul Rehabilitation Court.’,
, ‘In the bankruptcy process, the court appointed Lawyer Im Dae-seop as the trustee responsible for investigating the debtor’s assets and distributing them fairly to the creditors.’,
, ‘Entities owing debts to the debtor declared bankrupt or those owning assets belonging to the bankrupt estate must not discharge debts to or hand over assets to WeMakePrice. If one holds a debt or asset, particularly under a right of separation, it must be reported to the trustee by January 6th next year.’,
, ‘Corporate bankruptcy procedures involve asset management and investigation by the bankruptcy trustee after the declaration of bankruptcy, followed by listening to creditor opinions during the creditors’ meeting. Subsequently, the credit investigation and distribution process confirm the distribution amount, leading to termination of the bankruptcy process through asset conversion (arbitrary sale) or distribution. However, if this process is not carried out smoothly, the procedure may be terminated.’,
, ‘At the end of July last year, WeMakePrice applied for corporate rehabilitation procedures and attempted mergers and acquisitions (M&A) before approval of the rehabilitation plan, but failed to find an acquirer. Subsequently, the court terminated the rehabilitation procedure on September 9th, having determined that liquidation value significantly exceeded going concern value.’