[Alpha Biz= Paul Lee] The Seoul Bankruptcy Court announced on December 1 that it has terminated the rehabilitation proceedings of Interpark Commerce, a Qoo10 Group affiliate at the center of Korea’s recent large-scale “unpaid settlement” scandal. Following this decision—similar to the earlier case of Wemakeprice (WMP)—the court is now expected to review whether Interpark Commerce should be declared bankrupt.
The Rehabilitation Division 3, led by Judge Jung Jun-young, stated that Interpark Commerce “clearly holds greater value in liquidation than as a going concern” and noted that the company failed to submit a rehabilitation plan by the court’s deadline of November 13.
Interpark Commerce, like Wemakeprice, was unable to secure a buyer. Once rehabilitation is terminated, the court has the authority to declare bankruptcy ex officio.
Last month, the court ruled Wemakeprice bankrupt after the platform failed to resolve its massive unpaid-settlement liabilities. In contrast, TMON—which had faced a similar crisis—was able to avoid liquidation after being acquired by Oasis, allowing it to repay most of its debts and close its rehabilitation proceedings.
The crisis, often referred to as the “T-MEP (TMON–WMP) incident,” originated when more than 500 merchants on Wemakeprice publicly reported that they had not received scheduled settlement payments on July 7 last year. The problem soon spread to TMON, triggering widespread scrutiny of the sector.
Alphabiz Reporter Paul Lee(hoondork1977@alphabiz.co.kr)
