Preservation Measures and Comprehensive Prohibition Orders
The court has frozen the assets and claims of Interpark Commerce, which filed for corporate rehabilitation following Tmon and Wemakeprice (Timep).
On the 19th, the Seoul Bankruptcy Court Rehabilitation Division 2 (Chief Judge An Byung-wook, Judges Kim Ho-chun and Yang Min-ho) issued a preservation order and a comprehensive injunction against Interpark Commerce.
A preservation order prevents the company from disposing of assets to preferentially repay certain creditors. Conversely, a comprehensive injunction freezes claims to prevent creditors from securing the company's major assets through compulsory execution, provisional seizure, or auction before the commencement of corporate rehabilitation proceedings.
The court also set the representative examination date for Interpark Commerce on the 23rd. It is expected that CEO Kim Dong-sik will appear in person on that day.
The Debtor Rehabilitation Act stipulates that when a rehabilitation application is filed, the court must examine the debtor or their representative.
Interpark Commerce applied for corporate rehabilitation procedures in the form of an Autonomous Restructuring Support (ARS) program at the Seoul Bankruptcy Court the previous day.
ARS is a system where the court defers the commencement of compulsory rehabilitation proceedings and supports the company and creditors to autonomously negotiate restructuring. Currently, Timep is also undergoing the ARS process.
Like Timep, Interpark Commerce, a domestic e-commerce platform under the Qoo10 Group, has been experiencing severe financial difficulties since mid-last month when Timep's large-scale unsettled payment incident occurred, causing a chain reaction of seller and customer departures.
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