The number of creditors for TMON and WEMAKEPRICE (Timep), which are undergoing rehabilitation procedures due to a large-scale unsettled payment crisis, has reached about 48,000, and the amount of commercial claims has been estimated to exceed 1.2 trillion KRW.
Representatives of Qoo10, Wemakeprice, and Tmon attending the detention hearing. [Image source=Yonhap News]
According to the legal community on the 10th, the Seoul Rehabilitation Court, Rehabilitation Division 2 (Chief Judge An Byung-wook) announced that it received a list of creditors containing this information from TMON and WEMAKEPRICE the day before.
Initially, around August 1, when the rehabilitation procedure application was filed, it was known that TMON had over 40,000 and WEMAKEPRICE had over 60,000 commercial creditors (sellers). However, as of the rehabilitation procedure commencement date on September 10, the number of commercial creditors for TMON and WEMAKEPRICE significantly decreased to 20,104 and 28,279, respectively. The amount of commercial claims was confirmed to be 870.8 billion KRW for TMON and 347.9 billion KRW for WEMAKEPRICE.
Regarding this, a representative from the Seoul Rehabilitation Court explained, “The reduction in the initially reported number of creditors and claim amounts appears to be due to large-scale order cancellations and refunds, deduction of cost items (settlement), and verification of duplicate accounts of the same business operator (seller) following the unsettled payment crisis.”
They added, “TMON and WEMAKEPRICE have excluded refund-eligible purchasers from this creditor list based on the policy that refunds should primarily be resolved through the existing PG companies or credit card companies.”
The rehabilitation claims, rehabilitation secured claims, and shareholder/investment equity listed in the creditor lists submitted by TMON and WEMAKEPRICE are considered to have been reported within the reporting period, so creditors do not need to file separate claims.
Creditors can check their claim details starting from midnight on the 11th by using the ‘Creditor List Inquiry System’ on the websites of TMON and WEMAKEPRICE.
However, if creditors find that their claims are missing or the claim amounts are incorrect in the creditor list inquiry system, they must file a claim with the court by referring to the claim filing notice posted in the news section of the Seoul Rehabilitation Court website. The claim filing period is from October 11 to 24.
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