Court Declares Interpark Commerce, Qoo10 Group Subsidiary, Bankrupt
Creditors Can File Claims Until February 20 Next Year
Cash Crunch Triggered by TMON and Wemakeprice Incident
Interpark Commerce, a subsidiary of Qoo10 Group that has been struggling with a cash crunch due to the TMON·Wemakeprice incident, has ultimately declared bankruptcy.
The 3rd Division of the Seoul Bankruptcy Court, presided over by Chief Judge Jung Junyoung, declared Interpark Commerce bankrupt on December 16. This comes one year and four months after the company applied for rehabilitation proceedings in August of last year. Creditors can file their claims until February 20 of next year.
The creditors' meeting and claim investigation will be held on March 17 of next year. At the creditors' meeting, resolutions will be made regarding whether to discontinue or continue business operations, while the claim investigation will identify creditors and the amounts owed.
Like TMON and Wemakeprice, Interpark Commerce, a domestic e-commerce subsidiary under Qoo10 Group, has faced a severe liquidity crisis since July of last year, after the TMON·Wemakeprice incident involving over 1 trillion won in unpaid sales proceeds, which triggered a mass exodus of sellers and customers.
In August of last year, Interpark Commerce applied for corporate rehabilitation proceedings in the form of an Autonomous Restructuring Support (ARS) program with the bankruptcy court.
In November of last year, the court decided to commence rehabilitation proceedings for Interpark Commerce and sought potential acquirers, but ultimately failed to find one. On December 1, the court decided to terminate the rehabilitation proceedings for Interpark Commerce.
Previously, on November 10, the court also declared Wemakeprice bankrupt due to its large-scale unpaid settlement crisis. However, unlike Wemakeprice, TMON, which was also on the brink of liquidation, was acquired by Oasis, a company specializing in early morning delivery, and repaid most of its debts, leading to the conclusion of its rehabilitation proceedings in August.
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