This article was published on Nov. 14, 2025, at 3:53 p.m. on the ChosunBiz MoneyMove site.
As first-generation e-commerce platform WEMAKEPRICE INC. filed for bankruptcy leaving more than 110,000 victims, mobile gift certificate and e-gift card companies that entered corporate rehabilitation procedures along with TMON amid a large-scale unsettled settlement crisis are also being pushed toward liquidation one after another.
According to investment banks and legal sources, restaurant reservation and meal voucher sales platform Table Enjoy is undergoing bankruptcy proceedings after its rehabilitation plan was revoked. Founded in 2010, the company started with online restaurant reservation services and has been distributing meal vouchers. It filed for corporate rehabilitation after failing to receive settlement payments from major sales channels TMON, WEMAKEPRICE INC. and AK Mall.
Table Enjoy later tried to attract funds through a stalking-horse method but failed to find a buyer. With Table Enjoy's liquidation value reported to be about 60 million won, creditors' repayment rates are expected to be in the single digits. Table Enjoy has 231 creditors in total, including individuals, Woori Card, Seoul Land and Lotte Tour Development.
Happy Money Inc., issuer of Happy Money gift certificates, also recently initiated liquidation-type rehabilitation proceedings. Liquidation-type rehabilitation is effectively a bankruptcy process that dismantles a corporation, though there are some differences in rights to dispose of assets and the manner of exercising collateral rights.
Last November the company selected Samjeong Accounting Corporation as the sale agent and sought mergers and acquisitions (M&A) before the rehabilitation plan was approved. However, after nearly a year without finding a buyer, it faced the risk of having its rehabilitation plan revoked and ultimately converted to liquidation-type rehabilitation proceedings.
Happy Money Inc. issues Happy Money gift certificates, and until the large-scale settlement delays, TMON and WEMAKEPRICE INC. had been selling Happy Money gift certificates at a 7–10% discount. However, after the "T-MEP" crisis erupted, simple payment providers such as Payco and Naver Pay and franchise restaurants stopped transactions, turning the gift certificates into worthless pieces of paper.
According to police, current and former executives and employees of Happy Money Inc. are accused of selling 141.8 billion won worth of gift certificates to 64,353 people through T-MEP despite knowing that T-MEP's cash situation had deteriorated and settlement payments might go unpaid. The number of applicants to the Korea Consumer Agency's group dispute mediation alone reached 10,544. Happy Money Inc.'s total liabilities as of 2023 amounted to about 296.1 billion won.
Mobile voucher issuer M12 is in a relatively better position. It succeeded in selling its management rights during corporate rehabilitation. The total sale price was 3.6 billion won, securing 342.4 million won as repayment resources after deducting the sale agent's fees and the trustee's special compensation. M12's total claims amount to about 20 billion won, of which 325 individual creditors bought gift certificates (claim amount 76.46 million won).
An industry source said, "Most companies that filed for corporate rehabilitation because of the T-MEP crisis saw repayment rates in the 0% range and were effectively pronounced dead," adding, "Once the result of Happy Money Inc.'s rehabilitation proceedings is finalized, the collapse cases related to T-MEP companies are expected to be concluded." Interpark Commerce has repeatedly extended the deadline to submit a rehabilitation plan while searching for a buyer.