WEMAKEPRICE INC., the e-commerce (electronic commerce) platform that triggered a massive non-settlement and non-refund crisis, has been declared bankrupt.
The Bankruptcy Division 3 of the Seoul Bankruptcy Court (Presiding Judge Jeong Jun-young) said at 4 p.m. on the 10th that it had declared WEMAKEPRICE INC. bankrupt. It came 1 year and 4 months after the company applied for rehabilitation proceedings following a massive non-settlement and non-refund crisis in July last year.
WEMAKEPRICE INC., along with TMON, entered corporate rehabilitation in July last year over a non-settlement and non-refund crisis totaling about 1.8 trillion won. The two companies had pursued a merger and acquisition (M&A) before approval of their rehabilitation plans. TMON was acquired by OASIS, a dawn-delivery specialist, and its rehabilitation proceedings ended on the 22nd of last month. But WEMAKEPRICE INC. ultimately failed to find a bidder and went bankrupt.
Earlier, on Sept. 9, the court decided to terminate the rehabilitation proceedings for WEMAKEPRICE INC. Two months later, it was declared bankrupt. At the time, the bench said, "It has been clearly established that the value of liquidating the debtor's business exceeds the value of continuing the debtor's business," and noted, "There was no submission of a rehabilitation plan by Sept. 4, the deadline set by the court." Once rehabilitation is terminated, the bench may declare bankruptcy ex officio.