Entrance exam and education YouTuber "MMMN (real name Kim Min-woo)," whose channel has 1.89 million subscribers, advertised the study application (app) "Part-time Study," whose operator has filed for bankruptcy. In response, MMMN apologized to affected students and expressed an intent to provide financial support.
On the 25th, MMMN posted a video, saying, "Part-time Service, which ran ads on my channel, filed for bankruptcy on the 24th without notice, and many are unable to receive refunds," and added, "I will deliver the full amount of the ad fee I received, plus an additional amount, to the victims to be of some help to those who will continue a difficult fight."
MMMN said, "We verified the business before the ad, but the company hid the crisis until right before bankruptcy," and added, "I will take responsibility."
Part-time Study has operated a service in which users put up a certain amount of deposit money and receive the deposit back with an added amount if they achieve the set study time.
However, on the 24th, Studywork, the operator of Part-time Study, suddenly said, "We are settling claims in accordance with bankruptcy procedures," and "We are conducting creditor registration procedures for users holding deposits and prize money."
App users were able to request withdrawals, including deposits, through the 23rd, but after the bankruptcy notice, their escrowed funds were reported to have been frozen.
The deposit size was reported to be between 100,000 won and 900,000 won per person, and posts from test takers claiming damages were uploaded to various online communities. On online communities and other social media used by test takers, they are voicing frustration, saying, "We became creditors in an instant," and "Monetary losses have piled on top of study stress."
When a company enters bankruptcy proceedings, the court accepts the case, appoints a bankruptcy trustee, and announces the period for creditors to file claims. At that time, one must submit the deposit, payment records, and app usage records to be included as eligible for refunds. However, if the company's asset is not sufficient, a full refund may be difficult.