Interpark Commerce Corporation Declared Bankrupt... Creditors Must File Claims by February 20 Next Year

[Financial News] Interpark Commerce Corporation, whose rehabilitation process failed, has been declared bankrupt by the court. Creditors are required to file their claims with the court by February 20 next year.
According to legal sources on the 16th, the 3rd Division of the Seoul Bankruptcy Court, presided over by Chief Judge Jung Jun-young, declared Interpark Commerce Corporation bankrupt on this day.
The court appointed attorney Ho-Chun Lee as the bankruptcy trustee, who will be responsible for managing and investigating the debtor’s assets and distributing them fairly among creditors during the bankruptcy proceedings.
Claims can be filed at the General Civil Service Office of the Seoul Bankruptcy Court until February 20 next year. The creditors' meeting and the date for the examination of claims are scheduled for 10 a.m. on March 17 next year at Courtroom 1, Annex 3 of the Seoul Bankruptcy Court. During the creditors' meeting, resolutions may be made regarding the closure or continuation of business operations and the method of storing valuable items.
The court advised that anyone who owes debts to Interpark Commerce Corporation or possesses assets belonging to the bankruptcy estate must not make payments directly to the company or deliver property to it. In addition, those holding debts, assets, or secured claims must report the existence of such claims to the bankruptcy trustee within the filing period.
Creditors who have already filed claims during the rehabilitation process only need to report any unreported portions of principal and interest up to the date of bankruptcy declaration.
The corporate bankruptcy procedure proceeds as follows: after the declaration of bankruptcy, the bankruptcy trustee manages and investigates the assets, and opinions are heard at the creditors' meeting. The amount to be distributed is determined through the examination and distribution process. Once the liquidation (voluntary sale) and distribution are completed, the bankruptcy proceedings conclude. However, if the process does not proceed smoothly, the bankruptcy proceedings may be terminated.
Previously, on the 1st of this month, the court announced the termination of rehabilitation proceedings for Interpark Commerce Corporation, a Qoo10 Group affiliate that caused a large-scale unsettled payment incident. The court stated, "It is clear that the liquidation value of the business exceeds its value as a going concern," and noted that "no rehabilitation plan was submitted by the court's deadline of November 13."
Interpark Commerce Corporation, which operates Interpark Shopping and AK Mall, is an affiliate of Qoo10 Group along with TMON and Wemakeprice. In July last year, the so-called 'TMEP Incident' led to a halt in settlement of sales proceeds, causing a massive wave of refunds. As a result, Interpark Commerce Corporation also suffered from a loss of sellers and customers, leading to a liquidity crisis.
Subsequently, in August last year, Interpark Commerce Corporation applied to the court for the commencement of rehabilitation proceedings and an Autonomous Restructuring Support (ARS) program. Although rehabilitation proceedings began in November of the same year, the company ultimately failed to find an acquirer, resulting in the termination of the rehabilitation process and eventual bankruptcy.




scottchoi15@fnnews.com Choi Eun-sol Reporter