South Korean e-commerce company WeMakePrice Inc., which entered court receivership following a large-scale unpaid settlement crisis, has been declared bankrupt on Monday.
The Seoul Bankruptcy Court issued the bankruptcy ruling, one year and four months after the company sought rehabilitation protection in July last year.
With WeMakePrice now in bankruptcy, recovery for sellers left unpaid is effectively impossible. Creditors may file claims until January 6, and a creditors’ meeting and claim review are scheduled for January 27 at the Seoul Bankruptcy Court.
A court-appointed trustee will liquidate the company’s remaining assets and distribute proceeds to…