Balaan, a luxury online platform that had been struggling with a liquidity crisis, has finally gone bankrupt, 11 months after filing for corporate rehabilitation.
According to legal sources on the 25th, the 15th Rehabilitation Division of the Seoul Bankruptcy Court (Presiding Judge Kim Yoon-sun) declared Balaan bankrupt the previous day. Balaan had filed for corporate rehabilitation proceedings in March last year.
Following the bankruptcy declaration, creditors can file their claims until April 3. A creditors’ meeting and claims examination date will be held on April 16. The creditors’ meeting will vote on matters including whether to continue…