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A Seoul court on Monday announced the liquidation of e-commerce platform operator WeMakePrice, two months after terminating the company's rehabilitation
NEW DELHI: In a major relief to realty firm Mahagun, the National Company Law Appellate Tribunal (NCLAT) has set aside insolvency proceedings against it and directed the NCLT to hear the petition afresh, considering the fresh status report filed before it over the projects.
A two-member bench of the appellate tribunal said the NCLT should have taken into consideration the directions issued by the Supreme Court in the Mansi Brar Fernandes case, where it was held that real-estate insolvency should be project-specific.
Moreover, the NCLAT also noticed an intervention application filed by different sets of homebuyers of other projects of
Parliament is reviewing a fix for India’s bankruptcy law that promises faster resolutions, but the proposed plan has some fundamental flaws.
The Insolvency and Bankruptcy Code (IBC) 2016 is up for a reset under an amendment bill currently being considered by the Lok Sabha. A key proposal is the introduction of an alternative insolvency resolution process alongside the one the IBC currently provides. This parallel process is intended to be largely out-of-court.
Unlike the existing model, it does not require creditors to obtain the approval of the National Company Law Tribunal (NCLT) to trigger insolvency. And unlike the current system, which puts a resolution professional in charge of running the company during the insolvency resolution…
Marriott and Sonder have broken up, and guests are bearing the brunt of the fallout.
Hotel operator Marriott International signed a licensing agreement with short-term rental company Sonder in August 2024. On Sunday, Marriott announced that the agreement had been terminated due to “Sonder’s default.” The change canceled guests’ current reservations and stopped future bookings.
On Monday, Sonder announced it was filing for bankruptcy and would liquidate its US business. The company also said it would “initiate insolvency proceedings” in other countries where it operates.
“We are devastated to reach a point where a liquidation is the only viable path forward,” Janice Sears, Sonder’s interim CEO, said in a press…
It’s no secret that a trip to the mall just isn’t what it used to be.
Once beloved stores have faded away, and sadly it’s a trend that is ongoing today. And several iconic mall brands are currently going through financial struggle this year, with a range of challenges that includes changing customer preferences, heavy online competition, and a steady decline in sales.
Below are seven brands that could possibly come face-to-face with bankruptcy, resulting in closing their doors by the time the year closes out, per The Daily Overview.
Express
It’s a store that’ll be hard to let go of. Known for its apparel for both men and women that always seems to hit on modern trends, the brand has filed numerous bankruptcy proceedings and…
Sven Goran Eriksson’s family have had to sell his six-bedroom mansion in Sweden with the ex-England boss leaving behind more than £7million worth of debt when he died
Sven Goran Eriksson left millions in debts after his death – leaving his family to sell off his assets(Image: Liverpool FC via Getty Images)
Sven-Göran Eriksson’s luxury mansion has been sold in a cut-price deal as his family offload his assets in a bid to serve the debts he left when he passed – which totalled more than £7million.
A Seoul court on Monday announced the liquidation of e-commerce platform operator WeMakePrice, two months after terminating the company’s rehabilitation proceedings.
WeMakePrice, along with its then sister company TMON, entered court-led rehabilitation proceedings in July last year, after they struggled to make payments to vendors due to liquidity issues.
The Seoul Bankruptcy Court in September this year terminated the proceedings for WeMakePrice as it failed to submit a rehabilitation plan.
WeMakePrice has sought for a swift acquisition to pay off its liabilities but has struggled to find a buyer.
Meanwhile, TMON was acquired by grocery delivery platform Oasis Corp. in June after the court approved its rehabilitation plan.
WeMakePrice’s headquarters in southern Seoul (Newsis)
A South Korean court on Monday declared the bankruptcy of WeMakePrice, marking the end of a failed rehabilitation effort to revive the troubled e-commerce business.
The Seoul Bankruptcy Court ruled WeMakePrice bankrupt, roughly a year and half after the platform filed for court receivership on July 29, 2024, along with its e-commerce affiliate Tmon.
In 2024, WeMakePrice and Tmon struggled with delayed payments due to a liquidity crisis associated with its parent company, Qoo10 Group.
Though WeMakePrice sought to pursue a merger or be acquired during the rehabilitation process, it struggled to find a buyer.
In September, the court terminated the rehabilitation proceedings…
A WeMakePrice logo seen at its company headquarters in Gangnam, southern Seoul, on July 30, 2024. A local court declared it bankrupt on Nov. 10. [NEWS1]
