Skin&Skin, Court Rejects Bankruptcy Petition

[Asia Economy Reporter Hwang Junho] Skin&Skin announced on the 24th that the Seoul Rehabilitation Court dismissed the bankruptcy petition against Skin&Skin filed by Ark Co., Ltd.

The court found that the debtor Skin&Skin appears not to be repaying the mask supply payment debt to the petitioner Ark on the premise that such debt does not exist, and this corresponds to a case where the debtor disputes individual debts and does not repay them. Therefore, the court judged that this circumstance alone cannot be considered as insolvency of the debtor. Furthermore, the court explained that the materials submitted by the petitioner alone are insufficient to recognize that the debtor is in a state of insolvency or excess debt, and there is no other evidence to acknowledge this, thus dismissing the bankruptcy petition.

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