'Timf Aftermath' Happy Money Also Files for Rehabilitation... Representative Hearing on the 3rd of Next Month

The operator of Happy Money, a gift certificate used on Tmon and Wemakeprice, has filed for rehabilitation proceedings with the court.

After the TMON and WEMAKEPRICE incident led to the inability to use Happy Money gift certificates, on the afternoon of the 2nd, citizens who purchased Happy Money gift certificates held an "Umbrella Rally" in front of the Financial Supervisory Service in Yeongdeungpo-gu, Seoul, urging for refund and relief measures.
[Image source=Yonhap News]

On the 28th, the Seoul Rehabilitation Court announced that Happy Money Inc., the operator of Happy Money gift certificates, applied for the commencement of rehabilitation proceedings and the Autonomous Restructuring Support (ARS) program the previous day.

The Rehabilitation Division 1 of the Seoul Rehabilitation Court (Presiding Judge Byeong-wook Ahn) issued a preservation order and a comprehensive prohibition order that morning. The preservation order prevents the company from disposing of assets to preferentially repay certain creditors. Conversely, the comprehensive prohibition order freezes claims to prevent creditors from securing the company's major assets through compulsory execution, provisional seizure, or auction before the commencement of corporate rehabilitation.

An official from the rehabilitation court explained, "This is to prevent unfairness among stakeholders, managerial confusion, and difficulties in the company's survival that would make debtor reconstruction difficult."

The court set July 3 as the date for the examination of the representative of Happy Money Inc.

Happy Money Inc. is the fourth company to apply for corporate rehabilitation related to the Tmon and Wemakeprice incidents. According to the Korea Consumer Agency, as a result of receiving applications for collective dispute mediation from victims of Happy Money gift certificates, it was estimated that 10,551 people had suffered damages as of the previous day.

This content was produced with the assistance of AI translation services.