Court Declares Wemakeprice Bankrupt... 16 Months After Rehabilitation Filing

Wemakeprice, which had been undergoing corporate rehabilitation due to a large-scale unsettled payment and refund crisis, has ultimately been declared bankrupt.

On November 10, the Rehabilitation Division 3 of the Seoul Bankruptcy Court, presided over by Chief Judge Jeong Junyoung, finalized the decision to terminate Wemakeprice's rehabilitation proceedings and declared bankruptcy. This comes one year and four months after Wemakeprice filed for rehabilitation at the end of July last year.

Wemakeprice office with the lights off. Photo by Yonhap News

Attorney Lim Daeseop has been appointed as the bankruptcy trustee. The deadline for filing claims is January 6 of next year. The creditors' meeting and claim investigation hearing will be held on January 27 at the Seoul Bankruptcy Court.

Wemakeprice applied for corporate rehabilitation at the end of July last year and sought a merger and acquisition (M&A) before the rehabilitation plan was approved, but struggled to find a buyer. Ultimately, the court decided to terminate the rehabilitation proceedings on September 9.

The court stated, "It has been clearly established that the liquidation value of the debtor (Wemakeprice) exceeds the value of continuing the business," and added, "As no rehabilitation plan was submitted by the court-designated deadline of September 4, 2025, the rehabilitation proceedings are to be terminated in accordance with Article 286, Paragraph 2 of the Debtor Rehabilitation and Bankruptcy Act."

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