Despite the bankruptcy risk faced by Willings, an affiliate of JSCO Holdings, due to a loophole in the bankruptcy system, the bankruptcy filing was ultimately withdrawn. Willings is now exploring the possibility of pursuing civil and criminal actions through its legal representatives, as it regards the bankruptcy filing as a malicious act by Rewater Solution.

In response to the case, Hyo Jong Choi, a lawyer with expertise in rehabilitation and bankruptcy procedures at LIN, noted that unlike rehabilitation proceedings, which can only be initiated by creditors with debts comprising 10 percent or more of the capital, bankruptcy can be initiated even with a debt as low as one Korean Won. Historically, it has been used as a retaliatory tactic since stock trading remained suspended until the court's decision was reached.

He added that significant complaints from victims have led to institutional improvements, enabling stock exchanges to exercise their own judgment and lift trading suspensions even before a court decision is reached. However, these changes do not address the psychological impact on other shareholders.

LIN, Attorney Hyo Jong Choi