LIN has recently launched the “Legal Response Center for Creditors Affected by TMAP Incident” for small business merchants (sellers) affected by the TMON-Wemap mass settlement delay.
“It seems more likely that the bankruptcy court and the debtor will apply the Autonomous Restructuring Support (ARS) program without initiating the debtor's rehabilitation proceedings,” said Attorney Hyojong Choi (34th class of the Judicial Research and Training Instiutte), the head of the center, and TMON and Wemap followed Choi's prediction by initiating the ARS program and negotiating with creditors before the decision to initiate rehabilitation.
“It seems more likely that the bankruptcy court and the debtor will apply the Autonomous Restructuring Support (ARS) program without initiating the debtor's rehabilitation proceedings,” said Attorney Hyojong Choi (34th class of the Judicial Research and Training Instiutte), the head of the center, and TMON and Wemap followed Choi's prediction by initiating the ARS program and negotiating with creditors before the decision to initiate rehabilitation.
Attorney Hyojong Choi of LIN are preparing to reflect the opinions of sellers on these platforms to protect creditors' rights throughout the ARS program and subsequent rehabilitation procedures. On August 6, they agreed to jointly respond to the overall ARS procedures in cooperation with Attorney Junseop Shim of SIM Law Firm. Attorney Hyokong Choi served as an external researcher of the ARS System Improvement TF of the Seoul Bankruptcy Court and is currently a corporate bankruptcy trustee of the same court. He has experience in a number of recent major corporate rehabilitation cases, including those of ISTA Airlines, Ssangyong Motors, and Mesh Korea, and has expertise in the entire corporate rehabilitation proceedings, including the ARS process.
The Legal Response Center for Creditors Affected by TMAP Incident will provide detailed advisory services on how to protect creditors, including small business owners associated with TMON and Wemap, based on LIN's extensive experience in responding to rehabilitation proceedings on the side of the creditors. In the early stages of the ARS process, the center is recruiting sellers to deliver their opinions to the 'Rehabilitation Proceedings Council' scheduled for August 13. Considering the seriousness of the situation as many merchants and consumers have been affected by the incident, participation in the council stage will be free of charge, with minimal fees for future responses. If you need assistance, please fill out the attached form and contact Attorneys Hyojong Choi (hjchoi@law-lin.com).
Recruitment of Affected Seller Clients▼
https://docs.google.com/forms/d/19tW3Bnz4_Bef5vZDcrYONXMR4d2i7Mcn3CF3HkzIyks/edit
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