“LinkShops”, which once received venture capital (VC) investment totaling 16.5 billion Korean Won, has filed for receivership. It seems that the company has decided that it is no longer viable after experiencing business difficulties in the aftermath of the pandemic. LinkShops is a wholesale clothing brokerage platform startup.
According to a legal report on Wednesday, the company filed an application for rehabilitation proceedings with the Seoul Bankruptcy Court late last month. The court then issued a blanket injunction earlier this month. A blanket injunction is a procedure that prevents the court from arbitrarily proceeding with enforcement, seizure, and auction procedures for all rehabilitation debts until the court makes a decision to initiate rehabilitation proceedings.
The Seoul Rehabilitation Court will review the application and other documents and decide whether to initiate the rehabilitation proceedings for LinkShops. In this regard, LinkShops has entered into a legal advisory agreement with Lin. The firm is represented by attorneys Hyo Jong Choi, Tae Eon Koo, and Ha Nel Lee.
According to a legal report on Wednesday, the company filed an application for rehabilitation proceedings with the Seoul Bankruptcy Court late last month. The court then issued a blanket injunction earlier this month. A blanket injunction is a procedure that prevents the court from arbitrarily proceeding with enforcement, seizure, and auction procedures for all rehabilitation debts until the court makes a decision to initiate rehabilitation proceedings.
The Seoul Rehabilitation Court will review the application and other documents and decide whether to initiate the rehabilitation proceedings for LinkShops. In this regard, LinkShops has entered into a legal advisory agreement with Lin. The firm is represented by attorneys Hyo Jong Choi, Tae Eon Koo, and Ha Nel Lee.
The original article can be found below.
THE BELL, Reported by Myung-kwan Lee
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