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['Timev' Application for corporate rehabilitation]◆ If a seller's bankruptcy is declared and the rehabilitation procedure is agreed to, there is no other option than bankruptcy if the bond freeze is canceled for the time being. The possibility of additional damage increases for either party. Government support measures become virtually useless. Timon and WeMakePrice are responsible for delays in large-scale seller payment settlement and buyer refunds. 29It is expected that it will become more difficult for victims to receive relief as they apply for rehabilitation to the Japanese court.. corporate rehabilitation(court receivership)If you apply, the court will issue a comprehensive injunction. In this case, financial claims will be blocked until the start of court receivership is decided., This is because all receivables, including commercial receivables, are frozen and sellers cannot receive their unsettled payments back.. For this reason, it may not be easy to obtain consent for court management from creditors, including the seller.. If court receivership fails due to opposition from creditors, it is highly likely that Timon and WeMakePrice will go bankrupt unless Koo Young-bae, CEO of Q10, the parent company of Timon and WeMakePrice, steals his personal assets.. Either way, it will be difficult for victims to receive payment or refunds..According to the industry on this day, as Timon and WeMakePrice applied for court receivership, the damage to sellers and buyers was bound to snowball.. On this day, immediately after applying for corporate rehabilitation, Timon and WeMakePrice released a statement. “In order to prevent the current vicious cycle and minimize damage to sales members and consumers, we have applied for rehabilitation.”as “New autonomous restructuring support(ARS) Instead of applying for the program and immediately starting mandatory rehabilitation procedures, we plan to review whether it is possible to raise funds through the creation of a restructuring fund.”said. ARS The program is a system in which the court suspends the initiation of mandatory rehabilitation procedures and supports companies and creditors to autonomously negotiate restructuring first..However, contrary to the explanations of Timon and WeMakePrice, the damage to sellers and consumers is likely to increase further.. In order for court receivership to be successful, creditors 3of 2, secured creditor 4of 3 The above consent is required, but it is unlikely that creditors will agree.. Even Timon and WeMakePrice cannot properly determine the extent of the seller's damage, so it may take a considerable amount of time to determine the number of creditors and the size of the bonds.. A lawyer specializing in court management said “Among the sellers who are on the verge of bankruptcy due to Timon and WeMakePrice, who would agree to court receivership?”pointed out.In fact, the amount of damage to the seller estimated by the government was originally 1000As of today, at the level of billions of won 2134increased to billions of won. Settlement deadline remaining 67Including monthly transactions 89The size of monthly unsettled payments is expected to increase further.. Previously, at Timon's office, the total amount of damage was 1A memo from an employee was discovered predicting that it would be worth more than trillion won..There is also an analysis that if the court receivership fails and CEO Koo does not contribute his personal funds, bankruptcy is the only option for Timon and WeMakePrice.. If Timon and WeMakePrice file for bankruptcy, compensation to victims will become more difficult.. This is because it is unlikely that there will be any assets remaining in Timon and WeMakePrice, which are in a state of complete capital erosion.. If this happens, small and medium-sized sellers will hardly be able to get their settlement money back, raising concerns that serial bankruptcies will become a reality.. It is highly likely that the seller is a senior creditor.. In the case of the buyer, it appears that other relief procedures, such as a lawsuit, will have to be taken..Even if court receivership is accepted, damage is inevitable.. When court receivership commences, payments are frozen for a period of time.. This means that many of the sellers who are at risk of bankruptcy due to non-settlement of payments are being driven further to the brink.. Bang In-tae, an attorney at Daeryun Law Firm who is reviewing a class action lawsuit for victims of the Timon and WeMakePrice incidents, said: “Going through corporate rehabilitation procedures means applying for rehabilitation and converting bonds into stocks for those who previously lent a lot of money., In this way, debt is forgiven by giving up some of the bonds.”He said “Currently, the damage compensation claims that the victims of the Timon and WeMakePrice incidents were trying to process are claims that were already incurred before the rehabilitation application, so they will not be affected by the rehabilitation application, but it is highly likely that it will take a long time to be repaid.. It seems that litigation response strategies will also change a lot.”mentioned.The government released this day following the application for court receivership by Timon and WeMakePrice. 5600Financial support measures worth billions of won have become virtually useless.. An industry insider said “There has already been strong criticism that the government's measures are peeing on frozen feet.”as “What’s the point of getting a loan at a low interest rate or extending a loan if you can’t get the payment settled?”He raised his voice..Sellers who had said that the only solution would be for Timon and WeMakePrice to come forward and settle the sales price were shocked.. There was criticism that Timon and WeMakePrice had no intention of paying money from the beginning.. A seller who has not received payment “Currently, the sellers are all dying after hearing the news of the rehabilitation application.”He said “Just this morning, you said you would donate your own money to settle the settlement, but does it make sense to apply for rehabilitation in the afternoon?”He raised his voice.. mudfish “I am worried that I will not receive all my money if I go through rehabilitation procedures.”as “settlement amount 10~20% There is also a rumor going around that you can only get this much.”I was concerned. [View full article] Seoul Economic Daily - Relief for victims increasingly distant…"I had no intention of giving money from the beginning." dander (Go to)Asia Today - Timon·WeMakePrice, Apply for corporate rehabilitation in court…Victim Compensation ‘In the fog’ (Go to)Seoul Economic Daily - In the morning, he was robbing his company, and in the afternoon, he applied for corporate rehabilitation.…Victims' blood and tears (Go to)

Confirmation posts one after another on SNS… “Withdrawal after changing personal information to false information” Legal experts advise, “Information leakage and illegal trading occur frequently… mandatory provisions must be established” The aftermath of the delayed settlement of Timon and WeMakePrice (TimePrice) is leading to a procession of website withdrawals. This is due to concerns that personal information may be leaked or sold illegally if the security management of a company on the verge of bankruptcy is lax. According to Asia Today's coverage on the 29th, since the so-called 'TimePrice Incident', posts have been appearing one after another on social media providing information on how to certify withdrawal from TimPorn and WeMakePrice or completely disconnect from other SNS such as Naver and Kakao. As it became known that some personal information of subscribers may be kept even if they leave the website due to site regulations, some are advising subscribers to change all personal information to false before withdrawing. Recently, Chinese e-commerce platform AliExpress provided personal information of Korean users to Chinese sellers, coupled with a large-scale information leak in the e-commerce industry, which increased consumers' anxiety. As the controversy grew, the Personal Information Committee confirmed the status of personal information processing through the personal information protection officer (CPO) of Q10 Technology Co., Ltd., which was entrusted with the personal information management of Timon and WeMakePrice, on the 26th and announced, "To date, no problems with personal information processing have been found." However, the legal community agrees that strict monitoring by the government and consumers is necessary as personal information leaks and illegal sales frequently occur in actually bankrupt companies. Law Firm Bang In-tae, senior lawyer at Daeryun's Corporate Advisory Center, said, "In principle, personal information held by a company is not transferred to creditors when it goes bankrupt," but added, "There are actually cases where information is leaked due to poor management of a company in danger of bankruptcy, and in the process, third parties illegally purchase so-called 'profitable' personal information." Attorney Bang said, "However, such cases should be severely punished according to the Personal Information Protection Act, and all those who engage in such acts should be severely criminalized." Kim Myung-joo, a professor at the Department of Information Security at Seoul Women's University, also emphasized, "In the event of a company's bankruptcy, all assets, including personal information, are monitored by debtors, and there are many cases in which they hand them over when they say, 'I will give you more money if you hand over the information data in the system as well.'" He added, "Because the personal information protection obligation is not specifically defined for companies that are in the process of going out of business or have already been dissolved under the Personal Information Protection Act, it is urgent to prepare legal provisions to regulate this." Professor Kim emphasized, “Currently, the Personal Information Protection Committee needs to monitor the bankruptcy process in more detail,” and added, “Consumers should also continue to be alert.” [View full article] Asia Today - Selling personal information... ‘Timeef’ continues to withdraw (Shortcut)

Victims of small amounts may proceed with class action lawsuits through the court. Sellers of large-value services or goods may proceed with individual lawsuits. On the 29th, Bang In-tae, senior attorney at the Daeryun Corporate Legal Group at Law Firm Co., Ltd., explained the delay in settlement and refund of Timon and WeMakePrice (damage scale: KRW 170 billion to KRW 1 trillion), payment structure, charges for each case of damage, and the differences between the group dispute mediation procedure and class action lawsuits. (Timon, WeMakePrice payments) Payment structure) Timon and WeMakePrice are mail order brokers and electronic payment agencies (PGs). When consumers pay for a product, the payment is sent to the primary PG company and then to the secondary PG company, with the payment ultimately being paid to the seller. When a customer purchases goods or services from a mail order seller and pays with a credit card, the payment is transferred in the following order: [Customer → Card company → Electronic payment service provider (PG company) → Mail order seller]. Representative primary PG companies include Nice Information and Communication, KG Inicis, etc. However, in the case of Timon and WeMakePrice, money is moved in the order of [customer → card company → electronic payment agency (primary PG company) → Timon, WeMakePrice (electronic payment agency = secondary PG company) → mail order distributor] in the fund transfer stage. The reason why Timon and WeMakePrice intervened as secondary PG companies is This is because it is not easy for small businesses located on internet shopping mall platforms such as Timon to sign franchise contracts directly with primary PG companies. A structure has been established where Timon and WeMakePrice directly sign franchise contracts with primary PG companies, receive payment, and settle accounts (settlements) with small businesses. In other words, the payment agency itself is entrusted to the primary PG company, and Timon and WeMakePrice are the secondary PG companies, and the internet shopping mall platform handles the settlement of fees and payments on behalf of the store. (Crimes for each damage case) Consumers who have not received goods and services after paying the purchase price = If the payment amount is completely transferred from the primary PG to Timon and WeMakePrice, they can file a claim for return of unfair profits against Timon and WeMakePrice. It appears that a claim for damages for default is possible. A seller who supplied goods and services to a buyer but did not receive payment (settlement) for the same = After receiving the consumer's subscription information from Timon and WeMakePrice, it appears that it will be possible to claim settlement money and default damages from Timon and WeMakePrice by proving that goods and services were normally supplied to the consumer in accordance with the Act on Consumer Protection in Electronic Commerce, etc. Since the payment received by Timon and WeMakePrice from the primary PG is interpreted to be stored for the seller, if it was used for purposes other than settlement, it would be considered a crime of embezzlement. However, if a consumer subscription is delivered to the seller through an online platform without any intention to pay, knowing that payment to the seller will not be possible due to financial circumstances, and the seller supplies goods and services to the consumer, there is a possibility that a crime of fraud may be established (collective dispute resolution procedures and Differences between class lawsuits) Class dispute mediation procedures are relief procedures for collective damages carried out by the [Korea Consumer Protection Agency Consumer Dispute Mediation Committee] or the [Personal Information Protection Commission Personal Information Dispute Mediation Committee]. It is different from lawsuits conducted in court, and the mediation plan must be accepted by both parties to have the same effect as a court ruling. A common class action lawsuit is, in legal terms, a multi-party lawsuit, and in this case, it will be a lawsuit filed by multiple plaintiffs against Timon or WeMakePrice. Attorney Bang In-tae said, “The scale of the damage is large, the data is extensive, and the resulting compensation is expected to be considerable, so it seems necessary to proceed with a class action procedure through the court rather than an arbitrary group dispute mediation procedure.” He added, “For small victims, it is better to proceed with a class action lawsuit through the court. “For service or goods sellers, it is judged to be advantageous in terms of convenience of proof and litigation economics to proceed with individual lawsuits,” he explained. [View full article] Roishu - Lawyer Bang In-tae of Daeryun Law Firm explains the delay in settlement and refund of Timon and WeMakePrice (Go here) Segye Ilbo - Unsettled amount of Timon and WeMakePrice “could exceed 1 trillion won”... Prosecutor’s ‘Legal Review’ (Shortcut)

Much of the expenditures of stores, including advertising costs, are passed on to consumers... As the price burden increases, regulation of accommodation reservation platforms needs to be established. “The reason I use the accommodation reservation platform is because of the low price, but on-site payment is cheaper, so I feel like I’m being ‘hogang’. If I call and complain, it’s difficult to get a detailed explanation due to internal regulations, and the connection itself takes too long.” Mr. A, an office worker in his 30s who planned a domestic trip with his family for the summer vacation season, heard from a hotel employee on the day of check-in that he could stay for about 80,000 won cheaper than the price through the accommodation app. Mr. A expressed his dissatisfaction, saying, "When I inquired about the accommodation app, it confidently stated, 'This is something you already agreed to when making the payment, so refunds are difficult and price differences may occur.' When I inquired about the commission policy, etc., they said, 'They can't explain it to me.'" In the end, Mr. A paid about 80,000 won more per night and stayed for 3 days and 2 nights. As the summer peak season approaches, voices of travelers complaining of such complaints are rising one after another. Accordingly, experts pointed out that regulations on accommodation platforms are necessary in a situation where the burden on accommodation companies is increasing, such as expensive advertising costs and high entry fees. According to Asia Today coverage on the 28th, the average entry brokerage fee for accommodation reservation platforms is about 11%. It was found that reservation (brokerage) fees ranged from as little as 8% to as much as 17% depending on the brokerage and consignment transaction sales fees for each store. Accommodation companies not only pay high brokerage fees but also spend a lot of money on advertising. In fact, according to the Korea Federation of Small and Medium Businesses, the average monthly advertising cost that accommodation app stores spend on platforms is 1,079,000 won, with exposure advertising cost of 822,000 won and coupon advertising cost of 257,000 won, respectively. As these platform fees are eventually passed on to consumers, the price gap is increasing. The legal community explains that it is difficult to hold online platforms legally responsible for double pricing. Most online platform cases involve small amounts of less than 30 million won, so even if a lawsuit proceeds, the platform companies are reaching for a 'quiet settlement' rather than a fundamental solution such as revising the company policy or changing the terms and conditions. Kim Jin-woo, an attorney at Daeryun Law Firm, said, "If the platform company says it will not collect cancellation fees and then receives them, it will be considered an act of deceiving consumers and could be criminally punished for fraud, but otherwise, actual punishment is difficult. Victims also want more financial compensation. “There are cases where platform companies quietly reach an agreement with consumers and pay money. If the decision goes to the appeals court and is confirmed by the Supreme Court, the platform companies will try to move on quietly because it will establish a precedent,” he pointed out. However, there are also predictions that companies will be wary as there have been cases in which consumers who have recently been harmed can impose strong legal sanctions on online platforms through class action lawsuits rather than individual cases. Attorney Kim said, "In the case of class action lawsuits, it can be a way to protest more strongly against companies. As such movements have been taking place in the legal field recently, companies will also be alert and revise their terms and conditions." Lee Eun-hee, a professor of consumer studies at Inha University, also said, "Accommodation apps are acting as dictators and taking advantage of double payments to control consumers. As a measure to minimize damage to consumers, one way is to collect signatures through online communities and inform the group about the damage." “It could be possible,” he said. [View full article] Asia Today - [A2 Focus] Accommodation app more expensive than on-site payment… Consumers are outraged by the ‘brokerage fee extortion’ (Click here)

As damage continues to arise due to the non-settlement situation of Q10 affiliated e-commerce platforms such as Timon and WeMakePrice, Daeryun Law Firm (Limited) announced on the 26th that it will form a task force to respond to the Timon and WeMakePrice incidents and provide relief for the damage. According to the distribution industry, many of the 60,000 stores currently operating on Q10 Group affiliated e-commerce platforms such as Timon and WeMakePrice have been confirmed to be small business owners. In most cases, the financial situation is so poor that if settlement cannot be made, the situation is so serious that business must be suspended. As the timing of settlement of sales proceeds from Timon and WeMakePrice becomes unclear, there are concerns that the financial difficulties of small and medium-sized sellers will continue to worsen. Sellers facing the risk of company bankruptcy are reportedly considering corporate rehabilitation. To this end, lawyers from large corporations, as well as experts in special fields such as corporate rehabilitation and bankruptcy, joined the task force. In particular, in addition to lawyers, experts such as accountants, tax accountants, and labor accountants joined in to add expertise. The central axis of the TF was the head of the corporate legal group, lawyer Won-il Won (28th class of the Judicial Research and Training Institute). Attorney Won, who served as managing director and head of the legal office at POSCO Holdings (formerly POSCO) and managing director of the legal office at POSCO Future M (formerly POSCO Chemical), handled numerous corporate lawsuits while working at the legal office and is an expert specializing in legal advice related to corporate law. In addition, ▲Jongsoo Shin (31st class), a former partner attorney at Kim & Chang who specialized in the field of corporate law and taxation ▲Over 15 years of experience Attorney Kim Gwang-deok (32nd class), who is well-versed in special corporate law, including labor and fair trade, while working at a mid-sized and large law firm. ▲ Attorney Kim Won-sang (43rd class), head of the Corporate Rehabilitation and Bankruptcy Center. ▲ Attorney Na Chang-soo (31st class), who worked as a chief prosecutor at the Seoul Central District Prosecutors' Office and the Seoul Western District Prosecutors' Office and handled numerous corporate crimes. ▲ Attorney Bang In-tae (41st class), a labor lawyer registered with the Korean Bar Association. ▲Lawyer Ji Min-hee, who served as an in-house lawyer at LG Innotek and has extensive expertise in international transactions, ▲Attorney Jeong Sang-hyeok, who has extensive experience in human resources and labor, will provide the necessary assistance to corporations suffering from bankruptcy due to the Timon and WeMakePrice incidents. The TF includes ▲Accountant Park Seong-ah, who has experience as a member of the rehabilitation investigation committee for numerous listed and unlisted corporations, and ▲Labor attorney Won Yong-il, who was in charge of corporate audit work and collective bargaining. ▲Labor attorney Nam Seo-hye, who has provided labor legal advice for many companies in IT, service, manufacturing, and distribution, and ▲Tax accountant Lim Jeong-oh, who has provided tax adjustment and advice for various industries, will be brought in. The plan is to take prompt follow-up measures with sellers and consumers who have suffered damage due to the Timon/WeMakePrice non-settlement situation with the input of experts in special fields. Won Won-il, head of the corporate legal group who leads the task force, said, “The current Timon/WeMakePrice situation is worsening, and the damage caused is so severe that the amount cannot be estimated. With the formation of this task force, we will spare no effort in helping victims file a class action lawsuit.” [View full article] Roishu - Daeryun Law Firm (Limited) forms a task force to respond to the Timon and WeMakePrice incidents... Damage relief begins (link) Segye Ilbo - 2,500 people are waiting for refunds, but “only up to 1,000 people”… Promoting class action lawsuit for victims of Timon and WeMakePrice (Click here) Asia Economy - Daeryun Law Firm forms a task force on the ‘TimePrice’ incident… Damage relief begins (Click here)Newsis - ‘Timeef’ victims’ class action lawsuit... Law firm busy forming task force (link)

Consumers and sellers suffer damage due to non-settlement of Timon and WeMakePrice sales - Inquiries related to lawsuits increase rapidly... Accountants, tax accountants, and labor attorneys have joined the task force. As damage to consumers and sellers is increasing as the unsettled sales of Timon and WeMakePrice are spreading, Daeryun Law Firm (Lihan) announced on the 25th that it will gather related victims and file a class action lawsuit. Timon and WeMakePrice, affiliates of Singaporean e-commerce company Q10, were embroiled in controversy for failing to settle the price of products sold last May. It is also unclear whether the sales proceeds from June to July will be settled, so the damage to sellers is growing like a snowball. In fact, many concerned posts have been posted in small business communities, such as ‘All orders received have been cancelled’ and ‘I am anxious because the unsettled amount alone is tens of millions of won.’ Some sellers are also preparing for a prolonged situation by recruiting victims to participate in class action lawsuits. Consumer losses are also increasing as some sellers facing financial difficulties cancel product sales. In particular, the damage to consumers who have booked travel products is severe, and travel agencies that have not received payment are promoting a policy of canceling existing payments and repaying their own, leading to a series of cases where consumers are having to cancel their trips. Consumers can go through group dispute mediation procedures when 50 or more people suffer similar damage. However, there is a very high possibility that mediation will not be established, and even if a mediation plan is developed, it will only be at the level of a ‘recommendation’, so if the company does not respond, separate legal procedures, such as a lawsuit for damages, must be pursued. According to Daeryun Law Firm (Lihan), there are a series of inquiries about lawsuits from victims whose damages amount to hundreds of millions of won. Accordingly, Daeryun Law Firm (Lihan) is aware that inquiries surrounding the Timon and WeMakePrice incidents have continued regardless of whether consumers or sellers, and has formed a class action task force and begun establishing a rapid response strategy. In particular, considering corporate bankruptcy, experts such as accountants, tax accountants, and labor accountants also joined the task force. Daeryun Law Firm (Limited) Corporate Legal Group Head Won-il Won said, “You can file a claim for damages for default and a lawsuit for return of unjust enrichment,” and added, “As the scale and severity of the damage is serious, we will help consumers receive fair compensation through a class action lawsuit.” He also added, “If the delayed payment situation is not resolved quickly, we are concerned that small and medium-sized sellers will go bankrupt. To prepare for the worst-case scenario, we plan to prepare a lawsuit by cooperating with experts in various fields such as accountants, tax accountants, and labor attorneys.” Applications for class action lawsuits can be made on the consultation reservation page of Daeryun Law Firm (Limited) website. Meanwhile, Daeryun Law Firm (Lihan) is raising issues with the unfair refund policy of lodging platforms and is currently pursuing a class action lawsuit against Yanolja, a famous domestic lodging platform. Daeryun Law Firm (Yuhan) said, “As the lawsuits related to Timon, WeMakePrice, and Yanolja are all issues with a large social impact, we plan to form a task force with professional lawyers with extensive relevant experience to assist the victims.” [View full article] Segye Ilbo - Law Firm (Lihan) Daeryun pursues class action lawsuit for victims of Timon and WeMakePrice (Shortcut) Money S - "Concerns about possible bankruptcy"... Promoting a class action lawsuit for victims of Timon and WeMakePrice (Go to the link) Yonhap News - Law firms are recruiting victims of Timon and WeMakePrice to pursue a joint lawsuit (Go to the link) Edaily - Law firm Daeryun TF is formed to "promote a class action lawsuit for TimeMakePrice victims" (Go to the link) Medical Today - Victims of the 'Timon and WeMakePrice unsettled situation' are pursuing a class action lawsuit (Go to the link)

Presiding Judge Jeong Eun-yeong said whether the film, distribution or possession was in violation of the Sexual Violence Punishment Act, "It was not filmed against the other person's will... not guilty." A ruling was made to acquit a man who was indicted for capturing and keeping the nude and underwear images of the other person several times during a video call with his lover. On the 12th, Chief Judge Jeong Eun-young of the Cheonan Branch of the Daejeon District Court sentenced Mr. A, a man in his 50s, not guilty on charges of violating the Special Act on the Punishment of Sexual Violence Crimes (possession of filmed material using cameras, etc.). During a video call with Mr. B, with whom he had been dating from 2019 to 2021, Mr. A captured the screen of his cell phone showing the other person's body about four times. Since the other person in the video was wearing only underwear or was naked, Mr. A was charged with violating the Sexual Violence Punishment Act. According to the police investigation record, it was confirmed that Mr. B had an affair with Mr. A and then broke up. Afterwards, when Mr. A's wife discovered the screenshot and filed a civil suit against Mr. B, Mr. B reported that the video call was against his will. In this criminal trial, the main factor was that it was filmed by the victim, B, and that it was not filmed in a situation against the victim's will. Chief Judge Eun-young Jeong said, “The video information in the defendant's possession is a film of the victim's own body through a video call, and it was filmed against the victim's will. “No,” he said, and explained the reason for the acquittal, saying, “The defendant did not delete the captured photos but merely kept them and did not distribute or otherwise possess them. Punishment provisions cannot be applied retroactively.” Law Firm (Yuhan) Daeryun, who represented Mr. He explained, “It has a big impact on the judgment,” and “This case led to a not guilty verdict by proving the circumstances that the defendant’s actions were not carried out against the victim’s will and that the distribution and other actions were not carried out.” He continued, “Like the case above, things done in an intimate relationship between lovers sometimes lead to criminal charges after they break up,” adding, “In these cases, you may end up being investigated by an investigative agency overnight, even if you forget about it.” [View full article] - Court, man who captured and stored naked body and underwear while on video call with lover... What is the outcome of the trial? (Shortcut)

Damage amount estimated by the Financial Supervisory Service is "170 billion won" vs. "1 trillion won" claimed by sellers. Concerns about prolonged settlement delay due to Q10 Group's liquidity 'bottom' As the settlement delay situation at Timon and WeMakePrice (TimePrice) has not been resolved, it is being claimed that one after another, stores that have not received settlement are on the verge of bankruptcy. The Financial Supervisory Service put the unsettled amount at 170 billion won, but sellers say it is 1 trillion won. The industry is paying close attention to whether Q10, whose liquidity has fallen to the bottom, will be able to overcome the impasse. On the 25th, the Financial Supervisory Service estimated the unsettled amount of Timon and WeMakePrice at 170 billion won in a briefing. Sellers at Timef stores claim that the monthly settlement amount of both companies is around 500 billion won, which is much larger than what the Financial Supervisory Service announced. They said, “Timef has a system of settling after two months, and the settlement amount reaches 1 trillion in two months.” At the same time, he expressed doubts about Q10's ability to pay due to its lack of liquidity. Last year, WeMakePrice sales amounted to KRW 126.8 billion, showing a downward trend for three consecutive years. Timon did not submit its 2023 performance by the deadline. In 2022, sales will reach 120.497 billion won and operating loss will reach 152.7 billion won. The industry estimates that Timef's average monthly transaction size is around 1 trillion won. It is known that suspicions about the delay in TimePf settlement have been raised among sellers two months ago. Timon is a system where settlement is made on the +40th day of the last day of each month, and WeMakePrice is a system where settlement is made on the +7th day of the following month from the monthly sales deadline. Normally, this means that cash will arrive in your account after two months for Timon and three months for WeMakePrice. Delays in settlement have been made public for sales made before May. Now that the settlement for June and July is uncertain, if sellers' claims are followed, the damage amount could increase further. 60,000 sellers in store... The damage ranges from tens of millions of won to billions of won. If the bankruptcies of stores continue, the damage to the financial sector, including banks, becomes severe due to a chain reaction. According to the industry, the number of sellers in Timef stores is known to be as high as 60,000. Many of these are small or medium-sized businesses or small business owners. If settlement is not made on time on the platform, company operations will be disrupted. Sellers who visited Timep's headquarters in Gangnam-gu on this day responded, "Seller damages range from tens of millions of won to billions of won. We are at a loss as to how to pay our employees' salaries right now," and "If Timon and WeMakePrice do not settle sales payments, our company may go bankrupt." Mr. A, who identified himself as a TimePrice seller in a large community, said, "Most sellers were aware of the delay in settlement, but were concerned that the number of consumers would decrease due to the reputation of the platform worsening. He complained, “We have been putting off making it public.” The industry reacted by saying that it was unreasonable to proceed with unreasonable M&As one after another in a situation where hundreds of billions of won in losses were continuing, and that “eventually, something was going to explode.” In the meantime, Q10 did not apply escrow (secure purchase transaction system) and directly managed the amount paid by consumers. Some speculate that Q10 Group may have used the settlement amount to be paid to sellers in order to promote M&A. Bang In-tae, senior attorney at Daeryun Law Firm's Corporate Advisory Center, said, "If a consumer paid for a purchase but did not receive the product, and the platform company used this amount for business expenses other than payment to the seller, it would be embezzlement. In this case, it would be a criminal case, and the CEOs of WeMakePrice and Timon could be punished." [View full article] - Q10 balance is at its lowest, what will happen to the 1 trillion won settlement from Timeef (link)

Disputes such as selection of construction company and construction cost setting by reconstruction and redevelopment association, noise related to funds of the Continuity Promotion Committee... It is necessary to secure rights and interests when involved in a dispute due to legal disputes over abuse of authority. As the real estate recession in the Daejeon area continues, a series of disputes related to maintenance projects such as reconstruction and redevelopment are heating up, and caution is required. As it is a long-term project, experts advise that if you are involved in a dispute, you should respond quickly to secure rights and interests. According to the real estate maintenance industry, the urban maintenance project has been put on hold due to the prolonged recession in the real estate market in Daejeon and disputes within the redevelopment association. Redevelopment is due to poor maintenance infrastructure and poor maintenance infrastructure. This is a project implemented to improve the residential environment in areas with a high concentration of old and defective buildings. It usually takes more than 10 years from completion to actual occupancy after going through procedures such as association establishment approval, project implementation approval, and management disposal plan approval. There is also the problem that the period may be longer due to legal disputes over the operating costs of the redevelopment association. With reconstruction and redevelopment projects already in full swing throughout the Daejeon region, ranging from disputes over the selection of the initial construction company and construction costs to late payment interest and redevelopment. Various risks, such as cash liquidation issues, are emerging. Daeryun Law Firm (Liuhan) explained, "Conflicts between unions and union members can escalate into lawsuits, which can shake the foundation of the business. In real estate disputes surrounding reconstruction and redevelopment, such as misappropriation of contributions and embezzlement and breach of trust by union presidents, there is a need to objectively determine whether liability exists, etc." He added, “It takes a long time to proceed with a lawsuit, and the amount can range from tens of millions to hundreds of millions of won, so it is necessary to carefully consider the relevant issues and resolve them with an expert.” [View full article] - A series of disputes related to apartment redevelopment in the Daejeon area... The key is the ‘battle of speed’ (link)

Chonbuk National University Law School and Daeryun Law Firm are joining forces to foster excellent lawyers. The two institutions signed a business agreement at the Chonbuk National University Law School on the 25th. The agreement ceremony was attended by officials from both institutions, including Director Jeong Young-sun and CEO Kim Kuk-il. According to this agreement, Daeryun plans to provide various practical experience opportunities to Chonbuk National University Law School students in the future. We also decided to continue human and material exchanges in the fields of education and research. Jeong Young-seon, dean of the Law School of Chonbuk National University, said, “I am glad that our students will be able to gain a variety of experiences necessary for legal practice.” He added, “I hope that the two institutions will contribute to the development of students as excellent lawyers through close cooperation and seek joint development in the field of law through joint research.” “Cooperation is also very important,” he said. “We will strive to help our students grow into excellent lawyers through more active cooperation with Chonbuk National University.” [View full article] News 1 - Chonbuk National University Law School and Daeryun Law Firm ‘Nurturing Excellent Legal Professionals’ Business Agreement (Shortcut)Nocut News - Chonbuk National University Law School and Daeryun Law Firm signed an agreement... Education and research exchange (Go to) Jeonbuk Domin Ilbo - Chonbuk National University Law School, signed an agreement with Daeryun Law Firm (Go to) (Go to) Jeonmin Ilbo - Chonbuk National University Law School - Daeryun Law Firm, mutual cooperation agreement for internships, etc. (Go to) NSP News - Chonbuk National University Law School - Daeryun Law Firm, business cooperation agreement (Go to) Veritas Alpha - Chonbuk National University Law Firm, business cooperation agreement (Go to) Signed an agreement with Daeryun Law Firm (Shortcut) (Shortcut) Law Journal - Chonbuk National University Law School, strengthens student capabilities...Signed an agreement with Daeryun Law Firm (Shortcut) Korea Teacher Newspaper - Chonbuk National University Law School, joins hands with Daeryun Law Firm (Shortcut) (Shortcut)