Daeryun Law Firm (Liuhan) forms a task force to respond to the Timon and WeMakePrice incidents... Damage relief begins
2024-07-29
As damage continues to arise due to non-settlement situations in Q10-affiliated e-commerce platforms such as Timon and WeMakePrice, Daeryun Law Firm (Yuhan) 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 severe that if settlement cannot be made, business must be halted.
As the timing of settlement of Timon and WeMakePrice sales proceeds 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 headed by lawyer Won Il Won (28th class of the Judicial Research and Training Institute), head of the corporate legal group. Attorney Won, who served as managing director and head of the legal office at POSCO Holdings (formerly POSCO) and executive 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, ▲ Attorney Shin Jong-soo (31st class), a former partner attorney at Kim & Chang who specializes in corporate law and taxation ▲ Attorney Kim Gwang-deok (32nd class), who worked at a mid-sized and large law firm for more than 15 years and is fluent in special corporate law such as labor and fair trade ▲ Attorney Kim Won-sang (43rd class), head of the Corporate Rehabilitation and Bankruptcy Center ▲ Chief prosecutor at Seoul Central District Prosecutors' Office, Seoul Western District Prosecutors' Office, etc. Lawyer Na Chang-soo (31st class), who handled numerous corporate crimes while working, ▲Attorney Bang In-tae (41st class), a labor lawyer registered with the Korean Bar Association, ▲Lawyer Ji Min-hee, who was an in-house lawyer at LG Innotek and has extensive expertise in international transactions, and ▲Attorney Jeong Sang-hyeok, who has extensive experience in the human resources and labor fields, will provide necessary assistance to corporations suffering from bankruptcy due to the Timon and WeMakePrice incidents.
The TF will include ▲Accountant Park Seong-ah, who has experience as a member of the investigation committee for the rehabilitation of numerous listed and unlisted corporations; ▲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; ▲Tax accountant Lim Jeong-oh, who has provided tax adjustment and advice for various industries.
The plan is to implement prompt follow-up measures for sellers and consumers who have suffered damage due to the Timon and WeMakePrice non-settlement situations through the input of experts in special fields.
Won Won-il, Head of Corporate Legal Group, who leads the TF,“Currently, the Timon/WeMakePrice situation is worsening, and the damage caused is so severe that the amount cannot be estimated,” he said. “With the formation of this task force, we will spare no effort in providing all support to victims so that they can file a class action lawsuit.”He said.
Asian Economy -Daeryun Law Firm forms a task force on the ‘Timeef’ incident… Damage relief begins (Go here)
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