“Concerns about a repeat of the Timev incident”… Daeryun Law Firm ‘Balan’ Recovery Task Force Launched
Daeryun Law Firm "Needs preemptive response" to the rehabilitation application for 'Balan', which led civil and criminal lawsuits during the Timeef incident. Daeryun Law Firm announced on the 2nd that it has formed a legal support task force (TF) to support victims in response to the rehabilitation application for the online luxury goods trading platform 'Balan'. Through this TF, Daeryun plans to develop a multifaceted legal response, including relief for damage to consumers and sellers, analysis of the platform's fund management structure, review of criminal liability, and class action lawsuits. The TF will involve more than 10 professionals including lawyers, accountants, tax accountants, and IT legal experts from the Daeryun Corporate Legal Group. Regarding the launch of this TF, attorney Daeryun Son Gye-jun, who is in charge of the head of the corporate legal group, said, “The Balan incident is an example that shows the structural risks that can occur in a typical consumer trust-based platform,” and emphasized, “It is necessary to carefully examine complex legal issues such as the platform’s fund management method and the illegality of its terms and conditions beyond the simple refund issue.” The TF is headed by Attorney Son, who is an expert in the field of corporate law and taxation and has also played an active role in the ‘Tmon and WeMakePrice (TimePrice) incidents.’ Attorney Shin Jong-su joined. In addition, △Attorney Bang In-tae, a labor lawyer and corporate litigation expert registered with the Korean Bar Association, △Attorney Won-sang Kim, a corporate rehabilitation and bankruptcy expert with experience participating in the Korea Pizza Hut lawsuit, △Attorney Min-hee Ji, a former in-house lawyer with extensive experience in fair trade and patents, △Attorney Jeong Sang-hyeok, a human resources and labor expert who has served as a member of deliberation and investigation committees for numerous companies, △An investigation by the Fair Trade Commission, etc. Attorney Hee-gon Cho, who has extensive experience in corporate litigation and consulting, △ Attorney Seo-young Kim, who has handled numerous rehabilitation and bankruptcy cases as an insolvency lawyer registered with the Korean Bar Association, and △ Attorney Young-jae Nam, a former head of legal affairs at a POSCO Group affiliate, will join the task force. In addition, △ Labor attorney Seo-hye Nam, who has provided labor law advice to numerous companies including IT, service, and distribution, △ Many large corporations and public institutions. Accountant Park Won-chan, who has experience conducting accounting audits, will take a comprehensive response by reviewing areas such as accounting and labor. Daeryun has led civil and criminal lawsuits on behalf of sellers who suffered damage from non-payment of settlement payments during the ‘Timeef Incident’ last year. At the time, Daeryun received attention for his proactive response, including suing Q10 Group executives on charges of fraud and breach of trust. Daeryun believes that this Balan incident also has similar structural problems and believes that a preemptive response is needed. Through this TF, Daeryun plans to review not only the problem of delayed refunds by consumers, but also the problem of unsettled payments by sellers, credit card cancellation refusals, and violations of terms and conditions, as well as all other issues. In addition, we plan to carry out group response procedures in parallel depending on whether the damage spreads. Attorney Son said, “Following the Timeef incident, the Balan incident occurred, and the unclear settlement system and fund management method of e-commerce platforms is emerging as a major problem.” He added, “Through this TF, we will not only provide practical legal assistance to the victims, but will also strive to prepare institutional improvement measures for the overall platform industry based on advice from Daeryun experts.” Meanwhile, Balan attracted investment funds on the 31st of last month. Due to setbacks and a liquidity crunch, the company applied for corporate rehabilitation procedures at the Seoul Rehabilitation Court. As a result, problems with settlement delays occurred, raising concerns that the Timef incident might be repeated. Balan said, “No financial damage has occurred to general consumers, and the amount of unpaid commercial receivables is less than Balan’s monthly transaction amount,” and announced that it would attract a buyer before rehabilitation approval and repay the full amount of unpaid receivables. Choi Oh-hyun (ohyo@edaily.co.kr)[View full article]
Edaily - "Concerns about a repeat of the Timef incident"... Daeryun Law Firm ‘Balan’ Recovery Task Force Launched (Click here)
Korea Economic Daily TV - "We must prevent the second Timef incident"... Daeryun forms an Avengers team to provide legal support for the ‘Balan incident’ (link)
Asian Economy - ‘Concern about a second Timeef’ Balan non-settlement situation, Daeryun legal support TF launched (Go here)
Segye Ilbo - Luxury goods platform ‘Balan’ applies for corporate rehabilitation… Daeryun launches legal support task force (link)
Jikseol - Daeryun launches legal support task force for ‘balan incident’ (link)