Angry messages from victims are posted inside the headquarters of WeMakePrice in Gangnam District, Seoul, July 29. Yonhap

A Seoul court froze the assets and debts of TMON and WeMakePrice on Tuesday, as it begins a process to determine whether court-led debt restructuring should be allowed for the e-commerce platforms struggling with a liquidity crisis.

The decision came a day after the two affiliates of the Singapore-based Qoo10 filed for court receivership with the Seoul Bankruptcy Court, citing their irreparable financial condition due to the crisis and subsequent vendor outflows.

The two open-market platforms have failed to pay their vendors, reportedly due to a liquidity crisis caused by Qoo10's aggressive merger deals. Their unpaid bills amount to around 210 billion won ($151.6 million) and are expected to increase further, according to the government officials.

Under Tuesday's court decision, TMON and WeMakePrice are prohibited from disposing of their assets, while creditors cannot take action to force debt repayment from the firms until a decision is made on court-led debt restructuring.

This week, the bankruptcy court is expected to hold a hearing with the CEOs of the two e-commerce firms to decide whether to place them under court-led debt restructuring.

A court must make a decision within a month, but this can be delayed by up to three months due to the firms' application for the "autonomous restructuring support" program, which allows up to three months for debtors and creditors to negotiate debt repayment on their own.

If an agreement is reached during the process, the firms' application for court-led debt restructuring will be automatically withdrawn. (Yonhap)