Interpark Commerce, an affiliate of the Singapore-based Qoo10 Group, was declared bankrupt by a Seoul court.

The Seoul Bankruptcy Court ordered Interpark Commerce to liquidate on Tuesday, nearly a year and a half after the e-commerce platform entered a court-led program that delays the start of formal rehabilitation while a party negotiates with creditors.

The company filed for court-led restructuring in August last year, a month after Qoo10 Group affiliates TMON and WeMakePrice failed to pay their merchants.

On December 1, the court closed Interpark Commerce's rehabilitation proceedings after failing to find a buyer.

WeMakePrice was declared bankrupt. In August, the court approved TMON's sale to Oasis Market, a grocery delivery company.