Cash-strapped e-commerce platforms TMON and WeMakePrice filed for corporate rehabilitation on Monday.

According to the Seoul Bankruptcy Court, the two companies, which are both subsidiaries of Singapore-based Qoo10 Group, applied for court-supervised rehabilitation.

The two companies made the application saying that their liquidity crisis is so severe that their financial condition cannot be restored through their own self-rescue measures.

The court will review the applications and decide on their corporate rehabilitation, which usually takes about a week. 

Corporate rehabilitation is a system in which the legal relationships of various stakeholders are adjusted under court supervision when it is deemed that continuing the business of a financially distressed company has more value than liquidating it.