The Suwon District Court will soon decide whether to approve its request. Major creditors include the National Agricultural Cooperative Federation, the Korea Development Bank and the Industrial Bank of Korea.
The firm's payment failure sent shockwaves through the investment market since the company was known as a financially healthy and technologically-innovative entity among investors.
The Seoul-based company, extolled by Bill Gate in 2007 for its technological prowess, reported 1.27 trillion won in sales and 110 billion won in operating profit last year. Nearly 80 percent of its sales were generated in the overseas markets. Its liquid assets were valued at 359.1 billion won as of the end of 2013.
Last month, Moneual displayed its up-to-date products in Berlin during the IFA, the largest electronics fair in Europe, pledging to bolster its presence in the European market.
It is alleged that the payment failure was largely caused by overdue payment from overseas buyers. Some observers have not ruled out the possibility that the company may have manipulated its financial reports to exaggerate its conditions.
A Moneual spokesperson was not available for comment.
Worse, the firm's founder and vice president Won Duck-yeon was confirmed to have retired recently and its CEO Park Hong-seok's whereabouts are reportedly uncertain, spawning speculation that there are some untold stories linked with the company's sudden collapse.
Won found the company in 2004. Graduating from Seoul's Hongik University with a degree in industrial design, he has played a leading role in developing several hit products, including robot vacuum cleaners, home theater and many other high-end home appliances.
Park joined the company as chief executive officer in 2007 after leaving Samsung Electronics where he served as a sales director in the North America market. He currently holds a 94 percent stake in the company.
The duo enabled the company to grow rapidly. In 2008, Moneual posted 70 billion won in sales and the figure skyrocketed to 1 trillion won in 2013.
In 2007, the company was selected as a recipient of the Microsoft Innovation Award and was highlighted by Bill Gates' in his keynote speech at the 2007 Consumer Electronics Show, an annual international electronics and technology trade show in Las Vegas.
Early this year, Japans' influential business newspaper Nikkei selected Park as one of eight promising businessmen in Asia.