Korea, in March 2017, established the Seoul Bankruptcy Court. The Seoul Bankruptcy Court replaces the Seoul Central District Court’s Bankruptcy Division. The establishment of the Seoul Bankruptcy Court is welcome news for most Seoul-based practitioners.
|Seoul Bankruptcy Court|
The Seoul Bankruptcy Court is the first separate bankruptcy court in Korea. The Seoul Bankruptcy Court was established because of a drastic increase in bankruptcy/insolvency filings over the last few years and a perceived need to have more efficient handling of bankruptcy cases.
The major law governing bankruptcies, in Korea, is the Debtor Rehabilitation & Bankruptcy Act of Korea. This Bankruptcy Act, in short, provides that any company, in Korea, with debt of KRW 50 billion or more that has 300 or more creditors may file for bankruptcy at the Seoul Bankruptcy Court, notwithstanding the location of the company.
We shall update the reader on more news concerning this Korean bankruptcy court as more news becomes available.
Sean Hayes may be contacted at: [email protected]
Sean is co-chair of the Korea Practice Team at IPG Legal. He is the first non-Korean attorney to have worked for the Korean court system (Constitutional Court of Korea) and one of the first non-Koreans to be a regular member of a Korean law faculty. Sean is ranked, for Korea, as one of only two non-Korean lawyers as a Top Attorney by AsiaLaw. Sean is known for his proactive New York-style street-market advice and his aggressive and non-conflicted advocacy. Sean works with some of the leading retired judges, prosecutors and former government officials working in Korea.
Sean’s profile may be found at: Sean C. Hayes
IPG’s Insolvency Team
We are proud to have an efficient Insolvency Team with local and international experience. The team lawyers work with seasoned business and accounting professionals. We have experience in local and international bankruptcies, restructurings, workouts and rehabilitation proceedings in Korea, China, Hong Kong, and in the United States.
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