The Republic of Korea and Hong Kong signed a double taxation treaty in July 2014. The treaty will come into force, if ratified, by the respective assemblies. Under the Korean Tax Law, the normal withholding tax is 22%. The main purpose of the treaty is to reduce this rate and also allow the governments to share information on potential tax evaders. This double taxation treaty, among other things, includes provisions for: ___Sean Hayes may be contacted at: SeanHayes@ipglegal.com. Sean Hayes is co-chair of the Korea Practice Team
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Ssangyong’s Korean Bankruptcy/Rehabilitation Proceeding & Many other Korean-based Construction Companies
Ssangyong Engineering & Construction filed for rehabilitation proceeding based on the Korean Debtor Rehabilitation and Bankruptcy Act. The Act requires, among other things for: 1. The Receiver to submit to the court a Creditor List;2. For the court to determine that the company’s “going concern” value is greater than the “liquidation” value of the company;3. The Receiver to submit to the court a Rehabilitation Plan;4. The Rehabilitation Plan to be approved by 2/3 of the unsecured and 3/4 of the secured claims. This procedure is similar to
Continue readingDue Diligence of Korean Companies
With the recent economic crisis, my Korean law firm has received a noted increase in the number of calls concerning collecting debts from Korean debtors. The creditors have been mainly SME U.S. & British companies. Most of the matters concerned unpaid invoices and commercial loans. A few of the calls concerned scams by Korean exporters. A few basics steps can help your company not to be duped by Korean businesses and obtain the money you are owed. Due Diligence of Korean Exporters & Importers Request the Korean company’s business
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