IPG Legal is a leading client-focused international law firm with offices in Korea that is, often, selected over the ubiquitous Korean Law Firms when success is essential and success depends on nuanced street-smart advice, proactive and unconflicted representation. Our attorneys are, intentionally. different from the crowd. From our retired judge partners to our junior associates, we are all trained with an intense focus on client success, lawyer proactivity, and to understand the nexus between your commercial and legal needs. Our attorneys shall never push to you useless memos,
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Guardianship Law in Korea: The Lotte Family Conservatorship Saga Continues
With the news late in 2016 that the Seoul Family Court Appointed a Law Firm as Legal Guardian for Shin Kyuk Ho, founder of Lotte Group, and the negative effect the ruling had on his elder son’s efforts to regain control of the conglomerates, it is a good time for business owners and their families to understand what guardianship law may mean for businesses and families in Korea. For an explanation of Korean Guardianship Law, please see: Guardianship Law in Korea. Guardianship Law in Korea The Adult Guardianship
Continue readingKorean Trust Act of 1961 Amended
The 1961 Korea Trust Act has been criticized as being an archaic law that does not reflect generally accepted international trust standards and practices. The revised Korean trust law was passed to alleviate many of the problems of the old Korean Trust Law. The new law in Korea will came into effect in July of 2012. This post is a revised version of a post that was first posted in 2012. The most significant changes to Korea’s Trust Act are listed below. The new Korea Trust Law
Continue readingEnforceability of Korean Executed Holographic/Handwritten Wills in Korea
Holographic wills are enforceable in Korea under Article 1066 of the Civil Act of Korea. Our law firm is, presently, handling a matter concerning the estate of a decadent where the decadent executed a handwritten (holographic) will and the inheritors are Korean and foreign nationals. Holographic Wills This is a common issue for lawyers at our firm to handle – with the exception of the handwritten will issue. We, rarely, see cases, these days, of a testator that has executed a handwritten will. This, however, was not
Continue readingNon-Acceptance of Government Report Grounds for an Appeal to Korean Court
Over the past decade, Korea has liberalized its government permit system and has required, in many more instances, only a report or notification to be filed with the government for many activities that previously required approval of a relevant Korean government authority. Even with the change, however, the Korean bureaucracy has, often, been unwilling to give up its power and has simply rejected reports, thus, in reality rejecting the anticipated activity. In a Supreme Court case handed down late last year (2008 Du 167), the Supreme Court
Continue readingSecurity on Movable Property and Receivables in Korea
The Ministry of Justice has recently announced a draft bill concerning the securitization of movables and receivables. The Bill has been pushed for strongly by SMEs. SME’s have complained, since the 1997 Currency Crisis, that they are unable to adequately capitalize at market rates. Representatives of the IMF, whom I spoke with a few years back, were also very keen on this type of bill. They believed that this Bill would help foster SMEs and new entrants’ potential for innovation and growth. If you are interested on
Continue readingProposed Amendment to Real Estate Development Business Act of Korea: Rating of Real Estate Development Projects
In an attempt to avoid additional failures in the Korean real estate market, the Korean government at the end of July 2013, proposed revisions to the Real Estate Development Business Act of Korea. The revisions would, inter alia,: 1. Give authority to the Ministry of Land, Infrastructure and Transport (“MLIT”) to select a agency of real estate experts (“Agency of Experts”) to verify private ratings. The specifics of this Agency of Experts scheme would be designated by a President Decree. The purpose of the revision is to
Continue readingKorean Tourism Infrastructure Improving: Special Act for the Expansion of Tourism Accommodation
The Korean Tourism Organization under the leadership of a German-born non-ethnic Korean is the greatest reason for the increase in the number of tourists in Korea. The KTO has been transformed from a government black hole into a vibrant organization with a bold vision. One of the most significant issues for tourists visiting Korea, because of the drastic increase in tourism over the past few years, has been the lack of adequate accommodation. Seoul is notorious for having, during peak times of the year, a lack of
Continue readingKorean Home Prices Too Low? A big NO WAY by Tom Coyner
It will soon be that dreaded time again for me – the renegotiation of my apartment lease. Thankfully, it happens just once every two years, but it is a real pain. The silver lining to this biannual cloud is that it forces me to look more closely at the Korean housing market, an important factor in most economic considerations. At first brush, Korean real estate is as loopy as any foreigner may surmise about anything in the Korean economy. First of all, there is a glut of
Continue readingEnvironmental Impact Statements in Korea: New Korean Environmental Impact Assessment Regime
In the third quarter of 2012, the amended Environmental Impact Assessment Act (“EIAA”) was implemented. After the enactment, environmental impact assessments are no longer governed by both the Framework Act on Environmental Policy and the EIAA, thus, eliminating a great deal of confusion caused by inconsistencies in the acts. Major revisions include: 1. Implementation of Strategic Environmental Impact Assessments and Small-Scale Environmental Impact Assessment over Prior Environmental Review under Framework Act on Environmental Policy The EIAA has abandoned the use of Prior Environmental Review under the Framework
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