Is a Bankruptcy in the U.S. “Effective” on Assets in Korea?: Korean Bankruptcy Law Basics

The following article on the interplay between Korean Bankruptcy Law and foreign bankruptcy laws was motivated by a question from a reader from the Korea Times. The following is from a column I used to write for the Korea Times. Please note the present Bankruptcy Law in Korea was amended and the present topic, while interesting, shall not apply to present bankruptcy proceedings. However, take a read – very interesting matter. I shall be posting some of my old articles

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Top 100 Korean Lawyers & Legal Consultants in Korea

Sean Hayes, head of the Top Korean Dispute Resolution Law Firm of the Year was rated by LawAsia, one of the leading peer-reviewed publications in Asia, as a Top 100 Lawyer in Korea. Sean Hayes is one of the only non-Korean attorneys on this Korean Lawyer “A-list” and the only non-Korean that was on the list each year the list was published. Sean Hayes is the first non-Korean attorney to have worked for the Korean court system (Constitutional Court of

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Collecting an Unpaid Invoice from a Korean Bankrupt Debtor

The number of bankruptcy and rehabilitation filings in Korea is on the rise. The last creditor to be paid is, typically, the foreign company. We receive emails, on nearly a weekly basis, from companies and individuals attempting to collect commercial debts in Korea. Many of these creditors are not aware that the Korean debtor has filed for bankruptcy or is experiencing financial difficulties.   Before Engaging in a Relationship with a Korean Company 1. Before engaging in any work or giving

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Guide to Winding-Up/Closing a Korea-based Company: Korean Company Liquidation Procedure

Any business in Korea that is registered as a corporation must wind up/liquidate the company to legally close the business in Korea. Many companies, however, choose to forgo this step thinking that no repercussions will be felt. This belief is far from the reality. I know a pending case that has led to prosecutions, a lawsuit of a related company, and a tax audit of an individual shareholder. For an article on Korean Bankruptcy please see: Korean Bankruptcy Law. The

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Top Law Firms in Korea for English-Speaking Clients According to 10 Magazine

We are proud to note that 10 Magazine listed us in an article titled 10 Lawyers in Seoul for English-Speaking Expats in Korea. IPG is listed under the title Large/International Law Firms. Thanks for the mention 10 Magazine. We love your work. IPG Legal and many of our lawyers were listed as top attorneys by numerous legal rating services and magazines. Sean Hayes was, also, rated a top 100 Attorney. The article by 10 Magazine on the law firms in Korea

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SsangYong Motors files for Bankruptcy in Korea

It isn’t just foreign companies that have a robust history with Korea’s militant labor unions. The troubles of GM Korea and SsangYong Motors have been well documented over the last decade. This week SsangYong Motors finally succumbed to the pressures of the Korean market. The company filed for bankruptcy after defaulting on loan repayments of 60 billion won ($54.4m USD). SsangYong is unlikely to receive further government support, with the national government unlikely to step in to provide aid for

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The Korean Corporate Restructuring Promotion Act of 2018: Korean Insolvency Law Updates

The recently enacted Korean Corporate Restructuring Promotion Act (hereinafter “CRPA”) focuses on facilitating “…constant corporate restructuring and promotes the stabilization of financial markets and the development of the national economy, by providing for matters necessary to promptly and efficiently implement corporate improvement of enterprises with signs of insolvency.” (Art 1 (Purpose) CRPA). The CRPA is intended to facilitate out-of-Korean-court restructuring procedures. Often, debtors prefer out-of-court proceedings over in-court proceedings, because of the belief that out-of-court proceedings shall lead to more

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Does a Korean court have the power to issue a preliminary attachment on Korean assets stemming from a foreign court claim?

A situation often arises when a plaintiff is suing a Korean debtor in a foreign court and the non-Korean plaintiff wishes to attach the Korean-based assets of the Korean defendant in Korea.  Typically, the plaintiff found no assets of the defendant abroad and fears the disposal of the assets in Korea.  Thus, typically, the plaintiff wishes to file to a Korean court a request for a provisional attachment of the assets of the prospective defendant.  While, provisional attachments of assets of Korean

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English-speaking Korean lawyers and International Lawyers at International Law Firm in Korea discussing issues of Korean Law

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

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Korean Bankruptcy Court in Seoul, Korea Established

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

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