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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Force Majeure Jurisprudence in the Republic of Korea

Korea has recently been affected by typhoons and severe flooding caused by the heaviest rainfall in centuries. These issues led to the loss of life, property, business and the livelihood of many individuals. Many alleged defaulting/breaching parties to an agreement have claimed Force Majeure as a defense to non-performance of contractual obligations. A Korean court recognized Force Majeure Event offers relief to the alleged defaulting/breaching party, in Korea, if the party fulfils the legal requirements noted below. Force Majeure Defined

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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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Garnishing Wages in Korea: Collection of Debts in Korea

I received a call from a friend asking about information concerning collecting on a personal debt. He loaned money to a “friend” and the friend never made a payment on the loan.  I advised one of the ways to encourage payment is via garnishing wages. Korea has an effective and efficient method of garnishing wages. In Korea, after a judgment or order to pay by a court, a plaintiff can collect on an unpaid debt through garnishing wages. Garnishing of

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Debtor’s Liability to New Owner after Transfer of Business and Trade Name

A developer recently contacted IPG Legal concerning a dispute with a supplier of building materials.  The developer purchased building materials from a supplier with payment to be forwarded 30-days after receipt of the materials. This is a common practice when a supplier has a long-term relationship with a developer, provides a consistent flow of supplies to a developer, and the developer is solvent. Here comes the problem.  The supplier was sold and the business and trade name was transferred to

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How Foreign Companies and Individuals can Collect Debts from Debtors in South Korea?

Many foreigners, both companies and individuals, seek our advice on how they can effectively collect debts from debtors with assets, businesses and/or residences in Korea. The following article details the major means of collecting on a debt in Korea. Collecting a Debt in South Korea from a Korean Debtor Hire an Experienced English-Speaking Korean Law FirmIt is crucial that you hire a Korean law firm with experience in collecting on debts for non-Korean or foreign-capital invested companies. Not all lawyers

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Provisional Attachments of Assets in Pending Litigation in Korea Courts

A party attempting to collect on a debt or potential liability based on breach of contract or torts in Korea may obtain a Provisional Attachment of an Asset. Another useful tool to expedite proceeding in a Korean civil matter is to Obtain a Payment Order from a Korean Court.  A provisional attachment is considered provisional, since the attachment is executed prior to the final judgement. The, facial, purpose of a provisional attachment is to secure assets necessary for enforcement in cases where

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Korean Commercial Liens versus Korean Civil Liens

Korea, in short, has two major types of liens – Commercial Liens and a Civil Liens.  For example, in a dispute between a contractor and a landowner or developer, a contractor make execute a Commercial Lien or Civil Lien.  A Commercial Lien is governed by the Korean Commercial Code while a Civil Lien is governed by the Korean Civil Code.  I shall for ease, utilize the contractor and landowner (developer) for example purposes only.  For explanation of Korea’s law on

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