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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Korean Data Privacy Act: Need for Compliance Audit for your Korean Company

The European Union General Data Protection Regulation (EU GDPR) focuses on the data security of personal data of users of the internet. As the EU offers a potentially lucrative market for online businesses for many Korean companies, South Korea was eager to amend its existing Act on the Promotion of IT Network Use and Information Protection of Korea (“Korean Network Act”) based, at least, partially on bench-marking of the EU GDPR. We suggest all companies, doing business in Korea, conduct

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Korea’s Improper Solicitation and Graft Act: Kim Young-ran Act

The Improper Solicitation and Graft Act of Korea (“Graft Act”) was enacted on March of 2015 and came into effect in September of 2016.  Korea’s Anti-Corruption and Civil Rights Commission published in English and Korea a decent Handbook to the Graft Act.  The Handbook may be found at: Handbook to Korea’s Graft Act.  All companies doing business in Korea should understand compliance basics and have an understanding of the myriad of compliance rules.  The Graft Act is, only, the tip of

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English-Speaking Business Lawyers in Seoul, Korea: Corporate Law & Compliance Team at IPG Legal

Sean Hayes and English-speaking Korean attorneys working for an international law firm in Korea author the Korean Law Blog. Sean Hayes is the author of this blog. Additionally, English-speaking corporate attorneys and Korean-savvy business professionals contribute articles to the blog. The blog is rated by the ABA one of the Top 100 Law Blogs in the world. Leading rating services rate IPG Legal as a leading law firm operating in Asia and North America. IPG serves mainly expat companies and individuals and,

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