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 toContinue reading
Tag: Debt Collection in Korea
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 lawyersContinue reading
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 whereContinue reading
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