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 a defendant may conceal or dispose of assets. However, a provisional attachment, often, encourages settlement. We advise most creditors attempting to enforce a debt or potential debt against a debtor is to obtain a provisional attachment if the debtor is a company or individual without significant tangible assets.  Companies with significant assets are likely to pay debts after a judgement and, normally, are not significantly harmed by the attachment.   Courts

Continue reading

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. Leading rating services rate IPG Legal  as a leading law firms operating in Asia.  IPG serves mainly expat companies and individuals and, thus, has many English-speaking Korean lawyers with significant overseas corporate law experience. The Corporate Law and Compliance Team at IPG Legal Entry of a Fortune 500 e-commerce site into the Korean and Chinese markets.  Advisory Services related to FTC and Supplier Risks for a major e-commerce company in Korea. Consulted on licensing, joint venture and regulatory compliance issues for an American real estate developer’s shopping mall joint venture operating in Korea. Due Diligence, drafting of shareholder

Continue reading