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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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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