Is a Bankruptcy in the U.S. “Effective” on Assets in Korea?: Korean Bankruptcy Law Basics

The following article on the interplay between Korean Bankruptcy Law and foreign bankruptcy laws was motivated by a question from a reader from the Korea Times.  The following is from a column I used to write for the Korea Times.  Please note the present Bankruptcy Law in Korea was amended and the present topic, while interesting, shall not apply to present bankruptcy proceedings.  However, take a read – very interesting matter.  I shall be posting some of my old articles from a prior weekly column over the next couple of weeks, since these articles no longer appear online. Legal Ease Column by Sean Hayes from Sept. of 2003 (Korea Times) Dear Sean, I just received notice that a former customer filed bankruptcy in New York. The bankruptcy court attached his assets in the United States, but the assets didn’t cover the entire debt owed to me. He also has assets

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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 cases. The major law governing bankruptcies, in Korea, is the Debtor Rehabilitation & Bankruptcy Act of Korea.  This Bankruptcy Act, in short, provides that any company, in Korea, with debt of KRW 50 billion or more that has 300 or more creditors may file for bankruptcy at the Seoul Bankruptcy Court, notwithstanding the location of the company. We shall update the reader on more news concerning this Korean bankruptcy court as

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