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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