Corporate Restructuring & Insolvency in South Korea 2020

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  • Reporters: Chiyong Rim
  • Index:
    • Preliminary Outline
    • Overall Insolvency Regime
    • Out-of-Court Workouts
    • Pre-Insolvency Proceedings
    • Formal Insolvancy Proceedings
    • Support Structures (Courts & States Agencies)
    • Stakeholder
    • Conversion of Proceedings
    • Rescue Financing
    • Stay and Moratorium
    • Ordinary And Special Contracts
    • Ranking, Priority and Resolution of Creditor Claims
    • Employment, Stakeholding and Pension
    • Avoidance and Clawback Rules and Safe Harbour Provisions
    • Rehabilitation Plans and Sales as a Going Concern
    • Sales and Mergers and Acquisitions
    • Group Insolvencies
    • Small Business Debtors
    • International and Cross-Border Insolvency
    • Statistics
    • Appendix of Legislation Referred To
      *Click to to see full Index

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Corporate Restructuring and Insolvency South Korea 2020

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ABLI partnered with the International Insolvency Institute and now launches a compendium on the corporate restructuring and insolvency regimes in 16 jurisdictions across Asia Pacific. 

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Corporate Restructuring and Insolvency Asia 2020
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Asian Business Law Institute

Launched in January 2016, the Asian Business Law Institute (ABLI), a subsidiary of the Singapore Academy of Law, is a permanent institute based in Singapore that initiates, conducts and facilitates research with a view to providing practical guidance in the field of Asian legal development and promoting the convergence of Asian business laws. Its mission is to remove unnecessary or undesirable differences between Asian legal systems that pose obstacles to free and seamless trade.

ABLI’s long-term strategic direction in accordance with its aims is set by its Board of Governors chaired by The Honourable the Chief Justice Sundaresh Menon of the Supreme Court of Singapore. The Board comprises representatives from Australia, China, India and Singapore and other internationally renowned legal experts.

International Insolvency Institute (III)

International Insolvency Institute (III)

The International Insolvency Institute (III) is a non-profit, limited-membership organisation dedicated to advancing and promoting insolvency as a respected discipline in the international field. Its primary objectives include improving international co-operation in the insolvency area and achieving greater co-ordination among nations in multinational business reorganisations and restructurings, with membership drawn from the most senior and respected insolvency practitioners, judges and academics in the world and it has valuable liaisons with many of the most senior regulatory and administrative professionals in the insolvency field.

III, due to its exceptional membership, its international leadership, and its resources, plays a valuable and highly significant role in the international insolvency field. It has achieved a worldwide reputation and is developing into a catalyst for improvement and change in the international insolvency area that has few, if any, equals.

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Index

A. PRELIMINARY OUTLINE

B. OVERALL INSOLVENCY REGIME

C. OUT-OF-COURT WORKOUTS

D. PRE-INSOLVENCY PROCEEDINGS

i. Initiation of Corporate Restructuring Promotion Act workout

ii. First meeting of the financial creditors' council and suspension of exercise of creditors' rights

iii. Approval of joint management plan and execution of memorandum of understanding

iv. Termination of joint management

v. Other related issues

E. FORMAL INSOLVENCY PROCEEDINGS – REHABILITATION UNDER CHAPTER 2 OF THE DEBTOR REHABILITATION AND BANKRUPTCY ACT

i. Petition and commencement

ii. Commencement order

iii. Preparing the scheule of claims

iv. Types of claims

v. Filing proofs of claims

vi. Claims review process

vii. Two tracks for claims allowance

viii. Secured claims

ix. Proposal for, and confirmation of, rehabilitation plan

x. Discontinuation of rehabilitation

xi. Dissemination of information

F. SUPPORT STRUCTURES (COURTS AND STATES AGENCIES)

i. Courts

ii. Financial Services Commission and Ministry of Justice

G. STAKEHOLDER

i. Insolvency officer-holder

a. Court appointment of the administrator
b. Administrator's powers and duties

ii. Management Committee

iii. Chief restructuring officer

iv. Creditors' Committee

H. CONVERSION OF PROCEEDINGS

I. RESCUE FINANCING

J. STAY AND MORATORIUM

K. ORDINARY AND SPECIAL CONTRACTS

i. General

ii. Special contracts

L. RANKING, PRIORITY AND RESOLUTION OF CREDITOR CLAIMS

M. EMPLOYMENT, STAKEHOLDING AND PENSION

N. AVOIDANCE AND CLAWBACK RULES AND SAFE HARBOUR PROVISIONS

O. REHABILITATION PLANS AND SALES AS A GOING CONCERN

i. Cram-down

P. SALES AND MERGERS AND ACQUISITIONS

Q. GROUP INSOLVENCIES

R. SMALL BUSINESS DEBTORS

S. INTERNATIONAL AND CROSS-BORDER INSOLVENCY

T. STATISTICS

APPENDIX OF LEGISLATION REFERRED TO

Corporate Restructuring and Insolvency South Korea 2020