South Korea report – Corporate Restructuring and Insolvency in Asia 2020

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Reporter: Chiyong Rim

Index

A. PRELIMARY 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