콘텐츠 바로가기
로그인
컨텐츠

Category Open

Resources

tutorial

Collection of research papers and materials on development issues

home

Resources
Government and Law Laws and Legislation

Print

Efficiency of Korean new rehabilitation proceeding

Related Document
Frame of Image
  • Efficiency of Korean new rehabilitation proceeding
  • Park, Yong-Seok
  • Seoul National University(BK 21 Law)


link
Title Efficiency of Korean new rehabilitation proceeding
Similar Titles
Material Type Articles
Author(English)

Park, Yong-Seok

Publisher

[Seoul]:Seoul National University(BK 21 Law)

Date 2007
Journal Title; Vol./Issue Journal of Korean Law:vol. 7(no. 2)
Pages 32
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Government and Law < Laws and Legislation
Holding Seoul National University

Abstract

The rehabilitation proceeding under the reformed Debtor Rehabilitation and Bankruptcy Law (“DRBL”), effective as of April 1, 2006, unified two old rehabilitation procedures used for the recovery of financially distressed firms for more than forty years in Korea. However, two key elements of the previous procedures survived in the unified rehabilitation scheme with some modifications to achieve efficiency of the new rehabilitation proceeding, i.e., receiver instead of debtor-in-possession and relative priority rule (“RPR”) for distribution of corporate value according to a rehabilitation plan. Under the new rehabilitation proceeding, the representative of the debtor company can be appointed as receiver of the debtor company unless it is liable for the commission of material mismanagement causing insolvency thereof. In some special cases, the representative can operate the debtor company without an appointed receiver. (The rest omitted)