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Priority in insolvency proceedings

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  • Priority in insolvency proceedings
  • Oh, SooGeun; Song, Heejong
  • Seoul National University(BK 21 Law)


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Title Priority in insolvency proceedings
Similar Titles
Material Type Articles
Author(English)

Oh, SooGeun; Song, Heejong

Publisher

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

Date 2007
Journal Title; Vol./Issue Journal of Korean Law:vol. 7(no. 2)
Pages 49
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Government and Law < Laws and Legislation
Holding Seoul National University

Abstract

Insolvency unveils the genuine virtue of the concept of priority. Attempts, however, have proved that the task of arranging relevant claims in a single line of order according to their priority is quite difficult and complicated in insolvency proceedings. The reason lies in the fact that the concept of priority contains three factors; time, amount and method of collection. In standard non-insolvency compulsory executions, the priority structure affords certain claims to clearly precede others in time and amount. In this case, the superior creditor is entitled to be paid in full before and to the exclusion of other junior creditors. There is no other method of collection.