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The hotchpot rule in Korean insolvency proceedings

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  • The hotchpot rule in Korean insolvency proceedings
  • Han, Min
  • Seoul National University(BK 21 Law)


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Title The hotchpot rule in Korean insolvency proceedings
Similar Titles
Material Type Articles
Author(English)

Han, Min

Publisher

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

Date 2007
Journal Title; Vol./Issue Journal of Korean Law:vol. 7(no. 2)
Pages 40
Subject Country South Korea(Asia and Pacific)
Language English
File Type Link
Subject Government and Law < Laws and Legislation
Holding Seoul National University

Abstract

A new consolidated insolvency law called the “Debtor Rehabilitation and Bankruptcy Law” (“DRBL”), which became effective in the Republic of Korea on April 1, 2006, has discarded the principle of territoriality under the previous insolvency laws and adopted the so-called modified principle of universality. At least for the purpose of Korean laws and Korean insolvency proceedings, therefore, the effect of an insolvency proceeding which has commenced in Korea would have effect on the debtor’s assets situated in a foreign country. However, whether and to what extent a Korean insolvency proceeding would be recognized and enforced in a foreign country, in which the debtor’s assets are situated, depends upon the laws of that foreign country. (The rest omitted)