Since the financial crisis of 1997 and the passage of the Debtor Rehabilitation and Bankruptcy Act in 2005, the occurrence of insolvency and corporate restructuring cases has greatly increased. Yulchon has responded to this change in the corporate environment and represented companies in restructuring cases under corporate rehabilitation, bankruptcy, and the Corporate Restructuring Promotion Act, as well as creditors and other related persons in insolvency cases. Through this work, Yulchon has contributed considerably to the creation of legal principles and a new paradigm in practice for issues involving bankruptcy and rehabilitation.
Major Practice Areas
- Advice on merits of and need for rehabilitation, bankruptcy, and restructuring, and advice on whether clients qualify for such procedures
- Preparation of and advice on applications for rehabilitation, bankruptcy, and restructuring procedures, and representation therein
- Advice on procedures relevant to the resolution of a rehabilitation plan
- Advice on preparing reports on rehabilitation bonds, security rights under rehabilitation, and bankruptcy bonds, and representation in the procedures
- Advice on legal issues related to the reporting and investigation periods for rehabilitation bonds, security rights under rehabilitation, bankruptcy bonds, and representation therein
- Advice on reclaiming bonds and options for repayment
- Represented companies in its filing of rehabilitation or bankruptcy proceedings
- Represented companies under rehabilitation or bankruptcy proceedings in various lawsuits arising out of the proceedings
- Represented a Korean construction company from the application for the rehabilitation procedure up to the successful early conclusion of the procedure.
- Applied for and successfully obtained the declaration of bankruptcy on a debtor on behalf of a creditor; contributed to the creditor’s successful acquisition of the debtor’s certain assets within the bankruptcy proceeding
- Advised various creditors on their exercise of secured /unsecured rehabilitation claims
- Represented a foreign client in successfully commencing a separate Korean bankruptcy proceeding on an asset in Korea owned by a debtor under the bankruptcy proceeding in another jurisdiction