{"id":10484,"date":"2012-06-21T02:59:34","date_gmt":"2012-06-21T02:59:34","guid":{"rendered":"http:\/\/192.168.1.14\/index.php\/2012\/06\/21\/cross-border-insolvency-law-practice-in-korea\/"},"modified":"2025-09-01T01:21:45","modified_gmt":"2025-08-31T17:21:45","slug":"cross-border-insolvency-law-practice-in-korea","status":"publish","type":"post","link":"https:\/\/andrewliu.com.hk\/zh\/cross-border-insolvency-law-practice-in-korea\/","title":{"rendered":"Cross Border Insolvency Law & Practice in Korea"},"content":{"rendered":"

 \"pdf\" ENG<\/a>   \"pdf\" \u4e2d\u6587<\/a><\/p>\n

In recent years, there are a growing number of insolvency cases involved in the Korean legislation and jurisdiction. The insolvency laws have attracted various sectors of community. While our concern is in the shipping industry, we are glad to provide a general introduction of the insolvency laws of Korea.<\/p>\n

Korean insolvency laws are largely similar to the Japanese law as well as the U.S Chapter 11 Reorganization (formerly Chapter 10). The relevant law in Korea is the Debtor Rehabilitation and Bankruptcy Act ( “DRBA” ), which has been in effect since 1 April 2006, is comprised of the former (i) the Bankruptcy Act, (ii) the Corporate Reorganization Act, and (iii) the Composition Act. Following the consolidation of these three Acts into the DRBA, the process of “Reorganization” was renamed “Rehabilitation”<\/p>\n

In general circumstances, after receiving an application for commencement of rehabilitation proceedings, the Rehabilitation Court will render a General Prohibition Order enjoining all the Creditors from commencing or continuing actions or proceedings against the rehabilitation Debtor either upon application or by its inherent jurisdiction. For company which owns assets both in the nationwide and worldwide, the Court is also empowered to render a General Prohibition Order to simultaneously prohibit all such actions and proceedings.<\/p>\n

As the DRBA is drafted to closely implement the Model Law and in line with the U.S and the U.K, many shipping companies have applied for and have been allowed to undergo rehabilitation proceedings in Korea. Based on the principle of reciprocity, several shipping companies undergoing rehabilitation in Korea have successfully applied to the Courts of the U.S, the U.K and other developed countries for protection against creditor proceedings.<\/p>\n

Unlike the practices of the Courts in the U.S and the U.K where in principle only require the company which has the capacity to be rehabilitated to commence the rehabilitation; the Korean courts are not as strict as those courts. As all the applicants, especially shipping companies, are allowed to commence rehabilitation, it means that some debtors have very little possibility of meaningful rehabilitation. And after such shipping companies have obtained the permission for rehabilitation, this is a serious sacrifice for the Creditors of those companies. It is urged that the insolvency capacity of companies should be closely scrutinized by the Courts in order not to use the process of rehabilitation too often.<\/p>\n

In a rehabilitation proceeding, firstly, a Creditor may exercise a set-off of his\/her claim against the Debtor against a debt owed by the Debtor to the Creditor if the claim and counter claim have been matured and existed at the time of the commencement of the rehabilitation proceeding. Nevertheless, such set-off is not allowed where allowing so will do harm to the fairness or equality of creditors. Secondly, considering the contractual relationship between creditor and debtor, the rehabilitation trustee would require Court’s permission to terminate an executory contract or assume the executory contract without such permission. If a contract is terminated, the right for the other contractual party is to claim damages and then the claim becomes a rehabilitation claim. On the other hand, if the trustee assumes an executory contract which is later breached, the claim of the other party’s requiring performance will be treated as a common benefit claim as opposed to a rehabilitation claim. A common benefit claim could be against the debtor free of any restrictions despite rehabilitation proceedings. Thirdly, after commencement of rehabilitation proceedings, any “unfair acts” which would harm other creditors should be set aside and avoided. And if such acts occurred, it needs to be unwound and any properties exchanged must be returned. In addition, the claims arising from transactions occurring after commencing of rehabilitation proceedings are treated as “common benefit claims” , which could be enforced against the Debtor without any restrictions under the rehabilitation proceedings.<\/p>\n

See attached file : ALCO20120046 Cross Border Insolvency Law & Practice in Korea.pdf<\/p>\n

 <\/p>\n

\u97e9\u56fd\u8de8\u5883\u7834\u4ea7\u6cd5\u5f8b\u53ca\u5b9e\u8df5<\/strong><\/span><\/p>\n

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\u97e9\u56fd\u7834\u4ea7\u6cd5\u5f8b\u4e0e\u65e5\u672c\u7684\u76f8\u5173\u6cd5\u5f8b\u4ee5\u53ca\u7f8e\u56fd\u7834\u4ea7\u6cd5\u6848\u7b2c\u5341\u4e00\u7ae0 “\u91cd\u7ec4” \u7c7b\u4f3c\u3002\u5728\u97e9\u56fd\uff0c\u8be5\u76f8\u5173\u6cd5\u5f8b\u79f0\u4e3a “\u503a\u52a1\u91cd\u7ec4\u53ca\u7834\u4ea7\u6cd5” (\u610f\u8bd1)\uff08Debtor Rehabilitation and Bankruptcy Act\uff09\uff0c\u5df2\u4e8e2006\u5e744\u67081\u65e5\u751f\u6548\uff0c\u7531\u8fc7\u53bb\u7684\uff081\uff09\u7834\u4ea7\u6cd5\u6848\uff1b\uff082\uff09\u516c\u53f8\u91cd\u7ec4\u6cd5\u6848\uff1b\uff083\uff09\u548c\u89e3\u534f\u8bae\u6cd5\u6848\uff0c\u4e09\u4e2a\u7ae0\u8282\u91cd\u65b0\u5de9\u56fa\u5e76\u7f16\u7e82\u4e3a\u73b0\u5728\u7684 “\u503a\u52a1\u91cd\u7ec4\u53ca\u7834\u4ea7\u6cd5\u6848” \uff0c\u5e76\u4e14\u5c06\u539f\u6765\u7684 “\u91cd\u7ec4” \uff08 “Reorganization” \uff09\u91cd\u65b0\u547d\u540d\u4e3a “\u6062\u590d” \uff08 “Rehabilitation” \uff09\u3002<\/p>\n

\u901a\u5e38\u60c5\u51b5\u4e0b\uff0c\u5728\u6536\u5230\u503a\u52a1\u4eba\u7684\u7533\u8bf7\u4e4b\u540e\uff0c\u6cd5\u5ead\u4f1a\u6839\u636e\u7533\u8bf7\u7684\u5185\u5bb9\u6216\u8005\u5176\u53f8\u6cd5\u7ba1\u8f96\u6743\u7ed9\u4e88\u6240\u6709\u7684\u76f8\u5173\u503a\u6743\u4eba\u4e00\u4e2a “\u4e00\u822c\u7981\u6b62\u4ee4” (General Prohibition Order)\u3002\u6cd5\u9662\u4ea6\u6709\u6743\u7ec8\u6b62\u5bf9\u503a\u52a1\u4eba\u8fdb\u884c\u5355\u72ec\u7684\u8bc9\u8bbc\uff0c\u5e76\u628a\u5bf9\u6709\u5173\u503a\u52a1\u4eba\u7684\u4e2a\u522b\u8bc9\u8bbc\u6848\u4ef6\u8fdb\u884c\u6574\u5408\u4ee5\u96c6\u4f53\u8bc9\u8bbc\u5f62\u5f0f\u7ee7\u7eed\u8fdb\u884c\u3002\u5c24\u5176\u5bf9\u4e8e\u90a3\u4e9b\u5728\u56fd\u5185\u4ee5\u53ca\u56fd\u5916\u90fd\u62e5\u6709\u8d44\u4ea7\u7684\u516c\u53f8\uff0c\u6cd5\u5f8b\u4e5f\u4f1a\u7ed9\u4e88\u8fd9\u6837\u7684 “\u4e00\u822c\u7981\u6b62\u4ee4” \u6765\u540c\u65f6\u7981\u6b62\u5728\u97e9\u56fd\u5185\u5916\u8fdb\u884c\u7684\u8bc9\u8bbc\u7a0b\u5e8f\u3002<\/p>\n

\u7531\u4e8e\u97e9\u56fd\u7684 “\u503a\u52a1\u91cd\u7ec4\u53ca\u7834\u4ea7\u6cd5\u6848” \u662f\u53c2\u7167\u8054\u5408\u56fd\u8d38\u6613\u6cd5\u59d4\u5458\u4f1a “\u793a\u8303\u6cd5” \uff08Model Law\uff09\u7684\u6a21\u5f0f\u4ee5\u53ca\u7f8e\u56fd\u548c\u82f1\u56fd\u7684\u76f8\u5173\u6cd5\u5f8b\u6cd5\u89c4\u8fdb\u884c\u7f16\u7e82\u3002\u56e0\u6b64\uff0c\u5728 “\u4e92\u60e0\u539f\u5219” \u7684\u57fa\u7840\u4e4b\u4e0a\uff0c\u4e00\u4e9b\u5728\u97e9\u56fd\u6267\u884c\u6062\u590d\u7a0b\u5e8f\u7684\u822a\u8fd0\u516c\u53f8\u5df2\u7ecf\u6210\u529f\u5730\u5728\u7f8e\u56fd\u53ca\u82f1\u56fd\u7b49\u53d1\u8fbe\u56fd\u5bb6\u7684\u6cd5\u9662\u83b7\u5f97\u4e86\u4fdd\u62a4\u4ee4\uff0c\u4ece\u800c\u9632\u6b62\u5176\u4ed6\u503a\u6743\u4eba\u8fdb\u884c\u5355\u72ec\u7684\u8ffd\u507f\u8bc9\u8bbc\u3002<\/p>\n

\u76f8\u8f83\u82f1\u56fd\u548c\u7f8e\u56fd\u5bf9\u7533\u8bf7\u503a\u52a1\u91cd\u7ec4\u7a0b\u5e8f\u516c\u53f8\u7684\u507f\u8fd8\u8d44\u8d28\u7684\u4e25\u683c\u8981\u6c42\uff0c\u97e9\u56fd\u6cd5\u9662\u4f1a\u76f8\u5bf9\u5bbd\u677e\u4e00\u4e9b\u3002\u76ee\u524d\uff0c\u4e00\u4e9b\u5728\u97e9\u56fd\u7533\u8bf7\u503a\u52a1\u91cd\u7ec4\u7684\u822a\u8fd0\u516c\u53f8\uff0c\u4ed6\u4eec\u7684\u7533\u8bf7\u90fd\u88ab\u63a5\u7eb3\u3002\u4f46\u662f\uff0c\u8fd9\u5e76\u4e0d\u610f\u5473\u7740\u6240\u6709\u7684\u503a\u52a1\u4eba\u90fd\u6709\u80fd\u529b\u900f\u8fc7\u503a\u52a1\u91cd\u7ec4\u6267\u884c\u8fd8\u6b3e\u3002\u6240\u4ee5\uff0c\u503a\u6743\u4eba\u53ef\u80fd\u8499\u53d7\u4e0d\u5c0f\u7684\u727a\u7272\u548c\u635f\u5931\u3002\u6240\u4ee5\u6709\u56e2\u4f53\u5efa\u8bae\u6cd5\u9662\u5bf9\u516c\u53f8\u7684\u7834\u4ea7\u507f\u8fd8\u80fd\u529b\u8fdb\u884c\u4e25\u683c\u7684\u5ba1\u67e5\u4ece\u800c\u9632\u6b62\u6062\u590d\u7a0b\u5e8f\u7684\u6ee5\u7528\u3002<\/p>\n

\u5728\u6062\u590d\u7a0b\u5e8f\u4e2d\u5e94\u6ce8\u610f\u4e00\u4e9b\u7279\u70b9\uff1a\u9996\u5148\uff0c\u82e5\u503a\u6743\u4eba\u5c31\u5bf9\u503a\u52a1\u4eba\u7684\u503a\u52a1\u8fdb\u884c “\u5bf9\u51b2” \u65f6\uff0c\u9996\u8981\u6761\u4ef6\u662f\u76f8\u5173\u7684\u503a\u6743\u503a\u52a1\u8bf7\u6c42\u5fc5\u987b\u5728\u91cd\u7ec4\u7a0b\u5e8f\u5f00\u59cb\u65f6\u5df2\u5230\u671f\u7684\u60c5\u51b5\u4e0b\u624d\u53ef\u6267\u884c\uff1b\u7136\u800c\uff0c\u8003\u8651\u5230\u5bf9\u6240\u6709\u503a\u6743\u4eba\u7684\u516c\u5e73\u6027\u548c\u5e73\u7b49\u6027\uff0c\u8fd9\u6837\u7684 “\u5bf9\u51b2” \u53ef\u80fd\u4f1a\u88ab\u7981\u6b62\uff1b\u5176\u6b21\uff0c\u9274\u4e8e\u503a\u6743\u4eba\u548c\u503a\u52a1\u4eba\u4e4b\u95f4\u7684\u5408\u540c\u5173\u7cfb\uff0c\u91cd\u7ec4\u7a0b\u5e8f\u7684\u53d7\u6258\u4eba\u4f1a\u8bf7\u6c42\u6cd5\u9662\u6765\u8ba4\u5b9a\u7ec8\u6b62\u67d0\u4e00\u5408\u540c\u7684\u6267\u884c\u3002\u5982\u679c\u5408\u540c\u88ab\u8ba4\u4e3a\u5df2\u7ec8\u6b62\uff0c\u5408\u540c\u53e6\u4e00\u65b9\u63d0\u51fa\u7684\u7d22\u8d54\u8bf7\u6c42\u4f1a\u6210\u4e3a\u4e00\u4e2a\u5728\u503a\u52a1\u91cd\u7ec4\u4e0b\u7684\u503a\u6743\uff1b\u5982\u679c\u53d7\u6258\u4eba\u8ba4\u4e3a\u8be5\u5408\u540c\u662f\u4ecd\u53ef\u6267\u884c\u5408\u540c\uff0c\u4f46\u5374\u5728\u7a0d\u540e\u7684\u65f6\u95f4\u4e88\u4ee5\u7ec8\u6b62\uff0c\u5408\u540c\u53e6\u4e00\u65b9\u7684\u7ee7\u7eed\u5c65\u884c\u5408\u540c\u7684\u8bf7\u6c42\u4f1a\u88ab\u8ba4\u4e3a\u662f\u4e0e\u503a\u52a1\u91cd\u7ec4\u4e0b\u76f8\u5bf9\u7684 “\u4e00\u822c\u5229\u76ca\u8bf7\u6c42” \uff0c\u8be5\u8bf7\u6c42\u4e0d\u53d7\u503a\u52a1\u4eba\u548c “\u503a\u52a1\u91cd\u7ec4” \u7684\u4efb\u4f55\u9650\u5236\uff1b\u518d\u6b21\uff0c\u5728\u5f00\u59cb\u503a\u52a1\u91cd\u7ec4\u7a0b\u5e8f\u540e\uff0c\u4efb\u4f55\u4f1a\u4f24\u5bb3\u5230\u5176\u4ed6\u503a\u6743\u4eba\u5229\u76ca\u7684 “\u6709\u5931\u516c\u5e73\u884c\u4e3a” \u90fd\u4f1a\u88ab\u9a73\u56de\u6216\u64a4\u9500\u3002\u82e5\u4e00\u65e6\u6709\u8fd9\u6837\u7684\u884c\u4e3a\u53d1\u751f\uff0c\u90fd\u987b\u4e88\u4ee5\u6062\u590d\u5e76\u9000\u8fd8\u5df2\u4ea4\u4ed8\u7684\u8d22\u4ea7\u3002\u9664\u6b64\u4e4b\u5916\uff0c\u5728\u6062\u590d\u7a0b\u5e8f\u5f00\u59cb\u540e\u6240\u8fdb\u884c\u7684\u4ea4\u6613\u800c\u63d0\u51fa\u7684\u7d22\u8d54\u8bf7\u6c42\u90fd\u5e94\u88ab\u8ba4\u4f5c\u4e3a “\u5171\u540c\u5229\u76ca\u8bf7\u6c42” \uff0c\u4e14\u5176\u6267\u884c\u65e0\u987b\u53d7\u5230\u503a\u52a1\u4eba\u7684\u4efb\u4f55\u9650\u5236\u548c\u963b\u788d\u3002<\/p>\n

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<\/strong><\/span><\/p>","protected":false},"excerpt":{"rendered":"

  ENG    CHN In recent years, there are a growing number of insolvency cases involved in the Korean legislation and jurisdiction. The insolvency laws have attracted various sectors of community. While our concern is in the shipping industry, we are glad to provide a general introduction of the insolvency laws of Korea. Korean insolvency laws are […]<\/p>","protected":false},"author":3,"featured_media":9071,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[34],"tags":[125],"class_list":["post-10484","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-circulars","tag-english"],"_links":{"self":[{"href":"https:\/\/andrewliu.com.hk\/zh\/wp-json\/wp\/v2\/posts\/10484","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/andrewliu.com.hk\/zh\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/andrewliu.com.hk\/zh\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/andrewliu.com.hk\/zh\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/andrewliu.com.hk\/zh\/wp-json\/wp\/v2\/comments?post=10484"}],"version-history":[{"count":1,"href":"https:\/\/andrewliu.com.hk\/zh\/wp-json\/wp\/v2\/posts\/10484\/revisions"}],"predecessor-version":[{"id":20358,"href":"https:\/\/andrewliu.com.hk\/zh\/wp-json\/wp\/v2\/posts\/10484\/revisions\/20358"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/andrewliu.com.hk\/zh\/wp-json\/wp\/v2\/media\/9071"}],"wp:attachment":[{"href":"https:\/\/andrewliu.com.hk\/zh\/wp-json\/wp\/v2\/media?parent=10484"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/andrewliu.com.hk\/zh\/wp-json\/wp\/v2\/categories?post=10484"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/andrewliu.com.hk\/zh\/wp-json\/wp\/v2\/tags?post=10484"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}