Republic of Korea: Financial Sector Assessment Program-Technical Note-Insolvency and Creditor Rights
September 18, 2020
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The Korean insolvency and creditor rights framework is complex and has undergone several reforms in recent years. Consistent efforts to enhance the efficiency and effectiveness of the insolvency system have been made since the Asian crisis by the multiple government agencies that oversee the functioning of the insolvency framework in Korea. This note summarizes the key findings of the analysis of select aspects of the Korean insolvency and creditor rights system against the international standard.2 While the framework for personal insolvency is also discussed (See Annex), its analysis is not prescriptive, as there are no international best practices in this area.
Subject: Asset and liability management, Banking, Corporate insolvency, Debt restructuring, Economic sectors, Financial crises, Financial sector policy and analysis, Small and medium enterprises, Solvency
Keywords: Corporate insolvency, CR, creditor coordination, Debt restructuring, debtor corporation, enterprise Group insolvency, financing agreement, insolvency administrator, insolvency court, insolvency framework, insolvency judge, insolvency petition, ISCR, reorganization procedure, Small and medium enterprises, Solvency
Pages:
22
Volume:
2020
DOI:
Issue:
276
Series:
Country Report No. 2020/276
Stock No:
1KOREA2020003
ISBN:
9781513556987
ISSN:
1934-7685
