In this morning’s session Hot topics and
recent trends in corporate restructuring in Asia at the
International Bar Association’s annual conference
in Seoul, panellists from Korea, Japan and Singapore discussed
the latest changes and innovations in their jurisdictions to
make it easier for struggling businesses to restructure.
According to Hon. June Young Chung from the Seoul High
Court, Korea has seen an increase in corporate restructuring
since the Bankruptcy Act came into effect in 2006. Cases
skyrocketed from 76 in 2006 to 980 in 2017. "The rise in the
number of cases is due to an increase in market confidence in
judicial proceedings, better insolvency legislation, and
innovative approaches by the courts," said Chung.
Many businesses went bankrupt when Korea suffered the
financial crisis in 1997, but most opted...