Republic of Korea:Financial Sector Assessment Program-Technical Note-Insolvency and Creditor Rights

Financial Sector Assessment Program-Technical Note-Insolvency and Creditor Rights

Volume/Issue: Volume 2020 Issue 276

Publication date: September 2020

ISBN: 9781513556987

$18.00

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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Banks and Banking , Finance , ISCR , CR , insolvency court , creditor coordination , insolvency administrator , insolvency petition , reorganization procedure , enterprise Group insolvency , debtor corporation , insolvency framework , financing agreement , insolvency judge , Solvency , Debt restructuring , Corporate insolvency , Small and medium enterprises

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Summary

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.