Insolvency & Restructuring

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DR & AJU has the best bankruptcy/insolvency team in Korea. Since the dawn of bankruptcy proceedings in Korea, we served as the bankruptcy trustee in various bankruptcy cases which became major social issues, including Service Bank Co., Ltd., Good Morning City Co., Ltd., Korea Real Estate Trust, Woosung E&C, Tiger Pools International, Hyunjin Everville, etc. We have also recently handled multiple rehabilitation cases stemming from insolvent construction companies thereby being a beacon in the relevant legal sector. In particular, in 2017 Mr. Jin Han Kim was appointed as the bankruptcy trustee for Hanjin Shipping, the 7th largest shipping company in the world at that time. Due to the size of the company there were various complex issues involved in the bankruptcy proceedings of Hanjin; however, with the knowledge and expertise of our bankruptcy team, DR&AJU successfully performed its services as the bankruptcy trustee for Hanjin’s bankruptcy proceedings such as disposal of assets and dispute resolutions, and fairly distributed Hanjin’s assets to numerous creditors which the claim amount totaled more than KRW 4.3 trillion while defending against frivolous claims and successfully claiming Hanjin’s claims at the same time.
A corporate rehabilitation/bankruptcy procedure is the standard procedure to re-stabilize a company in peril. The bankruptcy trustee has to consider various different interests simultaneously including interests of employees, tax office, other creditors and so forth. Such diverse interests from different sectors inevitably force the bankruptcy trustee to be concerned with public interests as well; therefore, the trustee must have a strong sense of public duty in addition to the required legal knowledge. Furthermore, simply having the required legal knowledge is not enough for a successful performance of the associated tasks. The person must have a comprehensive understanding of the system of the company and different aspects of the business. Based on its professional knowledge and experience DR&AJU serves clients throughout the full restructuring process, including planning for corporate restructuring, filing various applications, reorganization process such as disposal of assets, business transfer, division of business, etc., and all other aspects of insolvency. Furthermore, DR&AJU is the only law firm in Korea that has three attorneys approved as court-appointed trustees for corporate restructuring by the Seoul District Court. We advise both creditors and corporations undergoing restructuring and liquidation under the Korean Corporate Restructuring Promotion Act on a regular basis.

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