Insolvency & Restructuring
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.
-
-
- Represented for application for commencement of rehabilitation and bankruptcy proceedings
- Advised on bankruptcy procedures, such as debt investigations, and establishment of rehabilitation and change plans
- Undertook all related litigation such as investigation confirmation trial, objection litigation, and denial litigation
- Undertook implementation of overseas bankruptcy procedures such as liquidation of overseas branches of domestic corporations and related advice
- Advised, arbitrated, and litigated cross-border issues due to corporate bankruptcy
-
- Presided over bankruptcy proceedings and equitable payment of debts
- Represented the debtor's debt
- Represented for Creditor Financial Institutions under the Corporate Restructuring Promotion Act
- Advised on joint management procedures or private workouts
- Represented application for commencement of rehabilitation and bankruptcy proceedings
- Advised creditors on countermeasures against bankruptcy and rehabilitation of debtors
- Undertook all related litigation such as investigation confirmation trial, objection litigation, and denial litigation
- Undertook sales and purchase advice
- Undertook analysis of legal and financial risks unique to insolvent companies
-
-
- Undertook appointment of bankruptcy trustee and international bankruptcy manager of Hanjin Shipping
- Represented for Resom Resort revitalization and M&A
- Represented M&A before approval of Gwangneung Forest CC
- Represented Royal Foret CC M&A
- Represented debtors in rehabilitation and bankruptcy
-
- Advised on bankruptcy M&A and general restructuring
- Advised, arbitrated, litigated, etc. as an international bankruptcy manager of Hanjin Shipping, and responded to overseas P company’s response to a domestic rehabilitation company
- Advised on dissolution and liquidation of ISC Mexico, and liquidation of EBE, Malaysian subsidiary of Korea Midland Power
-
-
Dong Hwan NAM
Operations Managing Partner
-
-
Dae Hui KIM
Managing Partner
-
Chul Hyung KIM
Senior Advisor
Dong Hwan NAM
Operations Managing Partner
Young Ku LEE
Managing Partner
Kyeong Won CHOI
Legal Counsel
-
-
-