DR & AJU Successfully Hosts the Construction and Bankruptcy Seminar
On February 28th, DR & AJU held a seminar on “Key Issues in Workouts and Rehabilitation Procedures for Construction Companies” at the conference room. The seminar was attended by domestic construction companies and compliance officers preparing for restructuring, given the escalating crisis in real estate project financing (PF) in the construction industry.
Partner Young Ku LEE, an expert in bankruptcy law, delivered the presentation, which was divided into two sessions.
In the first session, Mr. LEE discussed the topic of “Understanding and Issues of Construction Companies and Workouts,” focusing on the significance of workout procedures. He compared workout procedures with rehabilitation procedures, highlighting their differences, and provided a step-by-step explanation of the progress from applying for workout procedures to their completion. During the second session, the focus shifted to “Understanding and Issues in Rehabilitation Procedures for Construction Companies.” This session covered various topics, including the management of construction suspension and contract termination, the effect of bankruptcy termination clauses, subcontractors' rights to claim compensation for defects and damages, bankruptcy of members of joint ventures, trust of land and others, direct payment of subcontracting fees, rights to request additional funding, and issues concerning land acquisition rights.
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