Corporate Bankruptcy: A System that Provides an Opportunity for Recovery

Corporate bankruptcy is a system that prevents further damage to creditors by liquidating the assets of a corporation that is beyond recovery, ensuring that all creditors are paid equally. It also provides the corporation’s representatives with an opportunity to start anew. It can be applied when the corporation is deemed insolvent or in a state of excessive debt.

The advantages of corporate bankruptcy from the perspective of the corporation and its representatives include: △ Significant reduction of secondary tax liabilities, △ Avoidance of criminal responsibility for violations of labor laws or check fraud laws, △ Decreased legal risks related to the disposal of personal assets and debt repayment, △ Resolution of corporate debt through the liquidation process, △ Representatives, directors, or major shareholders who have provided personal guarantees for the company’s debts can apply for individual rehabilitation or bankruptcy and discharge of debts as part of the corporate bankruptcy process.

Additionally, after a corporate bankruptcy declaration, stakeholders benefit from advantages such as the reduction of value-added tax and corporate tax on uncollectible receivables due to the bankruptcy of the business partner company. Workers with unpaid wages can also claim compensation from the Labor Welfare Corporation for unpaid wages and severance pay.

When a company faces difficulties, many small and medium-sized business owners simply file for closure, but this can lead to civil and criminal legal issues and is an irreversible mistake that blocks the representative’s opportunity for recovery. The closure of a business registration does not erase the corporate entity, so the corporation continues to exist legally, and the legal responsibilities of the corporation and its representatives remain, which could involve both civil and criminal legal problems. Therefore, the corporation must go through dissolution and liquidation.

However, if a corporation has unpayable debts, dissolution and liquidation are not possible, so it is essential to apply for corporate bankruptcy. In other words, only through the corporate bankruptcy procedure in court can a corporation eliminate its debts in a state of excessive debt.

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