Typical Procedure of Corporate Bankruptcy

▶ The debtor corporation submits a bankruptcy petition and its accompanying documents to the competent rehabilitation court (including the bankruptcy division).

▶ The court will issue several correction orders, and the debtor must diligently comply with them. After the hearing, additional correction orders may be issued. In practice, the Seoul Rehabilitation Court and the Suwon Rehabilitation Court may require the debtor to prepare a list of assets and liabilities, along with supporting documentation, as part of the correction process.

▶ The court will designate a hearing date for the debtor corporation's representative and deliver the questions in the form of an inquiry. Only if the answers are meticulously and thoroughly prepared will the hearing conclude quickly. Generally, considering the time required for serving the debtor, the hearing date is set about 4 to 6 weeks after the bankruptcy petition. The creditor is also notified of the hearing date so that they can attend the hearing of the debtor’s representative. The focus of the hearing will be on the recent balance sheet items, assets, and liabilities, as well as any urgent matters, whether business will continue, and whether there are any grounds for challenging claims.

▶ After the hearing, the court will issue a prepayment order. The prepayment is mainly used for the costs of the bankruptcy process, such as publication and service costs after the bankruptcy declaration, bankruptcy trustee fees, and the costs related to the management and liquidation of the bankruptcy estate.

▶ Notably, the Seoul Rehabilitation Court and the Suwon Rehabilitation Court do not issue provisional measures before the bankruptcy declaration. Instead, they operate with an early bankruptcy declaration. After the hearing of the debtor's representative, the correction orders are fulfilled, and the prepayment is paid, the court will assess whether the bankruptcy conditions are met. If so, the court will notify the debtor’s representative and their legal representative of the date of the bankruptcy declaration and request their attendance, after which the bankruptcy declaration will take place.

▶ At the time of the bankruptcy declaration, the court will appoint a bankruptcy trustee, set the period for the filing of claims, decide the date for the first creditors' meeting, and set the date for the claims investigation. If the assets in the bankruptcy estate are deemed to be less than 500 million KRW, the court will declare a simplified bankruptcy at the same time as the bankruptcy declaration.

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