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Cross-Border Insolvency Law in Korea
- Part Name
- Articles
- Title
- Cross-Border Insolvency Law in Korea
- Author(s)
- Chi-Yong Rim
- Publication Year
- 30-Nov-2019
- Citation
- Vol. 9 Issue. 2 Page. 1-31, 2019
- Publisher
- 한국법제연구원
- Keyword
- Cross-border insolvency; International insolvency trustee; Hotchpot rule Universality; International arbitration
- Type
- Articles
- Abstract
- Korea’s cross-border insolvency regime is founded on Chapter 5 of the DRBA,
which adopted the UNCITRAL Model Law on Cross-Border Insolvency with
few disparities. Chapter 5 shifted Korea’s cross-border regime from strict
territorialism to moderate universalism by abolishing the territoriality rules
under the former Bankruptcy Act and Corporate Reorganization Act and
establishing new rules based on the principle of universality. Certain provisions
of the Model Law have not been adopted for practical reasons unique in Korea.
For instance, although not expressly adopted, Articles 3, 7, and 8 are generally
by Korean court rulings, local statutes and public international law theories.
Article 14 has not been implemented because there are some differences
between the civil law system on which Korean law and the DRBA are grounded
and the common law system regarding the service of documents. Article 23 of
the Model Law has not been adopted because the law on transaction avoidance
is complicated and remains unsettled in Korea.
- Table Of Contents
- I. Overview of Korean Insolvency System
II. Summary of Chapter 5 of the DRBA
III. Recognition of Foreign Insolvency Proceedings under Chapter 5
of the DRBA
IV. Concurrent Insolvency Proceedings and the Hotchpot Rule
V. Outbound Effect of Korean Insolvency Proceedings
VI. Choice of Law Issues under Chapter 5 of the DRBA
VII. Judicial Cooperation under Chapter 5 of the DRBA
VIII. Conclusion
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