Proposed Bill: Partial Amendment to the Corporate Restructuring Promotion Act
Proposed by Rep. Kim Jong-min (Democratic Party of Korea)
The Corporate Restructuring Promotion Act was initially enacted in 2001 to enable autonomous restructuring between financial creditors and companies. Due to its effectiveness in normalizing the operations of financially troubled companies and reducing damage to vulnerable groups such as subcontractors and general commercial investors, this act was extended five times and is set to expire in October 2023.
However, this act is as relevant as ever with demands for corporate restructuring anticipated to rise due to the withdrawal of monetary support measures for COVID-19. Moreover, an increasing number of c…
Read the full article at: https://www.koreaherald.com/view.php?ud=20230522000733