Financial Services Commission Chairman Kim Joo-hyun speaks during an audit session at the National Assembly in Seoul, Oct. 11. Yonhap
Voluntary agreement between creditors and corporations to take effect within this month
By Anna J. Park
As the country’s five-year-limited law on corporate debt restructuring or workout expired on Monday, the Financial Services Commission (FSC), the top financial regulator, has vowed to respond to the legislative vacuum with voluntary agreements between debt-lending financial institutions and money-borrowing corporations to minimize potential confusion in the market. The financial authority has also vowed to closely cooperate with the Assembly for the re-legislation of the law as soon as possible.
“W…
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