A court specializing in bankruptcy opened Thursday, aiming to respond to the increasing number of bankruptcy and rehabilitation cases.
The Seoul Bankruptcy Court is to replace the Seoul Central District Court’s bankruptcy division, to settle all types of both personal and corporate cases regarding bankruptcy, according to officials.
Seoul Bankruptcy Court (Yonhap)
Consisting of 34 judges, the new court will henceforth deal with corporate bankruptcies and individual rehabilitation cases, both of which have been on a sharp rise here.
Among them is the case of Hanjin Shipping, the world’s seventh-largest container shipper, which was declared bankrupt last month.
The law stipulates that a company with debt of 50 billion won ($43.8 million) or more may file for bankruptcy.
The new court will also provide free consultation on individuals or companies for the legal procedure.