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Practice Area|Corporate

Insolvency & Restructuring

Jipyong's Insolvency & Restructuring Team is comprised of expert attorneys who have not only in-depth knowledge in bankruptcy procedures and workout supported by years of relevant practical experience but also extensive knowledge of advanced bankruptcy systems and procedures in key territories like the U.S., U.K., Japan and EU. With the combination of comprehensive knowledge and many years of practical experience, we provide active legal services in workouts and guide clients from early on in the bankruptcy proceedings to its implementation, and review on legal issues under the Bankruptcy Law. We also provide comprehensive legal advisory services, including preparation and application of bankruptcy proceeding, provision of advice on the operation of the company and M&A during the bankruptcy proceedings, preparation of legal documents and review on laws regarding necessary government permits and approval, and the establishment and implementation of measures to resolve them.

We also streamline main issues for our clients so as to most efficiently and effectively aid them with negotiating workouts, filing for rehabilitation and bankruptcy proceedings, operating business during the proceedings, and establishing and implementing M&A strategies relating to the proceedings. We render comprehensive advice to the creditors concerning bankruptcy proceedings such as filing for bankruptcy proceeding, securing of guarantee during the proceeding. As such, throughout the proceedings, our attorneys endeavor to work within the prescribed legal procedures to find the best solutions for clients, always taking into consideration the positions of debtors, creditors, asset purchasers, and other interested parties.

Key Practice Areas Close

    • Pre-emptive advice on and execution of a reorganization plan
    • Filing for and handling of bankruptcy and rehabilitation proceedings, and handling workout
    • Continuing operation of business during bankruptcy and rehabilitation proceedings
    • Lawsuits to a company subject to rehabilitation under rehabilitation proceedings on behalf of receiver
    • Development of a plan for creditors, shareholders, and interested third parties to secure payments of debt and contractual rights during bankruptcy proceedings as well as related litigation matters
    • M&A of a company under bankruptcy proceedings
    • International bankruptcy matters

Experiences Close

    • Represented Bobath Memorial Hospital (Neulpureun Medical Foundation) in connection with a court-approved the rehabilitation and M&A, the first of its kind for a medical corporation
    • Represented the buyer in the rehabilitation and M&A of Choongang Biotech
    • Filed for the initiation of rehabilitation procedure and provided various legal services in relation with the rehabilitation on behalf of Korea Leadership Center Group
    • Advised on the sales of medical foundation under rehabilitation process
    • Filed for bankruptcy of Haeundae El City PFV on behalf of Military Mutual Aid Association
    • Advised a domestic telecom company on the liquidation of a Russian SPC
    • Represented creditor financial institutions (seller), including Woori Bank, in the sale of Saehan Matec
    • Filed corporate rehabilitation applications for Elcanto, Konics, Motojoy, Shinil Precision Industry, Cosmolink, Cho Seon Pharmaceutical & Trading, Hansung Air (presently t’way Air Inc.), Bongshin, HST, Sungjee Construction, Advanced Technologies, Sangwon International Trading, KMS, Rexnique Technology, etc.
    • Advised large bankrupt mutual savings and finance companies, savings banks, credit unions, etc., including Hanyang, Hangil Finance and Korea Industrial Securities on the bankruptcy proceedings
    • Represented Hanyang in applying for revocation of consented dissolution which is first case in Korea
    • Represented Seoul Invest Consortium in preliminary due diligence work for acquisition of Ssangyong Motor Company, and advised on acquisition proceedings during rehabilitation proceedings
    • Advised on rehabilitation proceedings, business transfer, sale of YS Heavy Industries
    • Represented a creditor in handling immediate appeal of the approved rehabilitation plans and investigation confirmation hearing and other related matters
    • Performed in large-scale cases related to key issues of Bankruptcy Act, including right of denial, right of setoff, and claim for public interest
    • Advised (former) SK Global on restructuring
    • Advised Korea Asset Management Corporation on acquisition of receivables from troubled savings banks and securitization
    • Advised KDB Capital Corp. on workout proceedings of Shindongah E&C