6. DEBTOR’s INSOLVENCY (BANKRUPTCY / REHABILITATION)

When creditor finds DEBTOR’s INSOLVENCY (Bankruptcy or Rehabilitation), it should report the court as a creditor and submit evidence for credit.

In BANKRUPTCY or REHABILITATION procedures, creditor shall attend the meeting of creditors / assembly of related persons several times.

After BANKRUPTCY / REHABILITATION procedures, debtor shall pay according to its repayment plan and creditor can recover certain part of its credit by partial payment for several years.

Howon Lee (이호원 변호사)

Written by

Attorney at Law, Korea | Provides International Debt Collection Services in South Korea | www.dcklegal.com | howon.lee@dcklegal.com

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