Legislation for Efficient Support of Dissolved School Corporation Cheongsan Passed in National Assembly

Assemblyman Yoon Young-deok Leads the Proposal of the 'Sahak Jinheung Jaedan Act' and the 'Sahip Hakgyo Act'

[Asia Economy Honam Reporting Headquarters Reporter Yoon Jamin] A related bill to efficiently support the liquidation of dissolved corporations will be prepared.

On the 25th, Representative Yoon Young-deok (The Democratic Party of Korea, Gwangju Dongnam-gap) announced that the bills he jointly proposed, the "Partial Amendment to the Korea Private School Promotion Foundation Act" and the "Partial Amendment to the Private School Act," have passed the National Assembly, anticipating an increase in dissolved school corporations due to the decline in school-age population.

The bill includes provisions to clearly establish the legal basis for separately designating a fund to support the liquidation of dissolved school corporations so that school corporations can be smoothly liquidated.

The amendment separates the Private School Promotion Fund into the "Private School Support Account" and the "Liquidation Support Account," allowing the remaining assets that previously reverted to the national treasury upon dissolution of a school corporation under the Private School Act to be allocated to the Liquidation Support Account of the Private School Promotion Fund and used as resources for liquidation support loans.

Although the Korea Private School Promotion Foundation Act was amended last year to allow loans from the Private School Promotion Fund for necessary liquidation funds, the lack of explicit regulations regarding specific resources caused difficulties in securing the budget, which this amendment resolves.

Representative Yoon said, "Since 2000, among nine university school corporations that have closed, only one has completed liquidation," and added, "With the passage of this amendment, if the liquidation process proceeds quickly, it is expected to protect the members of closed schools who are suffering from unpaid wages and other difficulties."

With the passage of the amendment, it will be possible to carry out liquidation loan fund projects to pay unpaid wages to faculty and staff, cover litigation and appraisal costs related to liquidation, and upon completion of the liquidation process, recover loan funds through proceeds from the sale of assets.

This content was produced with the assistance of AI translation services.