Supreme Court Rehabilitation and Bankruptcy Committee: "Additional Rehabilitation Courts Needed... Urgent Expansion of Infrastructure Required"

[Asia Economy Reporter Kim Hyung-min] The Supreme Court's Rehabilitation and Bankruptcy Committee has suggested the establishment of additional rehabilitation courts.

At the 15th regular meeting held via video conference on the 22nd, the Rehabilitation and Bankruptcy Committee recommended this, stating, "It is urgent to build additional infrastructure capable of prompt and specialized responses to the excessive debts of corporations and individuals."

Currently, the only rehabilitation court in South Korea is the Seoul Rehabilitation Court, which has jurisdiction over Seoul. Although there is special jurisdiction for cases with a large number of creditors or large amounts at the Seoul Rehabilitation Court, bankruptcy cases in other regions are generally handled by the bankruptcy divisions of district courts.

The Rehabilitation and Bankruptcy Committee also proposed that "to ensure housing stability for debtors who have applied for personal rehabilitation and economic recovery through stable repayment, collaboration with the Credit Recovery Committee should be activated, including expanding the support targets of the mortgage loan debt restructuring program."

Furthermore, emphasizing the importance of the prompt handling of creditor investigation confirmation trials, the committee recommended that the Supreme Court review necessary measures.

Meanwhile, the 5th Rehabilitation and Bankruptcy Committee, officially launched on this day, will operate until November 2023. Kim Sang-hwan, Director of the Court Administration Office, newly appointed Chairman Oh Soo-geun and members Lee Eun-jae, Hong Sung-jun, Park Jae-wan, Jung Yong-seok, Kim Yeon-mi, and Kim Hee-chun.

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