Court Declares Bankruptcy for Korea Taxi Cooperative, the Nation's First Taxi Union

Taxis waiting for passengers at the Seoul Station taxi stand. Photo by Mun Ho-nam munonam@

[Asia Economy Reporter Seongpil Cho] The Seoul Rehabilitation Court's Rehabilitation Division 15 (Chief Judge Dong-sik Lee) announced on the 3rd that it has declared bankruptcy for the Korea Taxi Cooperative, the country's first taxi cooperative.

The Korea Taxi Cooperative was established in July 2015 by taxi drivers who contributed capital. It was regarded as a successful case by introducing a full management system where income is generated instead of fixed daily fees and settled monthly. However, after the resignation of the first chairman, Gye-dong Park, conflicts arose among the members, leading to operational difficulties. It is reported that the cooperative has been under court supervision since October last year.

Creditors can file claims with the Seoul Rehabilitation Court by the 25th of next month. The creditors' meeting will be held on March 24.

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