Court Decides to Commence Rehabilitation Proceedings for Myeongji Hakwon
Myongji Academy Reapplies for Rehabilitation Procedure Last Month
[Asia Economy Reporter Han Jinju] Myongji Academy, a school corporation that was on the brink of bankruptcy, will undergo rehabilitation proceedings.
According to Myongji University on the 28th, the Seoul Rehabilitation Court has decided to commence rehabilitation proceedings for Myongji Academy. Myongji Academy operates Myongji University, Myongji College, and Myongji Elementary, Middle, and High Schools.
Previously, during the rehabilitation proceedings requested by creditors, a decision to abolish was made, but Myongji Academy reapplied for rehabilitation proceedings as a debtor in March.
A representative of Myongji Academy said, "Since the Ministry of Education also actively agrees with the rehabilitation of the academy, we will carefully establish a self-rescue plan, prepare the best rehabilitation plan, and devote all our efforts."
Myongji Academy is considering repaying its debts through the sale of the Myongji College site and income-generating properties.
In 2004, Myongji Academy sold units of the senior citizen town ‘Myongji Elfenheim’ on the Myongji University campus site in Yongin but failed to fulfill the initially promised golf course construction. At that time, a court ruled that they must compensate 33 buyers with 19.2 billion KRW, but since the compensation was not made, creditors filed for bankruptcy.
Entangled in legal disputes, Myongji Academy was ordered by the court in 2013 to compensate the 33 Myongji Elfenheim buyers a total of 19.2 billion KRW. However, since compensation was still not made afterward, creditors filed for bankruptcy against Myongji Academy.
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In March, the Seoul Rehabilitation Court decided to suspend the rehabilitation proceedings for Myongji Academy. Myongji Academy’s debt amounts to approximately 235.8 billion KRW, of which over 100 billion KRW is tax claims.
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