Supreme Court Rehabilitation and Bankruptcy Committee: "Urgent Need to Add Rehabilitation Courts and Expand Specialized Insolvency Judges"

[Asia Economy Reporter Kim Hyung-min] The Supreme Court’s Rehabilitation and Bankruptcy Committee (Chairman Oh Soo-geun, Professor at Ewha Womans University) has recommended the urgent establishment of additional rehabilitation courts and the expansion of specialized judges for insolvency cases.

On the 28th, the Rehabilitation and Bankruptcy Committee held its 16th regular meeting at the Supreme Court in Seocho-gu, Seoul, stating, "There is a great need to promote the establishment of human and physical infrastructure nationwide to ensure swift and specialized handling of insolvency procedures for companies and individuals facing economic crises."

Currently, South Korea has only one rehabilitation court, the Seoul Rehabilitation Court, which has jurisdiction over Seoul. While cases involving a large number of creditors or significant amounts fall under the special jurisdiction of the Seoul Rehabilitation Court, insolvency cases in other regions are generally handled by the bankruptcy divisions of district courts.

The Rehabilitation and Bankruptcy Committee emphasized the need to establish additional rehabilitation courts outside the metropolitan area and to increase the scale of human resources such as judges specializing in insolvency cases, standing trustees, and rehabilitation commissioners.

Furthermore, to protect individual debtors facing economic crises and to establish a sound legal market order, the committee added that procedural regulations should be established regarding the review of involvement by personal rehabilitation brokers, as well as disciplinary actions and requests for investigations.

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