Korea Technology Finance Corporation Partners with Busan Bankruptcy Court to Promote Technology Transactions for Bankrupt Companies

Preventing the Waste of Valuable Technologies
through "Smart Tech Bridge"

Promoting Open Innovation among Small Enterprises

Korea Technology Finance Corporation announced on May 11 that it had signed a business agreement with the Busan Bankruptcy Court to support the utilization of intellectual property (IP) held by bankrupt companies and to promote technology transactions among small and medium-sized enterprises.

This agreement was established in response to the increasing number of corporate bankruptcies due to prolonged high interest rates and inflation. Its purpose is to prevent valuable technologies owned by bankrupt companies from being wasted and to promote technology transactions, thereby strengthening the technological competitiveness and innovation-driven growth of small and venture businesses.

Director Kim Joungho of KIBO (right) and Sung Ikkyung, Chief Judge of Busan Rehabilitation Court, are posing for a commemorative photo after signing a business agreement. Photo by KIBO

Under the agreement, Korea Technology Finance Corporation will be responsible for the overall planning and operation of support programs for technology transactions involving intellectual property held by bankrupt companies. The corporation will also use the technology transaction platform "Smart Tech Bridge" to identify potential buyers and facilitate technology transfer brokerage. The Busan Bankruptcy Court will cooperate by sharing information on bankrupt companies' intellectual property, improving sales procedures, and supporting speedy transactions to ensure smooth technology transfers.

Last year, in cooperation with the Seoul Bankruptcy Court, Korea Technology Finance Corporation succeeded in transferring the rights to 64 patents out of a total of 123 patents at risk of expiration through its "Sale of Patents Owned by Bankrupt Companies" program. Building on this new agreement, the corporation plans to expand the program from the Seoul metropolitan area to the Busan-Ulsan-Gyeongnam region in order to further increase the utilization of valuable technologies and to support open innovation among small and venture businesses.

Kim Joungho, Chairman of Korea Technology Finance Corporation, stated, "This agreement is meaningful in that it establishes a virtuous cycle by ensuring that the superior technologies of bankrupt companies in the region are not wasted but instead become new growth engines for small businesses. Korea Technology Finance Corporation will continue to actively promote the trading of intellectual property held by bankrupt companies by expanding cooperation with bankruptcy courts centered around Smart Tech Bridge."

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