Republic of Korea: Financial Sector Assessment Program-Technical Note-Insolvency and Creditor Rights

International Monetary Fund

No 2020/276, IMF Staff Country Reports from International Monetary Fund

Abstract: The Korean insolvency and creditor rights framework is complex and has undergone several reforms in recent years. Consistent efforts to enhance the efficiency and effectiveness of the insolvency system have been made since the Asian crisis by the multiple government agencies that oversee the functioning of the insolvency framework in Korea. This note summarizes the key findings of the analysis of select aspects of the Korean insolvency and creditor rights system against the international standard.2 While the framework for personal insolvency is also discussed (See Annex), its analysis is not prescriptive, as there are no international best practices in this area.

Keywords: ISCR; CR; insolvency court; creditor coordination; insolvency administrator; insolvency petition; reorganization procedure; enterprise Group insolvency; debtor corporation; insolvency framework; financing agreement; insolvency judge; Solvency; Debt restructuring; Corporate insolvency; Small and medium enterprises (search for similar items in EconPapers)
Pages: 22
Date: 2020-09-18
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.imf.org/external/pubs/cat/longres.aspx?sk=49748 (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:imf:imfscr:2020/276

Ordering information: This working paper can be ordered from
http://www.imf.org/external/pubs/pubs/ord_info.htm

Access Statistics for this paper

More papers in IMF Staff Country Reports from International Monetary Fund International Monetary Fund, Washington, DC USA. Contact information at EDIRC.
Bibliographic data for series maintained by Akshay Modi ().