The Supreme Court Rehabilitation and Bankruptcy Committee (Rehabilitation and Bankruptcy Committee) recommended that courts improve the physical and institutional infrastructure to handle major rehabilitation filings—so-called mega cases—more efficiently.
The Rehabilitation and Bankruptcy Committee said on the 15th that at its 23rd regular meeting it adopted a recommendation urging active consideration of measures such as issuing a comprehensive business license to continue operations in order to prevent a sharp erosion of corporate value in major rehabilitation filings with significant economic and social impact, as indicated by the number of stakeholders and the scale of asset and liability.
To enhance the efficiency, transparency and speed of rehabilitation proceedings, the Rehabilitation and Bankruptcy Committee also proposed studying ways to simplify service and notice procedures for numerous stakeholders and the procedures for filing and voting on claims. It added that there is a need to draw up directions for institutional improvements by referring to U.S. mega cases and examples from other countries.
Chun Dae-yup, head of the National Court Administration, presented appointment letters at the committee member appointment ceremony that day to Chairperson Bahk Jae-wan, who will continue in the role, and to Commissioners Kim Yeon-mi, Lee Eun-jae and Hong Sung-joon. Commissioner Cho Jae-cheol was newly appointed.