“The strongest response to corporate rehabilitation and bankruptcy”… Daeryun Law Firm, with a large number of practical experts

“The strongest response to corporate rehabilitation and bankruptcy”… Daeryun Law Firm, with a large number of practical experts

As the economic downturn continues for a long time, including a prolonged domestic slump and high exchange rates, the risk of bankruptcy for domestic companies has increased.

According to data from the monthly court statistics, the number of corporate bankruptcy applications reached 1,940 last year, the highest number in the past 10 years. This is a 17.08% increase compared to the previous year (2023), and has been steadily increasing since 2021.

Daeryun Law Firm announced on the 9th that it will strengthen its Rehabilitation and Bankruptcy Center in preparation for corporate financial crises resulting from increased uncertainty in the economic environment.

Daeryun Rehabilitation and Bankruptcy Center is comprised of experts with extensive experience in the legal field. Attorney Won-sang Kim, a key member of the center, is a corporate expert who has handled many famous corporate cases such as Pizza Hut Korea and DLL E&C and the rehabilitation procedures of mid-sized companies.

Attorney Jeong Il-woo, who runs the center with Attorney Kim, is a corporate bankruptcy expert who served as a bankruptcy trustee and a member of the Suwon Bankruptcy Court management committee for many years. Attorney Minsoo Kim, who belongs to the same center, is also a former bankruptcy trustee, and suggests optimal solutions through analysis appropriate to financial situations. The two lawyers have experience successfully handling everything from representing applications for initiation of corporate bankruptcy procedures, such as applications for bankruptcy and applications for rehabilitation, to obtaining approval for rehabilitation plans. In addition, he has accumulated sufficient experience in the field of corporate rehabilitation and bankruptcy, including handling claims settlement litigation that is problematic in bankruptcy proceedings.

Seongmoon Choi, an attorney at the Rehabilitation and Bankruptcy Center, also has experience as a bankruptcy trustee. He has excellent expertise in the field of bankruptcy, having successfully led over 1,000 trustee cases.

Another team member, attorney Oh Sang-wan, is a bankruptcy attorney registered with the Korean Bar Association and has handled major cases such as the rehabilitation of corporate debtors worth 1 billion won. In addition, attorney Seoyoung Kim, who provides advice to companies in management crisis and has been in charge of bankruptcy and rehabilitation procedures for companies of various sizes from small to medium-sized companies, also joined.

In addition, accountant Park Won-chan, a finance and accounting expert, also belongs to the Rehabilitation and Bankruptcy Center. Based on his experience performing numerous accounting audits at large corporations and public institutions, Accountant Park plans to actively assist in management consulting and business legal advice beyond rehabilitation and bankruptcy.

The center specifically provides △ assistance in the rehabilitation of companies in financial crisis △ presentation of rehabilitation and bankruptcy solutions appropriate for the size of each company △ corporate M&A that can enhance the company's value such as mergers and acquisitions within the rehabilitation process △ assistance in disputes arising from labor relations △ advice on resolving tax burdens △ support in various corporate registration practices △ and other personal rehabilitation and bankruptcy applications, etc. The policy is to spare no effort in providing legal support in all areas of corporate law.

In particular, in case of corporate-related cases, we strengthen expertise and provide high-quality legal services in connection with Daeryun Corporate Legal Group. The Rehabilitation and Bankruptcy Center and the Corporate Legal Group plan to continue providing customized legal support based on their respective capabilities.

Attorney Kim Won-sang said, "Due to the difficult economic situation, inquiries about rehabilitation and bankruptcy are rapidly increasing not only for individuals but also for companies," and added, "For companies experiencing financial difficulties, corporate rehabilitation is the most appropriate system that secures cash liquidity by preventing measures such as provisional seizure and seizure due to the immediate financial crisis, reduces debt by a certain amount, and enables long-term development by paying the operating profits earned through future business activities in installments over several years. Regarding this corporate rehabilitation system, “Specialized lawyers with extensive legal experience will respond directly and provide customized solutions to help companies quickly respond to financial crises,” he emphasized.

He emphasized, "Our center's greatest goal is to thoroughly analyze a company's financial structure and establish a strategy to increase the possibility of revival based on accurate financial data."
 

Reporter Park Jun-sik (parkjs@wowtv.co.kr)

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Korea Economic TV - "The strongest in corporate rehabilitation and bankruptcy response"... Daeryun Law Firm, a large number of practical experts (link)
Seoul Newspaper - Daeryun Law Firm strengthens response to corporate rehabilitation and bankruptcy... Expert ‘One Team’ Customized Solution (Shortcut)
Sejeong Ilbo - ‘Daeryun’, a law firm strong in corporate rehabilitation and bankruptcy… Strengthening the Rehabilitation and Bankruptcy Center Team due to the increase in corporate bankruptcies (Click here)