The court recently issued a comprehensive injunction against HN Inc, an IT and construction service company that has filed for corporate rehabilitation.
The Seoul Bankruptcy Court, Rehabilitation Division 3 (Presiding Judge An Byung-wook, Chief Judges Oh Byung-hee and Lee Yeo-jin) announced on the 27th, "Until a decision is made on the commencement of rehabilitation proceedings for HN Inc, all rehabilitation creditors and rehabilitation secured creditors are prohibited from enforcing claims, provisional seizures, provisional dispositions, or auctions to execute security rights based on rehabilitation claims or rehabilitation secured claims."
A comprehensive injunction is a measure by which the court freezes all claims against the company until it decides whether to commence rehabilitation proceedings, preventing some creditors from recovering debts ahead of the rehabilitation process and shifting the burden onto other creditors.
HN Inc is a mid-sized construction company with brands such as Sun & Ville and Heriot, and its largest shareholder is Jeong Dae-seon, the husband of former announcer Noh Hyun-jung and a member of the extended Hyundai family.
The company’s former name was Hyundai BS&C, but after losing a lawsuit filed by Hyundai Motor Group demanding that it stop using the Hyundai brand, it changed its name to the current one in 2021.
© The Asia Business Daily(www.asiae.co.kr). All rights reserved.
