The Seoul Bankruptcy Court announced on the 28th that it has resumed the operation of the Insolvency Procedure Advisory Committee, which had been suspended due to the COVID-19 pandemic in 2020, and appointed 11 new members.
The Insolvency Procedure Advisory Committee is an advisory body related to insolvency, first established by the Seoul Bankruptcy Court in 2018 among domestic bankruptcy courts. It serves as a platform where government officials, financial institutions, judges, lawyers, and insolvency experts gather to freely discuss court operations and legal amendments to break down negative perceptions of rehabilitation procedures and increase the utilization rate of personal and corporate rehabilitation systems.
The committee's operations had been suspended due to the COVID-19 pandemic but will hold a meeting on this day along with the appointment of new members.
The newly appointed advisory members include Lee Wansik, President of the Korean Insolvency Law Association; Jung Youngjin, Vice President of the Insolvency Law Research Society; Oh Byunghee, Chief Judge of the Seoul Bankruptcy Court; Kim Bongjin, Director of the Commercial Legal Affairs Division at the Ministry of Justice; and Yoon Indae, Director of the Economic Policy Bureau at the Ministry of Strategy and Finance, among others, totaling 11 members.
A representative of the Seoul Bankruptcy Court explained, “The advisory discussions will focus on improving judicial accessibility for socially vulnerable groups and enhancing the personal insolvency system.”
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