Jeong Jun-young, New Chief Judge of Rehabilitation Court: "The Court's Role Is to Give Failed Businesses a Second Chance"

Inauguration Ceremony of Chief Judge Jung on the 10th
"If society needs innovation, it must be able to support companies that have failed"
Insolvency law expert who introduced the "Fast Track Program" and implemented the "Jury Mediation" system

Jung Jun-young (20th Judicial Research and Training Institute) the newly appointed chief judge of the Seoul Rehabilitation Court stated that the role of the rehabilitation court is to give companies and debtors who have failed in their challenges a chance to try again and to support a fresh start.

On the 10th, Judge Jung said in his inaugural speech, "If companies that challenge innovation fail and become trapped in the shackles of debt, unable to move forward even a step, our society cannot expect another Steve Jobs," adding, "The role of the rehabilitation court is to give companies and debtors who have failed in their innovative challenges another chance to try and to support their new beginnings."

He also emphasized that simplified rehabilitation systems, personal rehabilitation, and personal bankruptcy systems must fulfill their roles. Furthermore, he mentioned the need for innovation for survival in light of the economic shocks caused by COVID-19, the surge of generative artificial intelligence (AI) sweeping the industry, and the unpredictable trade wars following the inauguration of U.S. President Donald Trump.

He stated, "Before the economic shock caused by COVID-19 has even subsided, the world and our society are facing great challenges," and stressed, "The simplified rehabilitation system that gives opportunities to small innovative companies and the personal rehabilitation and personal bankruptcy systems that provide fresh start opportunities to debtors who have failed in their challenges are extremely important systems."

Judge Jung is regarded as the top domestic expert in the field of insolvency law, having served as the Litigation Counselor at the Court Administration Office, a research judge at the Supreme Court, chief judge and senior chief judge of the Bankruptcy Division at the Seoul Central District Court, and chief judge at the Seoul High Court. Since the opening of the Seoul Rehabilitation Court in 2017, the first in Korea to exclusively handle corporate and individual rehabilitation and bankruptcy cases, he served as the inaugural senior chief judge and has also held positions such as a member of the Supreme Court Rehabilitation and Bankruptcy Committee and president of the Insolvency Law Research Association.

In particular, while in charge of the Bankruptcy Division at the Seoul Central District Court, he actively promoted the introduction of the "Fast Track Program" and gained attention for implementing the "Jury Mediation" system, which applied citizen participation trials to civil cases.