A brief introduction in the legal framework and the creditors rights of a German enterprise at the entrance of the insolvency case of a Korean business/trading … law: Guideline for German corporations

South Korea is one of the most important foreign markets in Asia for German enterprises, because it shows a highly competitive economy as well as high technological abilities. In South Korea it is hard for new founded enterprises as well as for small and medium-sized enterprises to enter into the market or to survive against the so called Chaebols (highly diversified conglomerates). Thats why there is, in spite of the strong economic development in South Korea, a high number of insolvency cases or at least a high risk that small and midsize companies go bankrupt. The Korean insolvency law underwent a strong development and changes since the Asian Currency Crisis in 1997. Even if the Korean legal system is strongly influenced by the German legal system, there are differences especially in the insolvency law. Thats why German corporations should inform themselves profoundly before they start to enter the Korean market or cooperate with Korean corporations. This book should act as a brief guideline and introduction in this topic.