The Seoul Bankruptcy Court has recently issued a bankruptcy declaration for Haru Management Limited, the company associated with Haru Invest, which abruptly suspended virtual asset withdrawals in June 2023. This case (2024Hahap100259) has significant implications for creditors, many of whom are foreign nationals, as they must now file their claims to secure their rights during the bankruptcy process.
The Seoul Bankruptcy Court recently issued a bankruptcy declaration for Delio, a South Korean virtual asset deposit platform. This case (2024Hahap100231) carries substantial implications for creditors, including a significant number of foreign nationals, who are now required to file their claims to protect their rights during the bankruptcy proceedings.
If you’re traveling to Korea for business or leisure, carrying large sums of cash can lead to serious legal issues if not declared properly. Foreign travelers are often unaware of the strict requirements, and as a result, they risk having their cash seized by Korean customs for violating the Foreign Exchange Transactions Act. Once your money is seized, you could face fines or even lose your funds permanently.
In this post, we will focus on how foreign travelers can recover seized cash from Korean customs and explain why hiring a lawyer is critical for a swift and successful resolution.
When you start a business in Korea, whether it is a Korean subsidiary or a startup, choosing the right business structure has huge implications for its operation, liability, and future investment.
In the U.S., a joint stock company(C-Corporation) and a limited liability Company(LLC) are often used as business entity by foreign investors and startups. The same applies in South Korea.
So, in this article, our Korean business lawyer explains these two entities with more emphasis on the Korean LLC, which is called a Yuhan Chegim Hoesa(YCH).
South Korea has a special investment regime which is called “Foreign Direct Investment(FDI)”. This was established for the purpose of promoting foreign investment. If the foreign investor meets the thresholds under the FDI regulation, it provides many benefits and incentives. (more…)
You had started a business in Korea by setting up a business entity under Korean law. It is natural that, at some point, you might consider withdrawing from the Korean market and getting your investment and profits back to your home country. You might also want to close the business in Korea and liquidate all debts and liabilities. If that is the case and a stock company or LLC is the legal form of your Korean business entity, subsidiary, or affiliate, here is what you should know about the company dissolution and liquidation process in Korea.
Like many other countries, South Korea has its own merger notification & competition review regimes. This means if your M&A deal involving a Korean company or business meets the merger notification thresholds prescribed in the rules of the Korean competition authority, you need to make a merger filing. And your transaction becomes subject to the authority’s competition review. Thus, it is imperative that the dealmakers should be fully advised on the Korean merger filing rules for the applicability and for any potential risks.
In Korea, the Monopoly Regulation and Fair Trade Act (MRFTA) regulates the M&A and other similar transactions. The MRFTA appoints the Korea Fair Trade Commission (KFTC) as the regulatory agency that is in charge of receiving the pre-merger notification and carrying out the competition review.