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 are dealing with unpaid receivables from a Korean company or individual, recovering these debts can be challenging. Often, Korean counterparts may ignore communication, delay payments, or cite unacceptable reasons for non-payment. Some may even rely on the assumption that the geographical distance, legal system differences, and language barriers make it difficult for foreign creditors to pursue debt recovery in South Korea.
This is when hiring an experienced Korean debt collection attorney becomes essential. A knowledgeable Korean business and litigation lawyer can guide you through the debt collection process under Korean law, from initial steps to enforcing claims.
In this article, our Korean lawyer explains the essential legal steps that foreign creditors can take to recover debts or unpaid receivables effectively.