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10 Years of Korean Bankruptcy History

By Byung-Joo Lee, Attorney at Law, Shin & Kim, Seoul/CSK Post Doc and Visiting Scholars Colloquium Series

Tuesday, December 02, 2008
3:00 PM - 5:00 PM
11377 Bunche Hall
Los Angeles, CA United States

From November 197 to Early 200s, South Korea has experienced a huge national economic crisis. Many major Korean companies had filed reorganization bankruptcy, almost all savings banks had gone to liquidation bankruptcy and major banks could survive only under government bail-out money. Millions of workers were laid off from the bankrupt companies. It seemed that the nation of South Korea itself had gone to the national bankruptcy. Many CEOs of big companies were convicted and sent to jail for some years.
However, in ten years, Korean economy could revive from the hole of bankruptcy and even the bankrupt companies could revive through successful M&A process. We will discuss short history of recent Korean Bankruptcy History and its impact upon the corporate governance and the society.

Byung-Joo Lee graduated from Seoul National University with a degree of Bachelor in Science and got a LL.M. degree at Harvard law School. He is admitted to the Korean Bar Association and California Bar Association and is vice chair of Inter Pacific bar Association, Insolvency Committee. He is a partner of Shin & Kim, Seoul and now a Visiting Scholar of Center for Korean Studies at UCLA.

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