SEOUL, April 4 (Korea Bizwire) — The number of South Korean companies filing for court-led restructuring has surged in early 2025, reflecting mounting pressure from the prolonged economic slowdown. According to new court data, 196 companies applied for corporate rehabilitation during January and February — a 26% increase from the same period last year. The [...]
SEOUL, March 5 (Korea Bizwire) — In a move that has sent shockwaves through South Korea’s retail industry, Homeplus, one of the country’s largest retail chains, filed for court receivership on March 4, citing concerns over potential liquidity issues that could affect vendor payments as early as May. The bankruptcy filing has drawn criticism from industry [...]
SEOUL, Jan. 7 (Korea Bizwire) — The construction sector in South Korea is on edge after Shindongah Construction, a mid-sized builder known for its “Famille” housing brand, filed for court-led rehabilitation on January 6. The company, ranked 58th in construction capability evaluations, is the largest in its tier to take this step amid a worsening [...]
SEOUL, Nov. 6 (Korea Bizwire) – Pizza Hut Korea filed for court receivership after being ordered to pay billions of won in damages following a lawsuit by franchise owners, marking a significant downturn for the once-prominent pizza chain in South Korea. The company submitted its application for bankruptcy protection to the Seoul Bankruptcy Court on November [...]
SEOUL, Apr. 24 (Korea Bizwire) — More than 8 out of 10 people who filed for bankruptcy in Seoul last year were in their 50s and older, with many of them found to be male and people living alone, data showed Wednesday. Of the 1,361 valid applications filed with the Seoul Financial Welfare Counseling Center [...]
SEOUL, Oct. 28 (Korea Bizwire) — South Korea will introduce a fast-track liability exemption program for the economically-vulnerable class, enabling the bankruptcy procedure to be completed instantly as soon as the court approves the discharge. The Seoul Bankruptcy Court, together with the state-run Credit Counseling and Recovery Service, announced on Thursday that it will implement [...]
SEOUL, Oct. 3 (Korea Bizwire) — The number of personal bankruptcy filings neared 50,000 last year amid a prolonged economic slowdown resulting in part from the COVID-19 pandemic. According to the National Court Administration, the number of personal bankruptcy cases filed in court across the country totaled 49,063 last year, down 2.6 percent from a [...]
SEOUL, Feb. 23 (Korea Bizwire) — In Seoul, most of those who filed for personal bankruptcy were older than 50 years and single-person households accounted for more than a half of them, the city-run welfare center said Tuesday. The number of personal bankruptcy applications filed with the Seoul Bankruptcy Court last year totaled 10,873, up [...]
SEOUL, Sept. 27 (Korea Bizwire) — Personal and corporate bankruptcies filed in South Korea showed a double-digit increase last year, a report said Monday, due mainly to the economic impact of the COVID-19 pandemic. The report issued by the National Court Administration said the number of personal bankruptcies filed in 2020 rose by 10.4 percent [...]
SEOUL, June 17 (Korea Bizwire) — Bandi & Luni’s, the country’s third-biggest bookstore chain that runs both online and in-person channels, has filed for bankruptcy. Seoul Mungo, the company behind the bookstore chain, sent an emergency letter notifying the bankruptcy to members of a local publishers’ association on Wednesday. The company reportedly failed to pay [...]