The Seoul Bankruptcy Court is pushing to change a long-standing practice of appointing an examiner in virtually every case once corporate rehabilitation proceedings begin. Under the plan, in some cases an examiner would not be appointed first; instead, the debtor and creditors would negotiate a rehabilitation plan themselves.
The court recently discussed its examiner-appointment practice at a meeting attended by Chief Judge Chung Jun-young, Senior Presiding Judge Yang Min-ho and presiding judges of senior collegiate panels, the legal community said on the 23rd. Participants reportedly agreed to identify cases suitable for proceeding with rehabilitation first, without an examiner, and to apply…