Corporate rehabilitation attorney, how long does the rehabilitation procedure continue after the rehabilitation plan is approved?

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corporate rehabilitation attorney

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Hello. This is the corporate rehabilitation attorney of Daeryun Law Firm (LLC).

Even after the rehabilitation plan is approved, the corporate rehabilitation procedure continues for a certain period.

However, how long the procedure continues may vary depending on the case.

As a corporate rehabilitation attorney, I will explain in detail.

Generally, the court can terminate the rehabilitation procedure when payments are made under the rehabilitation plan for a certain period, there are no special obstacles to such performance, and the company is judged capable of sufficiently achieving the objectives of the rehabilitation procedure.

In other words, even if the rehabilitation plan has not been completely fulfilled, an early termination decision may be made if rehabilitation appears practically possible.

On the other hand, if the company's management situation worsens after the rehabilitation plan is approved and the possibility of rehabilitation is judged low, or if implementation of the rehabilitation plan is judged practically difficult, the court may decide to abolish the rehabilitation procedure and convert it to bankruptcy procedure.

Therefore, even after the rehabilitation plan is approved, consistent implementation and securing management stability are important, and accordingly, the rehabilitation procedure can be successfully concluded.

Whether to terminate the rehabilitation procedure is decided by the court considering the overall situation.

For more details, please consult with a corporate rehabilitation attorney.