In corporate rehabilitation, what requirements are needed for the rehabilitation plan to be approved?

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I run a 7-year-old unlisted corporation. I'm pursuing new business and want to expand the business purpose, so I think I need to go through articles of incorporation amendment procedures and want to seek consultation. I'm finding it difficult because it's not clear exactly what the procedures are — whether I must hold a shareholders' meeting, whether a special resolution is needed, and whether registration is required.

corporate rehabilitation

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In corporate rehabilitation procedures, certain requirements must be met for each stakeholder group for the rehabilitation plan to be approved.

Generally, in the case of the rehabilitation creditor group, those holding voting rights equivalent to two-thirds or more of the total voting rights of creditors belonging to that group must agree.

In addition, in the case of the rehabilitation secured creditor group, the agreement of those holding voting rights equivalent to three-fourths or more of the total voting rights of secured creditors is required.

In addition, when shareholders or equity holders exercise voting rights, the rehabilitation plan can be approved only with the agreement of more than half of the total voting rights of shareholders/equity holders exercising voting rights.

However, in the case of simplified rehabilitation procedures, the law eases some requirements as a special provision, so the rehabilitation plan can be approved with relatively lower voting standards than general rehabilitation procedures.

Therefore, in the process of conducting corporate rehabilitation, it is important to accurately understand the agreement status of creditor and shareholder/equity holder groups, and carefully review whether the approval requirements are met.

For detailed information related to corporate rehabilitation, please check through consultation with a corporate rehabilitation specialist attorney.