Corporate bankruptcy attorney, I'm curious what exactly the corporate bankruptcy procedure means.

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I've been working as a day laborer in construction in Korea for 10 years. I recently injured my shoulder and neck when construction materials fell — does the country provide industrial accident processing for day laborers? I want to apply for the Industrial Accident Compensation Insurance Act. I'm not familiar with Korean law, so please explain in simple terms.

corporate bankruptcy attorney

corporate bankruptcy

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Hello. This is the corporate bankruptcy attorney at Daeryun LLC.

Corporate bankruptcy is a procedure in which the court declares bankruptcy when a corporation cannot repay all its debts with its assets.

Subsequently, according to the court's decision, the corporation's assets are converted to cash and distributed fairly to creditors according to legal priority.

Bankruptcy filing is possible when a corporation is in a state of insolvency (when it cannot fulfill its debts) or in a state of excess debt (when liabilities exceed assets).

Both for-profit and non-profit corporations can apply.

The applicant can be not only the representative director but also directors, unlimited liability partners, and liquidators of the corporation.

Creditors can also apply for bankruptcy if the relevant corporation meets the requirements.

There are no restrictions on the type or amount of debt, and various debts such as bank loans, transaction payments, wages, severance pay, and taxes are included.

If you wish to file for bankruptcy, you can prepare the relevant documents and submit them to the receiving section of the competent court.

When proceeding with corporate bankruptcy in this way, it is important to receive professional assistance from a corporate bankruptcy attorney.

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