I would like to ask a corporate bankruptcy attorney a question.

Hello. A corporate bankruptcy attorney will answer your question.

Corporate bankruptcy is a system in which, when a company has fallen into a state of insolvency to the extent that it can no longer continue its business, the company is liquidated and its debts are settled through court proceedings.

If a currently operating company is in a situation where it cannot perform its debts to creditors, bankruptcy can be considered.

An application for corporate bankruptcy can be filed with the competent court by the representative director or a creditor, and the requirements are that the company be in a state of excess of debt or insolvency, that repaying the debts with the company's assets be practically impossible, and that the company have suspended its substantial business activities or have no prospect of rehabilitation.

When filing for bankruptcy, you must prepare documents such as a bankruptcy petition, recent financial statements, a list of creditors, and a list of assets, and submit them to the competent court; if the court determines that the requirements for bankruptcy are satisfied, it renders a declaration of bankruptcy and appoints a bankruptcy trustee.

At this point, the trustee performs the task of converting the company's assets into cash and legally distributing them to the creditors.

The process generally takes about six months to one year, and there may be some variation depending on the complexity of the case, the scale of the assets, and the number of creditors.

As for costs, in addition to the stamp fees and service fees for the bankruptcy petition, the bankruptcy trustee's remuneration and actual expenses may amount to several million won or more, and depending on the case, attorney's fees are also incurred separately.

Corporate bankruptcy is not a procedure that ends simply by submitting an application; it is a procedure in which accurate proof of the facts and a proper legal response are important.

Therefore, it is very important to receive the assistance of a corporate bankruptcy attorney who is familiar with bankruptcy procedures.

At Daeryun Law LLC, attorneys experienced in a wide range of cases not only guide corporate bankruptcy in a stable manner but also provide professional consulting on all legal issues that may arise afterward, offering follow-up services as well.