I'd like to ask the corporate bankruptcy attorney.

Hello, the corporate bankruptcy attorney will answer.

Corporate bankruptcy is a system that liquidates the company and arranges debts through court procedures when the company falls into a state of insolvency to the extent that it can no longer continue business.

If a currently operating company is unable to fulfill debts to creditors, bankruptcy can be considered.

Corporate bankruptcy applications can be filed by the representative director or creditors with the competent court, and the requirements are: being in a state of excessive debt or insolvency, being practically impossible to pay debts with company assets, and the company having effectively suspended business activities or having no possibility of rehabilitation.

When applying for bankruptcy, you must prepare documents such as the bankruptcy application, recent financial statements, creditor list, and asset list, and submit them to the competent court. If the court determines that the bankruptcy requirements are met, it issues a bankruptcy declaration and appoints a bankruptcy trustee.

At this time, the trustee performs the task of liquidating the company's assets and legally distributing them to creditors.

The period generally takes about 6 months to 1 year, and may vary somewhat depending on the complexity of the case, the size of the assets, and the number of creditors.

The cost may include not only stamp fees and delivery fees for the bankruptcy application but also bankruptcy trustee compensation and actual expenses of millions of won or more, and depending on the case, attorney fees may also be incurred separately.

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

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

Daeryun Law Firm not only leads stable corporate bankruptcy with specialist attorneys experienced in various cases but also professionally consults on all legal issues that may arise afterwards, providing follow-up services as well.