earticle

영어

After the implementation of the debtor rehabilitation act, commencement applications for corporate rehabilitation case proceedings in courts across the country skyrocketed from 116 cases in 2006 to 803 cases in 2012, and to 395 by June 2013 (estimated 830 cases by year end) the number continually increasing each year growing to a scale of 7 times the amount 7 years after the law was implemented, however, the success rate of corporate rehabilitation proceedings of 15.5%(19.1% in the first half of 2013) appeared to be much lower than the success rate of the previous company reorganization act of 66.7%. Quantitatively, this can be evaluated as a positive, yet qualitatively, from the standpoint of the goal of the corporate rehabilitation proceeding, the very low success rate can be seen as a dire problem. For the last 3 years the increase of 860 cases of rehabilitation plans in corporate rehabilitation proceedings in courts across the country for 3 years saw a reduction in the time it took from commencement to approval from 9 months 9 days to 8 months 29 days, a reduced wait time, but when considering the total time it takes from applying and waiting about one month for a commencement decision to be made, and the period it takes for the preparing for the application, it appears to take closer to 1 year. Recently ‘fast track rehabilitation proceedings’ have been run for corporate rehabilitation cases by the court and at the working level, but despite this, it was determined that the main reason for the very low success rate was the extremely long wait time it takes for the progression of the proceedings. Through extensive hands-on experience in corporate rehabilitation work, the author reiterates that more than anything else, the necessity of ‘fast rehabilitation proceedings’ as a factor for the success of corporate rehabilitation, and through taking the direction of reducing wait times to increase the success rate of corporate rehabilitation proceedings the process of stages should be either aggressively reduced, merged, or some stages omitted, and when agencies and organizations perform their role and function of improving the system of legislation and rehabilitation proceedings in the abbreviated ‘fast track rehabilitation system,’ working-level improvements would be necessary to perform fast rehabilitation practices.