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Some parts of the Debtor Rehabilitation and Bankruptcy and Act of 2004 are derived from the Bankruptcy Code of 1978, such as the transition from the court appointed 3rd party system into a quasi debtor in possession system, introduction of the priority of DIP financing, establishment of a creditors committee and provision of the best interests of creditors rule in rehabilitation proceedings. The practice of the bankruptcy court also set up the appointment of a receiver from the incumbent directors of the debtor corporation, began to employ a stalking horse system widely used in Section 3653 US Bankruptcy Code sales, and tried to implement court-to-court judicial cooperation in solving cross-border bankruptcy issues, which was used in the Hanjin Shipping concurrent bankruptcy proceedings in Korea and the US. In the US, shareholders may not file a petition for bankruptcy of the company while they may do so in Korea. It is noteworthy that, in the US, involuntary petitions by creditors trigger automatic stay. Foreign creditors who have received repayment from the debtor prior to the filing of the bankruptcy petition must pay attention to the exercise of personal jurisdiction of the US bankruptcy court. Creditors committees in the US consist of only unsecured creditors while secured creditors can be members of the creditors committee in Korea. The joint administration is widely used in Mega case such as Sun Edison and Seadrill.