Insolvency Law in South Korea

Tue, 07 Jul 2026 00:00:00 +0000

Introduction

South Korean insolvency law is consolidated in the Debtor Rehabilitation and Bankruptcy Act (DRBA, 채무자 회생 및 파산에 관한 법률, 2006) , which unified previously separate statutes on corporate reorganization, composition, and bankruptcy. The DRBA, effective since 2006, governs both corporate and individual insolvency. The Seoul Bankruptcy Court (established 2017) provides specialized adjudication. The legal framework draws from German and Japanese insolvency law while incorporating distinctive features developed during the 1997 Asian Financial Crisis.

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Insolvency Law in South Korea

Introduction