On March 2, 2017, Seoul Bankruptcy Court commenced its operation as the first court to specialize in debt rehabilitation and bankruptcy cases.

Chief Justice YANG Sung-tae, Chairman KWON Seong-dong of the Legislation and Judiciary Committee established under the National Assembly, Secretary General WOO Yoon-keun of the National Assembly Secretariat and many distinguished guests were present at the opening ceremony to congratulate the establishment of the Court.

With the rising necessity to establish a specialized court for insolvency cases, Seoul Bankruptcy Court was established with the amendments to the Court Organization Act to add bankruptcy court in the court system and the Act on the Establishment and Jurisdiction of Court of Various Levels.

¡ã Chief Judge LEE Kyung-chun of Seoul Bankruptcy Court

Chief Justice Yang emphasized in his congratulatory speech that, “Bear in mind the historic significance that Seoul Bankruptcy Court is created under the pain of our citizens and the economy, and that this court has the constitutional responsibility and obligation to make the utmost effort to expeditiously and correctly heal the wounds.”

Seoul Bankruptcy Court plans to pursue full specialization of all members of the Court and increase the predictability of insolvency cases in order to lower the threshold of using insolvency procedures to increase the accessibility of those who require the procedures.  It also aims to provide stronger competence in conducting research and improving various insolvency procedures to improve the fairness and equality to strengthen the public confidence in trials, which will lead to realize the rule of law in the restructuring procedures.