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The Business Restructuring Promotion Act, which constitutes the legal basis for training, ends at the end of last month, raising concerns among businesses. While the Financial Services Commission has asked for a new promulgation of the Promotion Act, there has been a huge financial responsibility among the National Assembly and the experts.

The exercise, which was the reason for the biggest reason for promotion, is a system in which creditors consult and revitalize businesses that have been affected by the bankruptcy crisis. Of course, the premise is that a strong restructuring will take precedence. Unlike statutory management, exercises can be quickly restructured and, unlike voluntary agreements, 75% of creditors agree that they can be promoted and operate as a useful business restructuring system.

The method of providing a legal basis for a training session has been made and has disappeared five times in the past since its promulgation in 2001 after the financial crisis. At the end of last month, however, the 5th Fashion Law was made in 2016 and the legal basis for the training was lost. The sunset means the end of the time limit of the law on time.

 [그래픽=차준홍 기자 cha.junhong@joongang.co.kr]

[그래픽=차준홍 기자 [email protected]]

Companies facing financial difficulties immediately feel a great sense of crisis . Businesses are concerned that clbad C solvency valuation companies are being forwarded to court representatives. Four large conglomerates out of six major conglomerates have failed to enter into autonomous agreements in the legal vacuum after 2005 because of the actual first – although the Financial Supervisory Authority has decided to establish and to manage a corporate restructuring management agreement at the discretion of the creditor financial institution during the vacancy period, it is specified that it is only one measure provisional without legal basis.

This is the reason why the financial sector has asked for new fast legislation. Kim Yong-bum, chairman of the Financial Supervisory Commission, held a meeting the same day with corporate restructuring agencies and said: "Unlike the United States, Korea has a high level of restructuring and restructuring. legal market. I am well aware of the criticism that the promotional law acts as a means of government, but I urge you to recreate the law as soon as you lose sight of the time of the restructuring so that the entire economy will suffer. huge damage.

However, the National Assembly criticizes the financial situation as a fundamental reason for neglecting the government's efforts to relieve financial losses from the training system. The government has been criticized for bombarding the creditor banks with regard to the actual training system, and the results are derived according to their intentions. This is why experts should make arrangements for companies to restructure their activities autonomously in the market rather than in the current training system.

Choi, Woon – Yeol In addition, a legislator of the Democratic Party said: "Since there was less than a year of negotiations last July, I asked to study the plan. to improve and prepare an alternative plan.

However, the Financial Supervisory Commission (KFG) is saddened and is asking for an extension for the period from February to March this year.The same party member, Yoon Gyeong -Keun, who had initiated the Sixth Framework Law at the request of the Ministry of Finance, said: "Although I pbaded a bill to extend the term of two years until the end of June 2020, I have to make a plan. "The Financial Supervisory Commission should study the possibility of restructuring the market through this case."

A professor of the Economics Professor of Hongik University said: "Do not resurrect the method of promotion Abolished: In principle, government and industrial banks should not be involved in corporate restructuring. "We need to establish restructuring principles centered around the courts and capital markets."

There was also a voice of the lieutenant concerned about the legal vacuum caused by the avoidance of liability on both sides. Professor Sung Tae Yoon, professor of economics at Yonsei University, said: "It is a good thing that the law on promotion has disappeared without an alternative plan or follow-up for the restructuring. in this situation, And further legislation should be urgently needed. "

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