LIN NEWS
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LIN NewsSeminar Held on “Trump Administration 2.0 and Investing in the U.S.: A Case Study on Utah”Amid heightened attention to policy shifts following the inauguration of the Trump Administration 2.0, a seminar was held on Tuesday, March 25, at the Federation of Korean Industries (FKI) Tower in Seoul, co-hosted by LIN and the WTC Utah to examine investment strategies in the U.S. and share Utah's case. In his opening remarks, Jin Seok Lim (Managing Partner of LIN) emphasized that now is the time for Korean companies and individual investors to pursue new opportunities to enter the U.S. market and that a more strategic approach is required. He expressed his hope that the seminar would serve as an opportunity to build practical partnerships both in Utah and the U.S. In Session 1, Alex Miller, Investment Consultant (International Trade Administration, U.S. Department of Commerce, Washington, D.C.), introduced “SelectUSA,” the U.S. government's investment promotion program, explaining the policies and infrastructure at the federal level to encourage foreign investment. Session 2 featured Attorney Tae Joon Bae (LIN), who explained the requirements and procedures of the EB-5 immigrant investor program and provided insights into the possible introduction of the Gold Card program, which has recently attracted attention. Subsequently, Foreign Attorney David H. Yang (LIN) analyzed the renewed emphasis on industrial policy in the US in a geopolitical context and discussed the importance of localization strategies and the role of foreign investment professionals in responding to it. In Session 3, David Carlebach, Chief Operating Officer of the WTC Utah, introduced the recent changes in the investment climate in Utah, emphasizing that the state is emerging as a promising investment destination in the U.S. based on its favorable business environemnt, stable infrastructure, and responsive administrative system. He also pledged to actively support Korean investors in their successful entry into the U.S. In Session 4, CEO Kang Soo Lim (Medicell-Healthcare) shared his experience of entering the US healthcare market through the state of Utah. He said that the state's active administrative and institutional support gave him the confidence to take on the challenge of entering the US market, and he was able to achieve results that exceeded his expectations. Concluding the seminar, Dong Soo Jung, CEO of WTC Utah in Seoul said that the seminar was very beneficial for companies seeking to proactively respond to the policy changes of the Trump Administration 2.0 and to establish strategic investment foothlds in the U.S. He expressed his hope that the two countries will continue to have substantial investment cooperation in the future.2025.05.08
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News Letter[Mobility Legal Updates] [Issue]LIN's Mobility Team closely monitors not only domestic regulatory trends in industries such as automotive, energy, and AI, but also U.S. policies that may directly or indirectly impact these sectors. In January 2025, towards the end of the Biden administration's term, the U.S. Department of Energy (DOE) included South Korea in its 'Sensitive and Other Designated Countries List (SCL)’, and this measure took effect as scheduled on April 15, 2025. As this designation as a sensitive country is expected to affect the U.S. market entry and technological cooperation of domestic companies and research institutions, this issue report aims to examine the meaning of the sensitive country designation, its impact on businesses, response strategies, and implications. 1. Significance of the Sensitive Country Designation1 The U.S. DOE internally maintains and regularly updates the Sensitive Country List (hereinafter "SCL") based on concerns related to national security, nuclear non-proliferation, and support for terrorism, imposing restrictions on research cooperation and technology sharing with those countries listed. In the latest SCL, the DOE classified countries such as North Korea and Iran as 'State Sponsors of Terrorism,' countries such as China and Russia as 'Countries of Concern,' and South Korea, Taiwan, and Israel into the lowest tier, 'Other Designated Countries2. South Korea has been re-included in the SCL after 30 years, having previously been listed for approximately 13 years from 1981 to 1994. Once designated as a sensitive country, ① the sharing of advanced technology information, such as nuclear energy and artificial intelligence (AI), with the U.S. may be restricted, and ② researchers from the designated country must undergo enhanced special approval procedures, including submitting background check documents at least 45 days prior to visiting DOE- affiliated research facilities. Furthermore, stricter security standards apply when DOE employees or related researchers visit or interact with South Korea. 2. Potential Impact on Businesses and Research Institutions The DOE has not yet officially disclosed the specific reasons for designating South Korea as a sensitive country. However, the DOE maintains that this measure was taken as part of strengthening technology security and is unrelated to foreign policy3. Therefore, with the SCL taking effect, the immediate surface-level impact is likely limited to restricting domestic companies' access to DOE facilities. However, if the designation is not lifted and becomes prolonged, reduced cooperation and decreased national credibility could lead to various regulations and restrictions in areas such as contractual relationships with U.S.-based companies, technology transfer and joint research, personnel exchange, export controls, M&A, and compliance. A. Increased Overall Contract Risk Inclusion in the SCL may lead to decreased national credibility and potentially hinder cooperation between companies or institutions. This could result in disadvantages during contract negotiations with U.S. companies regarding terms such as performance conditions or confidentiality clauses. Particularly in technology transfer and joint research projects within the energy, nuclear, and advanced technology sectors, the sensitive country designation could cause delays in contract performance or make concluding contracts more difficult. This is because psychological uncertainty stemming from concerns about heightened U.S. regulations might lead to hesitation in entering new contracts. Furthermore, there could be associated risks, such as liability for damages arising from non-performance of contracts. A prime example is the potential difficulty in concluding the Reciprocal Defense Procurement (RDP) Agreement, often referred to as the FTA for the defense industry between the U.S. and South Korea, which has been under preparation for a long time. While some view that the sensitive country designation could negatively impact small modular reactor (SMR) development projects or the ongoing efforts to conclude the nuclear power plant export contract with the Czech Republic, the prevailing view is that these projects are unlikely to be significantly affected by the designation at present. B. Restrictions on Personnel Exchange Sending domestic research personnel and technical experts to U.S. research institutions for assignments or training may become difficult, and visits by U.S. experts to South Korea could also face constraints due to enhanced security procedures. It cannot be ruled out that the designation as a sensitive country might influence decisions when selecting international students or visiting researchers from South Korea, or negatively impact the standing of South Korean researchers within U.S. research institutions. Consequently, companies may face challenges in securing key personnel, and there are concerns that long-term technological cooperation and innovation between the two countries could be hampered. C. Export Controls The SCL is linked to U.S. national security policies and export control regulations4 Therefore, cooperation with domestic institutions in research areas such as nuclear energy, high- performance computing, and dual-use (civilian and military) technologies may potentially be restricted. While the SCL itself does not directly regulate exports, individuals and institutions from sensitive countries may be subject to additional screening under U.S. export control laws. Additionally, screening for exports of specific technologies and equipment between South Korea and the U.S. could be tightened, and obtaining export licenses for technologies related to U.S. national security might be delayed. Notably, given that most major South Korean defense export products utilize U.S.-made components, there is a possibility of disruptions in U.S. export approvals for products incorporating these components. D. Other Impacts The sensitive country designation could indirectly affect cooperation not only with the DOE but also with other U.S. government agencies. Furthermore, it might raise concerns about South Korea's overall technology security and reliability, leading to increased compliance burdens, such as requirements for higher security standards. Moreover, beyond export controls, difficulties in U.S. market entry could arise, such as restrictions on equity investments in U.S. companies in advanced technology fields like energy, AI, and semiconductors, or more stringent procedures for establishing corporations, obtaining business approvals, or other verification processes within the U.S. 3. Response Strategies and Implications Admittedly, the sensitive country designation itself seems unlikely to directly impact domestic corporate activities immediately. However, since it is uncertain when the designation will be lifted,5 proactive measures are necessary while the designation is in effect to minimize potential risks. Primarily, domestic technology companies should continuously monitor diplomatic policy developments between South Korea and the U.S. and government responses. They must also meticulously review the contents of existing contracts or those currently under negotiation with U.S. companies to preemptively identify potential dispute factors related to the sensitive country designation, such as technology access rights, security and confidentiality clauses, grounds for contract termination or modification, and damage compensation clauses. Additionally, it is crucial to strengthen internal compliance and security systems to prevent devaluation of corporate value due to the sensitive country designation, thereby thoroughly preparing for future partnerships or M&A activities with U.S. companies. Today, the mobility industry, led by electric and smart vehicles, has become inextricably linked with the AI and energy industries. Correspondingly, technological cooperation with the U.S. plays a vital role in the development and commercialization of autonomous driving and AI technologies. Therefore, if tensions in technological cooperation between South Korea and the U.S. intensify, it could become a significant obstacle to the advancement of the domestic mobility industry. LIN's Mobility Team will closely monitor these internal and external changes surrounding the mobility industry, promptly diagnosing potential legal risks companies may face and proposing optimal response strategies. ---------------------------------------------------------------------------------------------- 1 Legal Basis: ①Order concerning the Unclassified Foreign National Access Program (DOE Order O 142.3B), ② 50 U.S. Code § 2652 - Restrictions on access to national security laboratories by foreign visitors from sensitive countries, which stipulates: "The Secretary of Energy and the Administrator may not admit to any facility described in paragraph (3) of subsection (c) other than areas accessible to the general public any individual who is a citizen or agent of a covered foreign nation or a nation on the current sensitive countries list unless the Secretary or Administrator first completes a background review with respect to that individual.” 2 As the SCL is not publicly available information, the specific countries and the exact number within each tier cannot be officially confirmed. However, it is currently understood that the list includes a total of 25 countries. Among these, six countries (North Korea, Iran, Syria, Libya, Sudan, and Cuba) are designated as State Sponsors of Terrorism, and two countries (China and Russia) are separately designated as Countries of Concern, while countries such as South Korea, Taiwan, and Israel are understood to be classified as Other Designated Countries. 3 Regarding the controversy over South Korea's addition to the sensitive countries list, Acting U.S. Ambassador to South Korea Joseph Yun reportedly explained that the designation stemmed from incidents last year where some among approximately 2,000 South Korean nationals (including students, researchers, and public officials) visiting multiple DOE-affiliated laboratories inappropriately handled sensitive information, including at facilities dealing with export-sensitive items. He further stated that the measure stems from technical and procedural issues related to handling sensitive information and clarified that it is not expected to significantly impact the overall ROK-U.S. alliance. 4 The institutional origins of the sensitive country designation lie in the Export Control Reform Act (ECRA) and the Export Administration Regulations (EAR). This framework originates from regulations restricting exports when strategic materials or dual-use technologies usable for military applications are judged to pose a risk of diversion overseas. 5 In the past, after South Korea's request to be removed from the sensitive country designation was accepted in December 1993, the designation was lifted in July 1994. However, even after the removal request was accepted, it took approximately 7 months until the actual removal occurred.2025.04.25
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NoticeLin Signs MOU with Korea New & Renewable Energy Association (KNREA)Mutual cooperation on new & renewable energy-related projects through legal services in the field of laws and regulations On October 26, Lin signed an MOU with KNREA to promote the development of the domestic new & renewable energy industry. The agreement was signed to provide various legal services to KNREA and its member companies, including information on new & renewable energy-related laws and regulations. Through the agreement, the two parties agreed to cooperate on ▶ improving new & renewable energy-related laws and systems ▶ providing legal advice on new & renewable energy ▶ and training on new & renewable energy. In line with the trend of carbon neutrality, Lin will exert its best to promote the sustainable development of the renewable energy industry, which can replace conventional energy using fossil fuels and nuclear power. For more information, please visit KNREA website below. http://www.knrea.or.kr/bbs/?act=bbs&subAct=view&bid=agreement&page=1&order_type=desc&seq=58282023.11.10
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Recruitment PersonnelNew RecruitmentsWe are pleased to welcome Jung Bong Lee (Partner), Lance B. Lee (Foreign Legal Consultant - Partner), and Ki Suk Seol (Of Counsel) as new members of our Firm. 1. Jeong Bong Lee, Partner - Incheon Songdo High School(68th) - Yonsei University, Department of Law - Chungnam National University, School of Law - Korean Bar Examination (40th, 1998) - Judicial Research and Training Institute (27th) - University of Vienna – Criminal Justice Institute Visiting Scholar (2008) Past) Incheon District Public Prosecutors’ Office – Prosecutor (2001) Past) Daejeon District Public Prosecutors’ Office, Hongseong Branch – Prosecutor (2003) Past) Incheon District Public Prosecutors’ Office, Bucheon Branch – Prosecutor (2005) Past) Seoul Central District Public Prosecutors’ Office – Prosecutor (2007) Past) Supreme Prosecutors’ Office - Prosecutor Researcher (2007) Past) Busan District Public Prosecutors’ Office – Prosecutor (2013) Past) Financial Intelligence Unit (FIU) - Head of Strategic Analytics (2014) Past) Chuncheon District Public Prosecutors’ Office, Gangneung Branch – Chief Prosecutor (2016) Past) Daegu District Public Prosecutors’ Office, Seobu Branch – Chief Prosecutor, Criminal Division 3 (2017) Past) Seoul Eastern District Public Prosecutors’ Office - Chief Prosecutor, Criminal Division 5 (2018) Past) Seoul Southern District Public Prosecutors’ Office - Chief Prosecutor, Criminal Division 2 (2019) Past) Supreme Prosecutors’ Office – Human Rights Policy Officer (2020) Past) Gwangju District Public Prosecutors’ Office – Human Rights Protection Officer (2021) Past) Chuncheon District Public Prosecutors’ Office – Chief of Wonju Branch (2022) Past) Seoul High Prosecutors’ Office (Daegu District Public Prosecutors’ Office, Secondment(2023), Voluntary Resignation) Current) LIN Since his appointment as a prosecutor in 2001, Mr. Lee has served as a prosecutor at the Seoul Central District Prosecutors' Office, a researcher at the Supreme Prosecutors' Office, a prosecutor at the Busan District Prosecutors' Office, a secondee at the Financial Intelligence Unit (FIU), a deputy prosecutor at the Seoul Eastern and Southern District Prosecutors' Offices, and a human rights policy officer at the Supreme Prosecutors' Office, before finally retiring in 2023 as the Chief Prosecutor of the Wonju District Prosecutors' Office. During his 22 years and 8 months as a prosecutor, he discharged a wide range of cases, including intellectual property infringement, technology theft and unfair competition, medical malpractice, sexual assault, finance, taxation, homicide, special crime, public security, and human rights policy (due process compliance in investigations). Mr. Lee, who joined Lin as a partner in November 2023, plans to actively engage in various cases such as securities, finance, and corporate anti-corruption based on diverse investigative and theoretical experience accumulated from the prosecution. Lin boasts top domestic experts in responding to financial, corporate crimes, and other investigative matters, and we will strive to provide our clients with high-quality legal services. 2. Lance B. Lee, Foreign Legal Consultant (Partner) - Boston College Law School – J.D. - University of Virginia – B.A. Past) Dentons Lee - Chief Operating Officer, Head of International Arbitration & Litigation and Partner, 2012-2023 Past) Kim & Chang - Partner Past) STX Shipbuilding Corporation – Group General Counsel Past) POSCO – Overseas Projects Team Leader Past) U.S. Army JAG Corps – Trial Counsel, Prosecutor and Captain Past) Gainer, Rient & Hotis - Attorney Current) LIN – Head of International Arbitration & Litigation, Partner (Present) Mr. Lee, a U.S. attorney, was responsible for various international arbitration and litigation cases for 11 years at Kim & Chang, representing numerous international corporations and diverse fields. Serving as General Counsel at STX Shipbuilding Corporation and Head of the International Legal Team at POSCO, he handled tasks such as international arbitration, international litigation, IP, corporate M&A, contract negotiations, and joint investments for global conglomerates. Subsequently, as a partner at the Seoul Office of Dentons, he worked for 11 years as the Head of the International Arbitration/Litigation Team, leading numerous international arbitration cases as lead counsel. In 2024, for the first time in history, more than half of the global population will be holding elections, signaling the end of America’s “unilateral hegemony” and prompting the world to prepare for more disputes. With major industrial powers intensifying their industrial policies and protectionist measures to secure leadership in advanced and eco-friendly industries post-election, there is an anticipated increase in international disputes, particularly in advanced technology sectors such as semiconductors and information technology (IT). Mr. Lee, a foreign attorney leading the International Arbitration/Litigation Team, will leverage his experience and expertise to actively discharge legal advice on the prevention and resolution of international disputes for various global corporations based on his accumulated knowledge and professionalism. 3. Ki Suk Seol, Of Counsel - Hongik University, Department of Architecture - Kyungpook National University, Graduate School of Law, - KAIST, Intellectual Property Graduate School - Bar Examination (3rd) Past) Eland Group, Legal Department Past) Hyundai Engineering, Legal Department Past) Ministry of Justice, Legal Affairs Officer Past) Ministry of Justice, Legal Affairs Secretary Current) LIN Mr. Seol, as an in-house counsel for a large corporation, has accumulated expertise in a wide range of legal affairs that can arise within the company, including civil and criminal litigation and consultation, fair trade practices, compliance, intellectual property, construction, and labor-related dispute management. Subsequently, serving as a Legal Affairs Secretary at the Ministry of Justice, he handled administrative adjudication and litigation, legislation drafting and revision, interpretation of laws and rights, review of government and legislative bills, formulation of legislative strategies, improvement of attorney and notary systems, and enhancement of legal technology systems. Through these roles, he has built expertise in planning, administration, and legislation. Amidst the ongoing challenges such as the increase in unsold and unoccupied properties, rising construction costs, high interest rates, and stagnation in real estate PF, it is anticipated that legal disputes and litigation among real estate market participants, including developers, contractors, financial institutions, trustees, and local housing associations, will continue to rise. Mr. Seol, who has served as an in-house counsel for a global integrated construction company, has handled a wide range of cases from civil and criminal matters to fair trade, construction, labor, and compliance issues, from the client's perspective, collaborating with various major law firms. Drawing upon his extensive practical experience accumulated in the field, he is committed to providing tailored solutions, not only advisory services but also litigation support, to corporate clients. 4. Recruitment of Foreign Lawyer With recent concerns over deflation in China, attitudes of Korean companies towards China have become notably cautious. Consequently, there is a growing need for professional advice regarding entry into the Chinese market. Recognizing this demand, Lin has recently recruited Ms. Wenpu Yang (Chinese attorney), aiming to provide high-quality legal service that aligns with our clients’ business strategies and management objectives on various issues related to Sino-Korean business relations. Going forward, Lin promises to continuously recruit verified talents in various fields to ensure customer satisfaction.2024.02.05
[LIN] Employment structures in South Korean Labour Law
In Korean, the phrase for forming a relationship is “gwanggye-reul maetneunda”, which literally means “to tie a relationship”. In contrast, ending a relationship is expressed as “gwanggye-reul kkeuneunda”, or “to cut a relationship”.
This linguistic contrast – to cut rather than a more symmetrical term like “untie” – offers a glimpse into the emotional and social complexity surrounding the dissolution of relationships in Korean culture. While forming a bond is often harmonious and mutual, ending one can be abrupt, painful or even adversarial, hence the expression of “cutting” rather than “untying”. This idea carries over to employment relationships and, in particular, the concept of dismissal.
Legal grounds for dismissal
(1) Managerial necessity. South Korean labour law recognises two primary forms of dismissal. The first is dismissal for managerial reasons, governed by article 24 of the Labour Standards Act.
To dismiss an employee on this basis, an employer must demonstrate “urgent managerial necessity”. Procedural requirements include efforts to avoid dismissal (such as wage or hour adjustments), fair and reasonable selection criteria, and good-faith consultation with a majority employee representative or labour union.
Discriminatory practices, particularly on the basis of gender, are strictly prohibited in the act.
Case law interprets “urgent managerial necessity” narrowly. It applies only when the company is facing a severe crisis such as business closure, bankruptcy or liquidation that threatens its overall survival.
Moderate financial difficulties or department-specific restructuring generally do not meet this threshold. Objective, credible evidence must show that the company is unlikely to recover or improve its performance in the foreseeable future.
(2) Employee misconduct. The second category is disciplinary dismissal, under article 23 of the Labour Standards Act, which prohibits dismissal without “justifiable cause”. Courts define this as misconduct that renders continued employment unreasonable under prevailing social norms. Common examples include :
Criminal conduct (e.g., assault, theft, sex crimes);
Willful harm to the employer (e.g., embezzlement, breach of trust);
Chronic absenteeism or unauthorised departures; and
Fraudulent behaviour during recruitment (e.g. submitting false credentials).
(3) Poor performance. Poor performance may constitute justifiable cause, but only under stringent conditions:
Internal rules or policies, such as Rules of Employment, must explicitly recognise poor performance as grounds for dismissal :
Evaluation criteria must be objective and fairly applied;
The employee’s performance must fall significantly below minimum expectations; and
The employee must have been given a reasonable opportunity to improve, with little prospect of recovery.
While courts are gradually becoming more receptive to such cases, South Korean law remains far more restrictive than common law jurisdictions that permit “at will” termination.
Union protection
Dismissal on the grounds of union activity raises serious legal concerns. While misconduct such as property damage during union-related activities may warrant disciplinary action, such conduct must be clearly distinguishable from lawful union participation.
Under the South Korean Constitution and Trade Union and Labour Relations Adjustment Act, employees are guaranteed the rights to organise, bargain collectively and take collective action.
Any adverse employment action, including dismissal, taken solely in response to a lawful union activity constitutes unfair labour practice and may expose the employer and responsible individuals to criminal liability. Employers must be especially cautious to avoid any appearance of retaliation against union involvement.
Fixed-term employment
Under article 4 of the Act on the Protection of Fixed-Term and Part-Time Employees, the standard limit for fixed-term employment is two years. Beyond this, the employee is considered a regular, indefinite-term employee, unless the role falls within one of the statutory exceptions, such as elderly workers, professionals, or temporary replacements.
Employers must carefully assess whether a particular fixed-term arrangement qualifies as an exception. Extending a contract beyond two years without such qualification risks automatic conversion to regular employment, subject to all associated protections, including the requirement of just cause for dismissal.
Indirect, flexible arrangements
In response to the strict regulations on employee dismissal, many companies turn to more flexible employment structures such as outsourcing, freelancing and in-house subcontracting. Estimates suggest that one to three million workers are currently engaged under such alternative arrangements.
The labour law draws a strict distinction between sub-contracting and dispatch work:
Sub-contracting involves outsourcing a specific task or result; and
Dispatching involves the supply of manpower.
The Act on the Protection of Dispatched Workers limits dispatch work to certain roles and caps its duration at two years. If an arrangement is classified as illegal dispatch, the principal employer may face criminal penalties and be required to hire the worker directly.
Furthermore, if there is discriminatory treatment in working conditions, such as disparities in salary between sub-contracted workers and regular employees performing the same or substantially similar tasks, the employer may be held liable for the retroactive payment of the wage difference.
On the other hand, to maintain a legally valid sub-contracting relationship:
The sub-contractor must be operationally independent, with its own workforce and management systems;
Work must be assigned, supervised and evaluated by the sub-contractor, not the main contractor; and
The main contractor may evaluate the outcomes of the sub-contracted work, but must not interfere with how the individual sub-contracted workers carry out their tasks.
In practice, sub-contracted workers often work side-by-side with regular employees, making strict separation difficult. Even indirect control such as giving instructions through internal communication tools, or real-time monitoring, may result in reclassification as an illegal dispatch under the labour law.
Freelancers, platform workers
Historically, freelancers included individuals like delivery drivers, insurance agents, golf course caddies and private tutors. But in recent years, the rise of the IT industry and platform economy has dramatically expanded freelance work into areas like web development, digital design and remote consulting.
A key legal issue is control and supervision. If a platform dictates work schedules, scope and payment, the freelancer may be reclassified as an employee. In a landmark 2024 Supreme Court decision, a ride-hailing platform driver was found to be an employee due to its control over his working hours, rules and compensation.
Legislative efforts are underway to extend full labour rights – including unionisation and collective bargaining – to platform workers.
Practical issues, strategies
Despite comparatively rigid labour regulations, employers have a variety of lawful options to navigate the employment relationship.
Probationary period. Employers may retain discretion by clearly stating that final employment is subject to a probationary period, typically up to three months. If properly implemented, this provides flexibility in early termination decisions.
Voluntary resignation. South Korean courts do not apply the constructive dismissal doctrine as broadly as many Western jurisdictions. If an employee formally resigns, even under subtle pressure, courts generally refrain from reclassifying the resignation as an unlawful dismissal. This provides companies with some latitude in offering voluntary resignation programmes.
Conclusion
For global companies operating in South Korea, compliance with local labour laws is not only a legal necessity, but also a practical imperative.
Encouragingly, access to information and legal support has become more accessible in recent years, with many law firms offering tailored services for foreign-invested businesses.
Crucially, building constructive and culturally informed labour management relationships is key. Understanding the values that underpin the employment culture – such as diligence, integrity and mutual respect – can help companies foster stability, trust and long-term success in this market.
Please refer to the original article below.
Asia Business Law Journal
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https://law.asia/employment-structures-in-south-korean-labour-law/
LIN Launches Legal Response Center for Creditors Affected by TMAP Incident’ and Accepts Opinions from Affected Merchants
LIN has recently launched the “Legal Response Center for Creditors Affected by TMAP Incident” for small business merchants (sellers) affected by the TMON-Wemap mass settlement delay.
“It seems more likely that the bankruptcy court and the debtor will apply the Autonomous Restructuring Support (ARS) program without initiating the debtor's rehabilitation proceedings,” said Attorney Hyojong Choi (34th class of the Judicial Research and Training Instiutte), the head of the center, and TMON and Wemap followed Choi's prediction by initiating the ARS program and negotiating with creditors before the decision to initiate rehabilitation.
Attorney Hyojong Choi of LIN are preparing to reflect the opinions of sellers on these platforms to protect creditors' rights throughout the ARS program and subsequent rehabilitation procedures. On August 6, they agreed to jointly respond to the overall ARS procedures in cooperation with Attorney Junseop Shim of SIM Law Firm. Attorney Hyokong Choi served as an external researcher of the ARS System Improvement TF of the Seoul Bankruptcy Court and is currently a corporate bankruptcy trustee of the same court. He has experience in a number of recent major corporate rehabilitation cases, including those of ISTA Airlines, Ssangyong Motors, and Mesh Korea, and has expertise in the entire corporate rehabilitation proceedings, including the ARS process.
The Legal Response Center for Creditors Affected by TMAP Incident will provide detailed advisory services on how to protect creditors, including small business owners associated with TMON and Wemap, based on LIN's extensive experience in responding to rehabilitation proceedings on the side of the creditors. In the early stages of the ARS process, the center is recruiting sellers to deliver their opinions to the 'Rehabilitation Proceedings Council' scheduled for August 13. Considering the seriousness of the situation as many merchants and consumers have been affected by the incident, participation in the council stage will be free of charge, with minimal fees for future responses. If you need assistance, please fill out the attached form and contact Attorneys Hyojong Choi (hjchoi@law-lin.com).
Recruitment of Affected Seller Clients▼
https://docs.google.com/forms/d/19tW3Bnz4_Bef5vZDcrYONXMR4d2i7Mcn3CF3HkzIyks/edit
Please see below for related articles.
BLOTER & Herald Business
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https://n.news.naver.com/article/293/0000057019
https://biz.heraldcorp.com/article/3447872
Attorney Seung Bok Na of LIN, published “50 Golf Course Incidents You Might Encounter” (Pakyoungsa)
On September 5, 2024, Attorney Seung Bok Na published a book entitled “50 Golf Course Incidents You May Encounter (subtitle: Law and Wisdom explained by a Lawyer Who Is Serious About Golf).”
Na has been involved with golf-related organizations as an auditor of the Korea Golf Industry Association, and he often participates in discussions at golf-related seminars, including the National Assembly Seminar (Dec. 19, 2023), or delivers lectures on “Golf and Law” or “Golf and Management” at CEO courses or associations. Throughout these engagements, he has developed a keen interest and passion for golf course-related cases (civil, criminal, disciplinary, licensing and permits, M&A, compliance, etc.).
From more than 400 golf-related cases and articles, he has selected noteworthy golf course-related cases (civil, criminal, disciplinary) that are likely to be of interest to golf industry stakeholders and summarized them in 1,000 words or less for easy access, and sprinkled them with classic quotes to capture the wisdom of incident prevention.
Na also included unique cases to capture the joy of the game and the human limitations of golfers, and added outrageous accidents to raise awareness of the seriousness of golf course-related accidents and combat safety apathy.
With the encouragement and support of golf industry figures, including Hyung-mo Kang, President of the Korea Golf Association (representing Yuseong CC), who wrote the book’s recommendation,, Na plans to expand his golf course-related legal practice through close exchanges and cooperation in the future.
For the original article, please refer to the links below. Thank you.
Chosun Ilbo
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https://www.chosun.com/culture-life/book/2024/09/21/MDETAZX4DFFURGOLZUHIEVFPBM/?utm_source=naver&utm_medium=referral&utm_campaign=naver-news
jtbc golf
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http://jtbcgolf.joins.com/news/news_view.asp?ns1=45589
