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A: Under Korean civil and commercial law, different claims have different statutes of limitations. For example, claims related to hotel and restaurant operations are subject to one year, claims related to the works of artisans and manufacturers are subject to three years, claims related to commercial transactions between merchants are subject to five years, and claims finalized by judgment are subject to ten years. Please contact us for further details.
A: Even if a business ceases, the company is dissolved, or a new legal entity is established upon meeting certain requirements, claims against the debtor remain valid. Please contact us for further details.
Yes, but usually not in full. Under Korean Civil Procedure Law, the losing party is responsible for the prevailing party's attorney's fees (at the statutory rate) and court fees. Please contact us for more information.
A: If you have relevant evidence, you may consider filing a lawsuit against the debtor for damages for lost sales. If the court recognizes the lost sales as general damages or if you have evidence proving that the debtor was aware of or should have been aware of the loss, you may file a lawsuit. Please contact us for more information.
A: To expedite the debt collection process, you may consider (1) sending a certified mail or (2) sending a payment order. However, please note that these methods may also delay the process if the debtor's address cannot be obtained or if the debtor intentionally refuses to receive mail. Please contact us for more information.
A: Yes, you can. You can file a garnishment application on the debtor's bank account. Korean courts allow garnishments on many bank accounts. Once the court issues a garnishment order, you can deposit a certain percentage of the claimed amount with the court, and the debtor's bank account will be garnished. Please contact us for more information.
A: In a civil lawsuit, the first hearing is scheduled two to four months after the complaint is filed (depending on the status of the complaint and whether the defendant files a response). The court will schedule several hearings to allow both parties to submit written arguments and evidence. If necessary, the court will conduct witness examinations or appraisals. Generally, simple cases without issues take two to three months, while complex cases with issues take four to nine months. After the final hearing, the court will set a final judgment date. If neither party appeals, the judgment becomes final and binding. It typically takes one to two months to reach a final judgment. Please contact us for more information.
A: We can pursue enforcement. We can seize the debtor's bank accounts, sell real estate, or take other steps to dispose of assets. In some cases, we may even consider filing a criminal complaint. Please contact us for more information.
A: If the debtor is undergoing rehabilitation/bankruptcy proceedings but has not received separate notice from the court, you must file a claim with the court before the due date. Pre-filing allows you to recover a portion of your debts according to the debtor's court-approved repayment plan. Please contact us for more information.
A: "Piercing the Corporate Veil" may apply if certain requirements are met. If the closed company operates as a sole proprietorship, the court will recognize the liability of the individuals behind the company. Please contact us for more information.
A: You will need to pay attorney's fees (some of which may be recovered if you win) and court fees (also recoverable if you win). In some cases, you may be required to deposit a certain amount of money according to the statutory tax rate during the litigation process.
A: We offer a variety of remedies, including litigation. If the creditor and debtor are close friends, colleagues, or other individuals, civil litigation is often the most appropriate legal remedy.