Eligibility and Costs
Eligibility
Any creditor, debtor, or individuals or entities that may be deemed as debtor (a director of a corporation, general partner, director of a stock/limited company, or liquidator, representative who is equivalent to a liquidator, or custodian of a corporation) may file for bankruptcy.
Costs
"Petition deposit" which is set aside to cover the costs of delivering notices, publications and fees for the custodian is a significant portion of bankruptcy expenses. Please refer to chart below:
| Claims Amounts | Petition deposit | |
|---|---|---|
| Less than KRW 500 million | KRW 5 million | |
| From KRW 500 million to KRW 1 billion | KRW 7 million | |
| From KRW 1 billion to KRW 5 billion | KRW 12 million | |
| From KRW 5 billion to KRW 10 billion | KRW 20 million | |
| From KRW 10 billion to 50 billion | KRW 30 million | |
| From KRW 50 billion to KRW 100 billion | KRW 40 million | |
| From KRW 100 billion or more | KRW 50 million |