Practice

Company Dissolution and Liquidation in Korea

Company Dissolution and
Liquidation in Korea

What we do:

  • We provide a full spectrum of legal services to foreign parent companies to dissolve and liquidate its Korean subsidiary companies by cooperating with corporate registry teammates and accountants.

Flow of the Dissolution and
Liquidation of
Korean Company and
Our Work

Dissolution

1
Shareholders' meeting on (1) the dissolution of the company and (2) appointment of the liquidator
  • providing all the necessary documents for the shareholders' meeting
2
Registration of dissolution of company and appointment of the liquidator
  • preparing and submitting necessary documents to the Commercial Registry Office(notarized and apostilled POA, shareholders' meeting minutes, etc.)

Liquidation

1
Public Notice
  • Making the public notice through the newspaper (two times for a period of two months), sending letters to known creditors of the company to request submission of their claims.
2
Liquidating the assets
  • providing relevant documents for the employment contract, asset transfer, settlement on receivables and payables, etc.)
    (If the company has more debts, we guide the bankruptcy process through the court.)
3
Report to the court about the dissolution and liquidator
  • Preparing and submitting the liquidator's report and closing financial statements
4
Registration of completion of the liquidation
  • preparing and submitting the necessary documents (final balance sheet, shareholders' metting minutes, etc.) to the Commercial Registry Office
5
Tax filing, remittance of cash proceeds to the shareholders, keeping important documents, etc.

Along with above procedure, we provide the relevant legal advice on employment issues, current litigation issues, contracts regarding commercial transactions, etc. in order to complete the entire dissolution and liquidation process of the Korean company.