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The Firm has long been recognized as the leading corporate reorganization firm in Korea. Since its inception, the Firm has handled a large number of company reorganization and composition cases. The Firm has assisted approximately 100 companies, and some of the Firm's former major clients include Jungwoo Development, Korea Development, the Woosung Construction Group, the Jinro Group, Daehan Tungsten, the Geopyong Group, Hanbo Housing, the Nonno Group, Kyesung Paper, the Saemo Group, the Elcanto Group, Sungwon Construction, Haitai Electronics, Kia Motors Corporation, Sammi Steel Co., Ltd., Renault Samsung Motors Co. Ltd., The Korea Express Co., Ltd., Dongah Construction Industrial Co. Ltd., Daewoo Motor Co., Ltd. and Jindo Corporation. In prominent cases such as the corporate reorganization of Kia Motors and Asia Motors, which were requested by the creditors, the Firm developed, on behalf of Kia Motors and Asia Motors, a legal defense theory similar to that of general litigation, a strategy which gained considerable public attention.
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In particular, the Firm focused on the composition system, a concept that was new and unfamiliar in Korea at that time, by forming a team which studied practice and legal theories relating to composition systems in Japan and other foreign countries and conducted comparative legal research on the composition system and other means of company reorganization. Since 1996, the Firm began utilizing the composition system, which hitherto had not been commonly used, as a means of reviving companies, and successfully filed applications for composition for many companies.
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Since such cases involving applications for company reorganization and composition require concentrated efforts by large numbers of attorneys due to the extensive amount of petitioning documentation that needs to be prepared within a relatively short period of time, many of the attorneys and staff members of the Firm have acquired substantial experience in company restructuring matters. Approximately 15 professionals, including attorneys and certified public accountants, are available at any time for cases involving company reorganization, composition and bankruptcy proceedings.
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Based upon its wealth of experience and knowledge, the Firm provides legal services to companies facing financial crisis by identifying and implementing the most practical and viable corporate restructuring plans. In this regard, the Firm's ability to provide a realistic and objective assessment of the likelihood of genuine corporate revival is viewed as one of its major assets.
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