CORPORATE RESTRUCTURING PROMOTION ACT

Article 1(Purpose) #

The purpose of this Act is to facilitate constant corporate restructuring through market functions by providing for the matters required in pro- moting expedite and smooth corporate restructuring.

Article 2(Definitions) #

The definitions of the terms used in this Act shall be as follows: <Amended by Act No. 8863, Feb. 29, 2008>

1.The term “creditor financial institution” means a person who has granted credit to a certain enterprise and who falls under any of the following items: <Amended by Act No. 10303, May. 17, 2010>

(a)A bank that has obtained authorization under the Banking Act (including a person who is deemed as a bank under Articles 5 and 59 of the same Act);

(b)The Korea Development Bank under the Korea Development Bank Act;

(c)The Export-Import Bank of Korea under the Export-Import Bank of Korea Act;

(d)The Industrial Bank of Korea under the Industrial Bank of Korea Act;

(e)A securities company under the Securities and Exchange Act;

(f)An asset management company under the Indirect Investment Asset Management Business Act;

(g)An insurance company under the Insurance Business Act;

(h)A trust company under the Trust Business Act;

(i)A specialized credit finance company under the Specialized Credit Financial Business Act;

(j)A mutual savings bank under the Mutual Savings Banks Act;

(k)A merchant bank under the Merchant Banks Act;

(l)The Korea Asset Management Corporation under the Act on the Efficient Disposal of Non-Performing Assets, etc. of Financial In- stitutions and the Establishment of the Korea Asset Management Corporation;

(m)The Deposit Insurance Corporation under the Depositor Protection Act; and

(n)Any other institution that runs a finance business under any other relevant Act, as specified by Presidential Decree;