ENFORCEMENT DECREE OF THE SPECIAL ACT ON THE CORPORATE REVITALIZATION

CHAPTER I GENERAL PROVISIONS

Article 1(Purpose) #

The purpose of this Decree is to provide for matters delegated from the Special Act on the Corporate Revitalization and matters necessary for the enforcement of the aforesaid matters.

Article 2(Methods of corporate restructuring) #

(1) "Means prescribed by Presidential Decree, such as a merger, division, the transfer, acquisition, or possession of shares, and the establishment of a company" in subparagraph 2a of Article 2 of the Special Act on the Corporate Revitalization (hereinafter referred to as the "Act") means the following methods: <Amended on Nov. 12, 2019; Jul. 9, 2024>

1. Merger under Article 174 of the Commercial Act, simple merger under Article 527-2 of that Act, or small-scale merger under Article 527-3 of that Act;

2. Division, or merger after division under Article 530-2 of the Commercial Act (including merger after division under Article 527-2 or 527-3 of that Act applied mutatis mutandis pursuant to Article 530-11(2) of that Act);

3. Swap, transfer, acquisition or possession of shares, such as all-inclusive share swap under Article 360-2 of the Commercial Act; simplified share swap under Article 360-9 of that Act; small-scale share swap under Article 360-10 of that Act; or all-inclusive share transfer under Article 360-15 of that Act;

4. Transfer, acquisition, lease, etc., of business under Article 374 of the Commercial Act, or transfer, acquisition, lease, etc., of simplified business under Article 374-3 of that Act;

5. Establishment of a company under the Commercial Act;

6. Transfer and acquisition of assets for business, such as production facilities and intellectual property rights;

7. Reduction or closure of facilities and equipment;

8. Other methods similar to those referred to subparagraphs 1 through 7, which the head of the competent authority deems able to improve business productivity.

(2) "Activities prescribed by Presidential Decree" in subparagraph 2b of Article 2 of the Act, means the following:

1. Activities that promote the efficiency of methods of production, sale and provision of products, services, etc. (hereinafter referred to as "product, etc.");

ENFORCEMENT DECREE OF THE SPECIAL ACT ON THE CORPORATE REVITALIZATION

Article 1(Purpose) #

Article 2(Methods of corporate restructuring) #

Article 3(State of oversupply) #

Article 3-2(Scope of new industries) #

Article 3-3(Scope of digital transformation) #

Article 3-4(Scope of carbon-neutral activities) #

Article 3-5(Scope of main industry of industrial crisis area) #

Article 3-6(Balanced regional development activities) #

Article 4(Scope of application) #

Article 5(Qualification of members of Corporate Restructuring Plan Review Committee) #

Article 6(Operation of Corporate Restructuring Plan Review Committee) #

Article 6-2(Composition and operation of corporate restructuring determination committee) #

Article 7(Amendment to insignificant matters in guidelines for implementation of corporate restructuring plans) #

Article 8(Implementation of basic research related to corporate restructuring) #

Article 8-2(Corporate restructuring support council) #

Article 9(Goals of corporate restructuring plans) #

Article 10(Return of corporate restructuring plan) #

Article 11(Review and approval of corporate restructuring plan) #

Article 12(Publication of approval of dorporate restructuring plans) #

Article 13(Reporting on implementation of corporate restructuring plans) #

Article 14(Amendment to corporate restructuring plans) #

Article 15(Revocation of approval of corporate restructuring plans) #

Article 16(Procedures for redemption) #

Article 17(Exceptions to small-scale mergers) #

Article 17-2(Concurrent procedures for authorization for cartel conduct) #

Article 17-3(Companies supporting corporate restructuring for coexistence) #

Article 18(Funding) #

Article 19(Support for research and development activities) #

Article 20(Support for development of aptitude and stabilization of employment) #

Article 20-2(Gains on transfer) #

Article 21(Verification of interpretation and application of statutes, etc.) #

Article 22(Improvement of administrative regulations by means of proposals made by companies) #

Article 23(Entrustment of affairs) #

Article 23-2(Comprehensive corporate restructuring support center) #

Article 23-3(Specialized support institution for corporate restructuring) #

Article 24(Administrative fines) #

Article 25(Penalty surcharges) #