Korea Asset Management Corp. (KAMCO) signed an MOU on the support of the successful recovery of individual debtors with the Seoul Bankruptcy Court on April 28.
The agreement is designed to help KAMCO and Seoul Bankruptcy Court proceed with individuals’ recovery process and successful implementation, so that debtors, intending to pay back their debts, but struggling with associated difficulties, can return to normal economic activities.
Both institutions are expected to cooperate in the successful support of individual debtors’ recovery, such as the operation of a court exclusively handling KAMCO’s debtors for personal recovery, supporting KAMCO’s staffers’ education and consultation on applications on individuals’ recovery and supporting legal services.
Under the deal, KAMCO is expected to lend a helping hand to individuals with multiple debts recover their credit and recover economically, by supporting the individual recovery process.
The Seoul Bankruptcy Court will also help ease the burden for filing an individual’s recovery application and raising permit and implementation rate.
Beneficiary candidates are expected to be issued with a separate guidance letter, receive basic consulting and legal services on stages of application, get support on individuals’ quick recovery permits and be offered with guidance on recovery implementation and emergency livelihood funds.
KAMCO President Kwon Nam-joo said, “The agreement takes on significance now that it can expand support channels to recover debtors’ economic activities by reducing their burden for recovery application and raising their accessibility.”
KAMCO will faithfully carry out measures to help people suffering from hardships caused by the COVID-19 pandemic in the days to come, President Kwon added.
Meanwhile, in order to overcome the economic crisis caused by the pandemic, KAMCO has taken special steps, such as deferrals of repaying principals and reduction of debts to 7.6 million debtors, including debtors with debt installment repayments, on top of the operation of funds to purchase individuals’ overdue debts.
President Kwon Nam-joo of Korea Asset Management Corp. (KAMCO) made an inspection tour of Jungwoo ENE in Busan to lend an ear to the voices of the SME on April 27. (Photos: KAMCO)
KAMCO President Kwon Lends Ear to Field Voices of SMEs
President Kwon Nam-joo of Korea Asset Management Corp. (KAMCO) made an inspection tour of Jungwoo ENE, which has received the benefit of a leaseback program, in Busan on April 27 to ramp his filed management.
Leaseback, short for “sale-and-leaseback”, is a financial transaction in which one sells an asset and leases it back for the long term; therefore, one continues to be able to use the asset but no longer owns it.
During his tour, President Kwon had a meeting with officials with Jungwoo ENE and lent an ear to hear the voices of SMEs, including their complaints and grievances related to financial support systems.
Jungwoo ENE is a mid-size promising enterprise that owns core technologies related to the design and production of a vacuum insulated pipe used for building an LNG-fueled ship.
The company suffered difficulties in securing operational funds for R&D and the production of new items, so it requested for KAMCO’s help in September 2020.
KAMCO offered operational funds to Jungwo ENE under a leaseback program in which the company repurchased its plant.
_권남주사장 정우이앤이.jpg)
