Korea Asset Management Corporation (KAMCO) signed an agreement with Seoul Rehabilitation Court to support the efficient realization of bankruptcy estate assets at KAMCO Yangjae Tower in Seoul on Nov. 8.
The agreement is designed to help individual and corporate debtors expedite their bankruptcy proceedings and return to normal economic activities by efficiently selling assets of the bankruptcy estate affiliated with the Seoul Rehabilitation Court through OnBid (www.onbid.co.kr), a nationally designated disposal platform.
Under the agreement, Seoul Rehabilitation Court will actively utilize OnBid’s electronic bidding for each type of asset as opposed to an on-site bidding method currently conducted by bankruptcy trustees.
KAMCO will also provide customized services for the sale of assets under the jurisdiction of Seoul Rehabilitation Court, including membership management, to make asset disposition processes easier and more convenient for bankruptcy trustees.
In addition, KAMCO will provide regular training for bankruptcy trustees and support the promotion of items on the OnBid platform.
The two organizations expect that this agreement will contribute to the fairness and transparency of sale processes and expedite bankruptcy processes, helping debtors to economically get on their feet as soon as possible.
“This collaboration is an example of applying OnBid e-bidding sale processes for individual and corporate bankruptcy estate, which will lead to the revitalization of asset sales,” said Kwon Nam-ju, president of KAMCO.
“KAMCO will steadily promote collaboration with various organizations to help debtors quickly recover and return to economic activities.”
OnBid is an online platform where all processes from announcements of sale, bidding, and payment of bid deposits and balance are carried out online.
It currently trades about 6 trillion won worth of assets owned by more than 20,000 organizations nationwide. About 18 million people visits OnBid annually.
KAMCO will auction off 1,424 foreclosed properties worth 428.3 billion won through OnBid Nov. 11 to 13.
Industry Restructuring Innovation Forum
KAMCO held the Corporate Structure Innovation Forum 2024 with Korea Growth Investment Corporation and the Korea Securities Association at the KAMCO Corporate Structure Innovation Center (Gangnam-gu, Seoul) on Nov. 7.
The forum was organized to share the current status of the corporate restructuring investment market, the operation of corporate restructuring innovation funds, overseas examples of the restructuring market and discuss ways to rev up the Korean corporate restructuring market.
Transfer of Know-How in Non-Performing Debt Management to Cambodia
KAMCO held a two-day training program for a high-level visiting delegation from the National Bank of Cambodia to transfer its experience and know-how in restructuring non-performing loans at KAMCO Yangjae Tower in Seoul on Nov. 5 to 6.
The training program was organized as the National Bank of Cambodia requested KAMCO to share its know-how in order to establish a policy for the resolution of non-performing loans amid an increase in non-performing loans in Cambodia due to a global economic downturn.
At the training, KAMCO officials lectured on the operation and performances of the NPL Settlement Fund and the Restructuring Fund, NPL settlement methodologies and a model for establishing a public asset management organization. Both sides discussed a future cooperation plan for the efficient settlement of NPLs in Cambodia.
“We hope that KAMCO’s experience and know-how in non-performing loans will be of big practical help to Cambodia in establishing policies related to non-performing loans and stabilizing its financial market,” said Kim Seo-joong, vice president of KAMCO.
“KAMCO will continue to cooperate with Cambodia and other countries in the future.”
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