PSZJ Secures Decisive Victory in Highly Contested Chapter 15 Korean Rehabilitation Proceeding

A U.S. Bankruptcy Court in Delaware granted recognition of a Korean rehabilitation proceeding under Chapter 15 of the Bankruptcy Code, delivering a decisive victory for the firm, including the recognition and enforcement of an avoidance order issued by the Korean court over the opposition of an interested party.

The Court recognized the Korean case as a foreign main proceeding, finding the debtor’s center of main interests in Korea, and imposed the full protections of the U.S. automatic stay over the debtor and all U.S.-based assets. The firm represents Professor Soogeun Oh, the receiver and foreign representative of Junho Bang, a convicted fraudster serving a ten-year sentence in Korea.  Recognition of the Korean proceeding and the avoidance order paves the way for the Receiver to realize on the primary asset of Bang’s estate—one of the largest investor claims filed in the FTX bankruptcy cases.