Jump to Content Jump to Main Navigation
Set-Off Law and Practice - An International Handbook, 3rd Edition edited by Johnston, William; Werlen, Thomas; Link, Frederick (22nd February 2018)

30 South Korea

Suhn-Kyoung Hong, Seong-Koo Cheong

From: Set-Off Law and Practice: An International Handbook (3rd Edition)

Edited By: William Johnston, Thomas Werlen, Frederick Link

From: Oxford Legal Research Library (http://olrl.ouplaw.com). (c) Oxford University Press, 2015. All Rights Reserved.date: 15 September 2019

Subject(s):
Banks and cross-border issues — Debt — Contractual set-off — Insolvency set-off — Judicial set-off

This chapter discusses the law of set-off in South Korea, along with certain restrictions on the exercise of the right of set-off in insolvency proceedings. The legal framework for set-off in South Korea is based on the Civil Code. The courts have also generally supported set-off as a means of satisfying a claim or discharging debt. The Korean Private International Law does not expressly lay down the governing law for set-off. This governing law issue is commonly discussed under two scenarios: set-off is undertaken on the basis of a set-off agreement between the parties; and set-off is undertaken in the absence of an agreement. The chapter first considers the governing law of contractual and non-contractual set-off in South Korea before turning to set-off between solvent parties and set-off against insolvent parties. It also analyses issues arising in cross-border set-off.

Users without a subscription are not able to see the full content. Please, subscribe or login to access all content.