This article will analyze issues arising in reorganization proceedings with which the bankruptcy court has not yet grappled. If the questions arising in the remainder of this article can be clearly answered, then to a certain extent numerous arguments about Chapter 11 can be settled. This article will also analyze both Korean and U.S. bankruptcy law and will maintain a comparative approach with a critical perspective. Though Korean bankruptcy law indirectly adopted11 that of the United States in 1962, the actual application and interpretation of Korean bankruptcy law is quite different and I will accurately compare and contrast the two systems.
