On April 16, 2020, the Korean Economic Daily published an interview with Attorney Wan Shik Lee from Lee & Ko regarding the increase of corporate bankruptcy filings in the aftermath of the COVID19 pandemic.

Mr. Wan Shik Lee stated, “There are many cases where corporations that had no overdue wages had to file for bankruptcy because of the sudden difficulties it faced due to the coronavirus crisis,” and added that “The COVID19 situation was ‘fuel’ on top of the ‘fire’ which was the already suffering corporate environment caused by the 52-hour workweek and steep increase in minimum wages.”

Lee & Ko, with the COVID19 task force team taking a central role, is currently responding to all related legal demands. Particularly, in anticipation of an increasing number of corporate rehabilitation proceedings, Lee & Ko has prepared for various types of disputes arising out of the COVID19 crisis, such as expanding the Insolvency Team to a walkout team and 3 corporate restructuring teams.