South Korea is set to renew its corporate restructuring law for a further five years, with the introduction of some new features, but the changes fall short of the overhaul some had hoped for. The refreshed Corporate Restructuring Promotion Act is expected to take effect in November, after the National Assembly approved the bill on October 8. The CRPA was first enacted in 2001 with a sunset clause, as a temporary measure in response to the Asian financial crisis, and was revised and extended several times before it expired in June this year.
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