The Ministry of SMEs and Startups (Minister Oh Young-joo, hereinafter referred to as the Ministry of SMEs and Startups) held an opening ceremony for the 'Small Business New Start Support Center' at the Seoul Central Center of the Small Business Market Promotion Agency located in Jongno-gu, Seoul on the 22nd and announced that it will strengthen debt adjustment and recovery support for small business owners who are struggling due to excessive debt.
The 'Small Business New Start Support Center' is a reorganization of the 'Resurgence Support Center' operated by the Small Business Market Promotion Agency. It is characterized by significantly strengthening the debt adjustment support function such as personal rehabilitation and bankruptcy in addition to the existing business closure, re-establishment, and re-employment support function.
The opening ceremony was attended by Minister Oh Young-joo, officials from the Small Business Market Promotion Agency, Seoul Rehabilitation Court agreement managers, and small business owners who have experienced debt adjustment, and they held a plaque unveiling ceremony and discussion meeting.
In his opening ceremony speech, Minister Oh emphasized that “the Small Business New Start Support Center is not simply an administrative space, but a symbol of hope that small business owners can get back on their feet,” and added that “the government will provide a solid foundation so that small business owners in crisis can quickly complete debt adjustment and successfully get back on their feet.”
The center, which opened on this day, helps small business owners establish repayment plans that fit their asset and debt status through consultations with financial and legal experts, and closely supports the entire process from writing applications for debt adjustment to submitting them to the court.
In addition, on the 20th, the Ministry of SMEs and Startups signed a 'MOU on the establishment of a dedicated small business debt adjustment court' with the Seoul Rehabilitation Court to enable small business owners to quickly complete debt adjustment.
According to the agreement signed with the Seoul Rehabilitation Court, debt adjustment cases filed through the center will be classified as institutional cases by the court and assigned to a specialized division (fast track) to undergo a quick review process.
At the policy discussion held following the opening ceremony, the vivid experiences of small business owners who have actually experienced debt adjustment were shared, and various opinions from the field were presented, such as the cost of bankruptcy administrators, the complexity of the application process, and the need for expert support.
Minister Oh Young-joo said, “In a situation where the number of small business owners suffering from debt burden amidst the ongoing high interest rates and high prices is increasing, it is important for the government to establish a foundation for practical debt adjustment and recovery.” He added, “We will do our best to play the role of the government in helping small business owners recover by strengthening cooperation with the courts, private sector experts, etc.”
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