1. Reasons for Enactment
The Special Act on the Corporate Revitalization (Act No. 18425; promulgated on August 17, 2021; enforced on February 18, 2022) prescribes support for companies with an approved corporate restructuring plan. The “Instructions on the Management of the Consulting Support Service for Companies with an Approved Corporate Restructuring Plan” sets forth matters necessary for the successful operation of the implementation strategy consulting program pursuant to the Act.
2. Major Provisions
A. Prescribe the scope of instructions on the management of the support service (Article 3)
Specify that the scope of the Notice shall be the implementation strategy support service as part of the corporate restructuring support service.
B. Prescribe a specialized institution and deliberation committee to manage the implementation procedure and system (Articles 4 through 5)
Designate the Korea Institute for Advancement of Technology (KIAT) as the specialized institution for the service, and prescribe that it shall conduct such affairs as the formulation of service plans and recruitment of consulting service providers and recipient companies. Prescribe the establishment of the Consulting Support Service Deliberation Committee to conduct such affairs as the selection and evaluation of consulting service providers and recipient companies. Prescribe a composition policy for the Deliberation Committee and exclusion criteria to ensure the fairness of evaluations, etc.
C. Prescribe a selection and contracting procedure for consulting service providers (Articles 6 through 15)
Prescribe a selection and contracting procedure for implementation strategy consulting service providers, including announcements, document requirements, and evaluation, and specify grounds for cancellation of selection, such as misleading applications or failure to meet qualification requirements.
D. Prescribe a selection and contracting procedure for consulting service recipient companies (Articles 16 through 26)
Prescribe a selection procedure for recipient companies of implementation strategy consulting services, including the method of company recruitment and qualification requirements, and specify grounds for cancellation of selection, such as revocation of the approval of a corporate restructuring plan or fraudulent documents.
E. Prescribe the method of consulting service delivery (Articles 27 through 30)
Prescribe the method of service delivery, including consulting matches and the service period, and stipulate compulsory reporting of results to examine the service and enhance the accountability of consulting service providers.
F. Prescribe the settlement of funding for recipient companies and results evaluation (Articles 31 through 35)
Stipulate reports on the use of funding and repayment requirements, and prescribe the evaluation method and criteria for exclusion from consulting support under the current service based on the evaluation results.
G. Prescribe matters on results evaluation and follow-up of consulting service providers (Articles 36 through 39)
Prescribe matters concerning the method for evaluations to maintain the registration of consulting service providers and grounds for special evaluations, and stipulate criteria for consulting service suspension and service exclusion based on the evaluation results.
