(a) In relation to each type of insolvency procedure available in the legal system of this economy, what connection must there be between the debtor organization and the law of the forum?

Are any other requirements imposed in relation to a connection between the debtor and the forum before an insolvency procedure may be initiated? If so, briefly describe these requirements.

(b) Are any particular rules or conditions imposed in the legal system of this economy regarding the opening or commencement of an insolvency procedure in cases where the connection between the debtor and the forum is limited to only one of the factors mentioned in (a) above?

Under the Korean law, whether the debtor is a Korean citizen, a legal entity (established in Korea under Korean law and the business is located in Korea), a foreign citizen or a foreign legal entity (established in a foreign country under the law of a foreign country and the business is located outside of Korea), all debtors may ask for the Composition, Reorganization (corporations only) or Bankruptcy proceedings in Korea. However, the foreigner or the foreign legal entity may ask for the insolvency procedure in Korea if and only if the foreigner's country also allow a Korean citizen or Korean legal entity incorporated in Korea to ask for the insolvency procedure in that foreign country.