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@article{ART002233844},
author={Seok-Hee Lee and Jaeman Lim},
title={Membership Golf Course Bankruptcy and Membership Right},
journal={Korea Real Estate Review},
issn={2092-5395},
year={2017},
volume={27},
number={2},
pages={59-76}

TY - JOUR
AU - Seok-Hee Lee
AU - Jaeman Lim
TI - Membership Golf Course Bankruptcy and Membership Right
JO - Korea Real Estate Review
PY - 2017
VL - 27
IS - 2
PB - korea real estate research institute
SP - 59
EP - 76
SN - 2092-5395
AB - This paper argues what are the main issues of infringed golf membership right in the bankruptcy process of membership golf courses and how to solve it. In addition to the legislative imperfection of the 「INSTALLATION AND UTILIZATION OF SPORTS FACILITIES ACT」, undermining of the rights of golf members in the corporate rehabilitation procedures became more serious since the enforcement of the ‘Debtor in Possession(DIP)' in 2006. This study analyzed 32 cases of golf clubs that were newly opened after 2000 and applied for rehabilitation procedures. As the way to survive, most of the golf courses faced with the bankruptcy chose the corporate rehabilitation procedures which are controlled by the court. DIP is widely used by the court, but many cases doubt it undermines the golf membership rights. This study suggests three ways overcome these concerns. First, in order to mitigate the risk of bankruptcy, we propose transparency enhancement of management, reinforcement of enrollment management, and regulation of the total amount of issuing membership. Second, it suggests strengthening the effectiveness of business succession of membership golf courses, the establishing a rehabilitation plan through membership consultation, supplementing DIP, such as the appointment of an external professional manager or co-custodian. Third, in the process of rehabilitation, it is a way to finance of membership golf courses using ‘Priority Claims’ approved by the court.
KW - refundable membership deposits;membership golf courses;Debtor Rehabilitation and Bankruptcy Act;corporate rehabilitation procedures;debtor in possession
DO -
UR -
ER -

Seok-Hee Lee and Jaeman Lim. (2017). Membership Golf Course Bankruptcy and Membership Right. Korea Real Estate Review, 27(2), 59-76.

Seok-Hee Lee and Jaeman Lim. 2017, "Membership Golf Course Bankruptcy and Membership Right", Korea Real Estate Review, vol.27, no.2 pp.59-76.

Seok-Hee Lee, Jaeman Lim "Membership Golf Course Bankruptcy and Membership Right" Korea Real Estate Review 27.2 pp.59-76 (2017) : 59.

Seok-Hee Lee, Jaeman Lim. Membership Golf Course Bankruptcy and Membership Right. 2017; 27(2), 59-76.

Seok-Hee Lee and Jaeman Lim. "Membership Golf Course Bankruptcy and Membership Right" Korea Real Estate Review 27, no.2 (2017) : 59-76.

Seok-Hee Lee; Jaeman Lim. Membership Golf Course Bankruptcy and Membership Right. Korea Real Estate Review, 27(2), 59-76.

Seok-Hee Lee; Jaeman Lim. Membership Golf Course Bankruptcy and Membership Right. Korea Real Estate Review. 2017; 27(2) 59-76.

Seok-Hee Lee, Jaeman Lim. Membership Golf Course Bankruptcy and Membership Right. 2017; 27(2), 59-76.

Seok-Hee Lee and Jaeman Lim. "Membership Golf Course Bankruptcy and Membership Right" Korea Real Estate Review 27, no.2 (2017) : 59-76.