146 views | Created 2024.12.06 | Modified 2024.12.06 | Public Relations Team

·         Kwangwoon University Graduate School of Construction Legal Affairs

Concludes ‘2024 Construction Industry Crisis and Response National Assembly Forum’ Successfully

Photo Courtesy: Korean Society for Debtor Rehabilitation Law

The Graduate School of Construction Legal Affairs at our university (Dean Lee Chun-won) held a parliamentary forum on the theme "Current Status and Solutions for Construction Project Site Suspensions" on Wednesday, November 27, 2024, at the 2nd Small Conference Room of the National Assembly Members’ Building.

The forum, co-hosted by Members of the National Assembly Jin Sun-mi, Kim Eun-hye, and Bok Ki-wang, along with the Korea Specialty Contractors Association (KOSCA), and jointly organized by Kwangwoon University Graduate School of Construction Legal Affairs, the Korean Society for Debtor Rehabilitation Law, and the Korea Housing and Urban Guarantee Corporation (HUG), brought together various experts to discuss the causes of disputes and solutions for construction project sites that are either suspended or at risk of suspension. The event featured presentations followed by a comprehensive discussion.

The first topic, presented by Professor Yoon Hyung-seok of Kwangwoon University's Graduate School of Construction Legal Affairs, highlighted cases and causes of construction sites at risk of suspension. He also discussed the challenges associated with contract price adjustments due to price fluctuations, which are one of the key causes of disputes. The second topic, presented by Research Fellow Kim Sung-woo of the Korea Housing and Urban Guarantee Corporation (HUG), analyzed distressed real estate project financing (PF) sites. He outlined the process of real estate PF becoming distressed and offered key insights for preventing such issues. The third topic, presented by Specialist Kim Soon-tae (Yulchon LLC and Kwangwoon University Graduate School of Construction Legal Affairs), addressed the necessity of cooperative bond trusts and their specific legal principles as a measure to prevent construction project suspensions caused by issues such as unpaid subcontract payments.

In the subsequent comprehensive discussion, moderated by Dr. Jung Hee-nam (former Director of the Korea Real Estate Research Institute), participants engaged in a passionate debate on the issues and solutions presented. Panelists included Professor Seo Jin-hyung (Department of Real Estate Legal Affairs, Kwangwoon University), Attorney Kim Hye-min (Songcheon Law Firm), Attorney Oh Yoon-seok (Korea Land and Housing Corporation), Team Leader Kim Ki-young (Incheon Urban Corporation), Director Kang Seung-wan (NH Investment & Securities), and Attorney Lee Chan (GS Law Firm). Incheon Housing and City Development Corporation

Meanwhile, the Graduate School of Construction Legal Affairs, which organized this parliamentary forum, actively conducts research on current issues and challenges in the construction industry. Through various academic conferences and forums, it continues to contribute to the advancement of the construction legal affairs field. In particular, the Graduate School of Construction Legal Affairs provides practical educational programs that enable current students and alumni to gain diverse hands-on experience and knowledge. Through these programs, it strengthens their capabilities as construction legal professionals.

Lee Chun-won, Dean of the Graduate School of Construction Legal Affairs, stated, "I hope this forum serves as a stepping stone for a new leap forward in the construction industry." He added, "To address the issue of project suspensions amid global economic uncertainty, efficient administrative support, strengthened financial policies, and research on regulatory improvements will be necessary."