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Title: Controversies over Myongji University`s ‘bankruptcy happening’
                                        Jeon Seung-jeong Social Editor, tmdwjd4984@mju.ac.kr

Kim Go-eun Culture reporter, damianagoen@mju.ac.kr

Lee Sang -wook, Global reporter, sophis99s@mju.ac.kr

Bankruptcy Controversy over Myongji Institute

Last December, a bankruptcy filing was filed against Myongji Institute, Myongji university foundation. And on May 22, this case was reported. According to media reports, Kim submitted his application for bankruptcy to the Seoul Rehabilitation Court in December last year after Myongji Institute failed to pay back its debts for 10 years. Controversy erupted later when various media outlets reported that educational institutions under Myongji Institute, including Myongji university, could be closed.

According to legal circles, the Seoul Rehabilitation Court made a nonbinding "adjustment recommendation" decision. According to media reports, the court recommended Myongji Institute to pay back 200 million won out of 430 million won that Myongji Institute has to pay back to Kim by the end of this month and the remaining 230 million won by the end of August. It also recommended that the Myongji Institute pay back all of the 18.8 billion won in debts it owed to the remaining 33 people who won in a lawsuit against Myongji Institute in 2009.
The incident dates back to 2004. Myongji Institute promoted free golf courses to be built when it launched an ad for the sale of Silver Town in Yongin. They sold 336 homes, but they couldn't build the golf course. Resdients who were angry at this filed a lawsuit against Myongji Institute for compensation for the sale fraud, and in 2013, the court ruled that the Myungji Institute should pay 19.2 billion won in damages. However, as Myongji Institute continued to fail to pay back, Kim a resident, filed for bankruptcy.
 

Future of Myongji University

 Now the Myongji University where suddenly undergone ‘bankruptcy happening’ by not paying back one creditor`s debt 430 million won reported that they will pay back their whole debt 192 billion won through selling their properties. And the whole controversies over possibilities of school closure finally calmed down. The University agreed to accept the revitalization court`s arbitration, and now the dispute over debt which have been lasting over 10 years shows the sign of being solved.

 Myongji University`s whole students have been worried about their school`s future and existence of school beyond everyone that`s because Myongji University found to be capital impaired that a bailout is not possible according to the media coverage. Also, there are over thirty thousand people belong to Myongji foundation; elementary, middle and high schools and college, university. Fortunately the Education Department gave Myongji foundation one more chance to exist.  Myongji foundation should repay the debt 430 million won by August on two separate occasions.

 However, it may be asked whether the Myongji university has enough finances and morality to keep running schools. Still, there are lots of hand-written posters throughout the school arguing chancellor and members of the board `s resignation. Although the biggest fire – repaying debt has been put off, Myongji university`s academic institution is now reveal to commit various irregularities secretly.

 Myongji university has been famous for school of martyr Gang-gyeongdae who was a catalyst for a pro-democracy movement under president Noh`s regime, but now is also famous for school of corruptions.

 Lately, Myongji University`s chancellor Yu-byeongjin updated announcement encouraging students to study hard and telling students not care about school`s debt problem. According to chancellor yu`s statement, Myongji academy promised to not make any kinds of harms to belonging students but students still doubt whether the school solve the debt problem, how the school realize normalization with the same board members.

 Students of Myongji now know that school solved somewhat urgent situations but there are not enough follow-up articles through media so judging from the fact through internet, the news tarnished our school's image a lot and Myongji university need solid conclusions and official follow-up articles.