Since early 2000``s there have been growing complaints of business tenants about the exploitation of landlords in Korea. Especially when the economy of the certain commercial zone is boosted, most of the landlords refuse the renewal of a tenancy and t...
Since early 2000``s there have been growing complaints of business tenants about the exploitation of landlords in Korea. Especially when the economy of the certain commercial zone is boosted, most of the landlords refuse the renewal of a tenancy and the tenants should quit the premises. Although the Commercial Building Lease Protection Act(CBLPA), which was enacted 2002, is protecting the commercial tenant, it has failed to protect the business tenants from the unscrupulous landlords at the end of a tenancy. 2014. 9. Korean government reported the final amendment of CBLPA, which is aiming at the security of tenure of a tenancy indirectly. In 2015. 6. the amendment passed the Parliament. The contents of this amendment are as follows. First, the landlord has no obligation to renew at the end of a tenancy. However if he/she refuses to renew, the tenant shall have the chance to dispose of his/her business and recoup the investment into the premises and the business. Second, if the landlord refuses to renew, he/she has to cooperate with the tenant for the assignment of the business by way of entering into a new tenancy with the one who would be an assignee of the present tenant``s business. Third, if the landlord refuses to renew and to allow a new tenancy to the one who would be an assignee of the tenant``s business, he should compensate the tenant``s loss for quitting the premises.