Korean Job Discussion Forums

quercus · Joined: 04 Feb 2003

hello,
i have been working at my hagwon for 7 months now and they are changing owners. i should have seen it coming, they are brand new, have been through 3 directorys, and now the owners are changing. the current director is one of the potential buyers, which would be great. but i dont want to be stuck in a legal grey area come the end of this month (when the sale would be) if there is another buyer.

has anyone ever dealth with this before? what kind of legal status does this put my contract in? i checked on efl-law search site, but didnt find anything.

i basically want ot know if my contract will be null and void, if the new owners will have to satisfy it, etc.

if anyone can offer any advice i would deeply appreciate it.

sincerely

andrew

Squid · Joined: 25 Jul 2003 Location: Sunny Anyang

You'll have to sign a new contract as the old one named the previous owner as your E2 sponsor. Then you'll have to get a new E2 with your new owner as sponsor, you may or may not have to go on a visa run- immigration might wear you not having to go under the circumstances.

Apart from that, you might try to ensure you get your contracted entitlements re. pro-rata bonus pay before your current owner flies the coop... the new owner is in no way liable for any money the old one owes you. That includes your final months pay.

Otherwise, you're happy there, so good as gold and best of luck.

cankassel · Joined: 27 Jan 2004

I went through the same thing 2 months ago. Your old contract will be null and void when the owners switch, as will your E2 visa. Get a new contract signed with the new dates. It wasn't necessary for me to go on a visa run...my new boss took my passport and ARC to the Immigration office and got a 'Visa Alteration' stamp in my passport next to my old E2 visa stamp. My ARC remained the same.

Really good idea to get your pro-rated severance payment from your old bosses before you agree to sign anything (remember your agreeing to this new situation is a major factor in the final transaction!). I didn't do this and am now regretting it....