Vice Chairman Kim Soyoung of the Financial Services Commission held a meeting with related organizations and industry groups on April 3 to make sure that authorities, industry groups and related organizations are thoroughly preparing for the implementation of a new legislation on personal credit management and debtor protection, which is set to go into effect from October 17. In his opening remarks, Vice Chairman Kim said that the aim of this legislation is to promote the use of personal debt workout process made available from individual financial institutions to help prevent delinquent debtors from falling deeper into a debt spiral and help them to quickly recover and regain footing. With this law in place, Vice Chairman Kim said that there is now a complete legal framework established to make sure that individual debtor protection mechanisms are available from both the public and private sectors.