The costs of appeal are assessed against the Defendants.

For the reasons indicated in its holding, the lower court determined that: (a) the act of converting the shares of this case, which are the only secured property, into money for the Defendants, who are their family members, under the condition that E bears the obligation of the Promissory Notes amounting to the Plaintiff at par value KRW 7.8 billion, constitutes a fraudulent act causing the shortage of creditors’ joint security (see, e.g., Supreme Court Decision 2004Da43909, Jul. 22, 2005); and (b) the Defendants, not only the debtor E, but also the beneficiaries, may be presumed to have expressed their intent of deception

In light of the relevant legal principles and records, the above determination by the court below is just and acceptable. Contrary to the allegations in the grounds of appeal, there were no errors by exceeding the bounds of the principle of free evaluation of evidence against the law of logic and experience, or by misapprehending the legal principles on the judgment of whether the beneficiary was bona fide in the establishment

Therefore, all appeals are dismissed, and the costs of appeal are assessed against the losing party. It is so decided as per Disposition by the assent of all participating Justices on the bench.