(a) On June 12, 2013, the Credit Guarantee Fund entered into a credit guarantee agreement with A in obtaining a loan of KRW 300,000,000 from A Co., Ltd. (D) (F) and guaranteed A’s loan obligations within the limit of KRW 255,00,000.

B. On June 8, 2018, A delayed interest on loans and caused a credit guarantee accident, and closed on July 25, 2018.

On July 13, 2018, the Korea Credit Guarantee Fund paid 233,268,804 won to FF in subrogation of A.

C. On May 9, 2018, A completed the registration of ownership transfer on the grounds of sale on April 6, 2018, with respect to each real estate listed in the separate sheet owned by A (hereinafter “instant real estate”). D.

On August 7, 2018, the Korea Credit Guarantee Fund filed the instant lawsuit against the Defendant claiming that the sales contract between A and the Defendant on each of the instant real estate constitutes a fraudulent act, thereby seeking the cancellation of the sales contract and the cancellation of ownership transfer registration.

E. On August 28, 2018, A was declared bankrupt by the Changwon District Court (2018Hadan1019), and the Plaintiff was appointed as A’s trustee in bankruptcy.

On April 1, 2019, the Plaintiff taken over the instant lawsuit from the Korea Credit Guarantee Fund and changed the purport of the claim into a lawsuit for denial.

【Fact-founded facts, Gap 1 through 5 evidence, Eul 1 evidence (including paper numbers), the purport of the whole pleadings

2. Determination

A. The “act of the debtor knowing that he would prejudice any bankruptcy creditor”, which is an act subject to avoidance as prescribed by Article 391 subparag. 1 of the Debtor Rehabilitation and Bankruptcy Act, as to the cause of the claim, is not only a fraudulent act of reducing the bankruptcy estate by deviating from the bankruptcy estate the general property of the debtor, which is a joint security of the total creditor, from the bankruptcy estate, but also a repayment to a specific creditor or a provision of security.