Applicant 1 and 19 others (Law Firm Hyundai, Attorney Kim Han-han, Counsel for the plaintiff-appellant)

J.Saeong Village District and Land Partition Association (Law Firm Tae Tae, Attorney Lee Tae-gu, Counsel for the plaintiff-appellant)

Ulsan District Court Order 2014Hau501 dated January 23, 2017

1. The appeal of this case is dismissed.

2. The costs of appeal shall be borne by the applicant.

【Purpose of Application】

The declaration of bankruptcy shall be made against the debtor.

【Purpose of Appeal】

The decision of the first instance shall be revoked and the decision shall be sought again.

1. Quotation of the first instance decision;

The reasoning for this Court’s explanation concerning this case is as follows: “2010Ma1154, 1555 Ruling” in Part 7 of the Decision of the court of first instance shall be “2010Ma154, 1555 Ruling”; “20Ma154, 1555 Ruling”; and the reasoning for the decision of the court of first instance shall be cited pursuant to the main text of Articles 33 of the Debtor Rehabilitation and Bankruptcy Act, Articles 443(1), and 420 of the Civil Procedure Act, except where the following instructions are added:

[The attached parts]

[Attachment 9]

On February 20, 2017, the debtor association held a general meeting of partners and passed a resolution to the same effect as the result of the board of directors' resolution on September 6, 2016.

[Article 9-15]

7) On December 18, 2015, after the applicant filed the instant application, the debtor union filed a lawsuit against the non-party in bankruptcy at the Seoul High Court 2014Na2021371, which filed against the non-party in bankruptcy, the debtor union may exercise the estate claim equivalent to KRW 3,908,763,335 against the non-party in bankruptcy of the debtor union. As such, the non-party in bankruptcy of the debtor union of the debtor union, who is the non-party in bankruptcy, of the debtor union, shall pay the non-party in bankruptcy amounting to KRW 150,00,000 against the debtor union among the debtor union. The debtor union filed a lawsuit seeking confirmation of the estate claim against the non-party in bankruptcy of the debtor union of the debtor union of Pyeongtaek Chang Chang Chang Ho-ro corporation. The most assets held by the debtor union are estate claims or related estate claims of the non-party in the above bankruptcy company, and it is unlikely that the debtor union will actually repay the debtor's assets distributed to the debtor union.

8. Although the current business is suspended, the standard progress rate of work on December 2013 reaches 87.17%, and the debtor partnership promotes the procedure necessary to resume the business suspended by the partnership.

2. Conclusion

Therefore, the decision of the first instance is just and without merit, and it is so dismissed as per Disposition.

Judges Cho Yong-sik (Presiding Judge)