Financial Supervisory Commission

Co., Ltd.

Park Ho-kick's disease

Appellant 1 et al. (Law Firm Jeong, Attorneys Cho Jong-soo et al., Counsel for the appellant-appellant)

Busan District Court Order 2006Hahap1 dated June 27, 2006

1. All appeals by the appellant are dismissed;

2. Costs of appeal shall be borne by the appellant.

1. Purport of request;

The debtor shall be declared bankrupt.

2. Purport of appeal;

The decision of the first instance shall be revoked. The petitioner's petition for bankruptcy shall be dismissed.

1. Whether the cause for bankruptcy exists;

In this part, the reasons why a party member should explain are the same as the reasons for the decision of the court of first instance, and therefore, it is cited in accordance with Article 33 of the Debtor Rehabilitation and Bankruptcy Act and Articles 443(1) and 420 of the Civil Procedure Act.

2. The appellant's assertion and judgment

Since the appellant is a major shareholder of the debtor, and the first and second and second administrative dispositions against the debtor are cancelled as illegal by the court ruling, the appellant is responsible for all subsequent dispositions made by the applicant and the result of management by the applicant's business administration based on the above dispositions. In addition, the appellant asserts that the petitioner's bankruptcy petition of this case, which the petitioner caused the debtor to death through the administrator, constitutes an abuse of bankruptcy procedure, based on the intention of property loss as of January 27, 2005 on the basis of the transfer of contracts and third parties as of May 24, 2005, which are more favorable than the bankruptcy procedure as of January 24, 2005.

However, according to the records, the applicant's disposition such as an order to improve his management on January 27, 2005 and disposition such as a decision to commence business management on July 22, 2005 is revoked on the ground of procedural violation of the court's prior notice or the submission of opinions. On the other hand, as of the end of December 2004, the applicant's equity capital was -1,90 billion won as of the end of June 2005, and -1,90 billion won as of June 2, 2005, even if the result of the applicant's actual disposal of assets was based on the result of the applicant's request for bankruptcy, the total amount of liabilities exceeding the amount of assets exceeds the total amount of 1,225 billion won as of January 27, 2005, and the total amount of assets exceeding the total amount of 1,250 billion won as of July 22, 2005, which is the preceding date of the second business suspension is more feasible than the applicant's's legal improvement plan of the Act.

3. Conclusion

Therefore, all of the appeals by the appellant are dismissed as it is without merit, and it is so decided as per Disposition.

Judge Temporary rules (Presiding Judge)